PHOENIX, ARIZONA--(Marketwired - April 16, 2015) - BMO Harris Bank is making an additional $2 billion in credit available to businesses in Arizona over the next three years.
"We're here to help, making more of our balance sheet available to businesses to support growth opportunities and help create new jobs,' said Tim Bruckner, Arizona Commercial Banking Manager, BMO Harris Bank.
"We have heard from our customers who say they are upbeat on the economy. A BMO Harris report shows that more than 60 percent of Arizona business owners and CEOs plan to make at least one investment in their business this year," added Mr. Bruckner.
"The Arizona economy is poised to accelerate in 2015, supported by an improved labor market and a recovery in the housing market," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "Real GDP is expected to grow 3.4 percent, slightly higher than the national average and improved from the 2.5 percent expected in 2014.
Mr. Gregory noted that improved business confidence should maintain solid growth in investment and hiring. Gains are expected in job growth, coming from the service sector - led by professional and business services, education and health and tourism. "The state is on track to add about 55,000 new jobs in 2015."
The survey was conducted by Pollara with an online sample of 781 American business owners between September 8 and 18, 2014. A probability sample of this size would be accurate to +/- 3.5 percent, 19 times out of 20.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval, BMO Harris Bank, N.A., Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1 ,600 branches, and CDN $672 billion in assets (as of January 31, 2015).