CALGARY – The Bank of Montreal says it’s increasing the amount of credit available to Alberta businesses by as much as $1 billion as the province recovers from the worst flooding in its history.
BMO says it will be increasing the $4 billion in lending it has already authorized for the province by up to 25 per cent.
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Robert Hayes, the BMO executive in charge of Alberta, says the money will provide small and medium-sized businesses with more certainty as they rebuild.
He says bankers will make lending decisions locally.
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BMO senior economist Robert Kavcic says despite the floods, Alberta’s economic outlook is bright.
He says the province on pace to post above-average economic growth of 2.2 per cent this year and 3.3 per cent in 2014, as higher oil prices boost both the energy sector and provincial finances.
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