BMO Harris Bank, one of the largest lenders to the trucking industry, introduced a financial relief program for those impacted by COVID-19.
Relief for small businesses and customers may include payment deferrals on credit cards, mortgages, home equity, auto, personal and small business loans for up to three months; fee waivers for checking and savings accounts; and removing some penalties. The bank has also paused foreclosure and repossession actions for consumers with COVID-19 related circumstances.
For corporate clients, BMO is tailoring relief to each business. Aid may come in the form of payment deferrals on loans, lines of credit or access to additional working capital.
“As the largest financier of trucks and trailers in North America, we are addressing the specific issues of this critical part of the economy,” BMO said in the statement. “Our goal is to keep trucks on the road and commerce flowing.”
