News Releases

Harris, Illinois State Treasurer’s Office to Introduce Pilot Lending Program for Illinois-Based Small Businesses

CHICAGO, August 6, 2008 – Harris and Illinois State Treasurer Alexi Giannoulias today announced "HELP Employ Illinois" (Harris Entrepreneurial Loan Program), a new pilot lending program for Illinois-based small businesses. The new program aims to provide small business owners grea ter access to capital as they seek to start or grow businesses.

This new program is the first of its kind in Illinois. It combines the loan pricing benefits available through the Treasurer's Employ Illinois program, the credit enhancements available through the U.S. Small Business Administration (SBA), and the customer service capabilities at Harris.

“We are very excited that the Illinois State Treasurer's Office chose Harris as the pilot bank for this innovative program,” said Peter McNitt, Vice Chairman of Harris Bankcorp, Inc. and Head of the firm’s Business Banking unit. “Harris has a strong record of accomplishments with Employ Illinois, SBA lending programs and a long-standing commitment to serving the small business community. We look forward to providing even greater value through this program, helping small businesses grow via low interest rate loans.”

“Small businesses play an enormous role in the state’s economy and in the health and wealth of local communities,” Treasurer Giannoulias said. “We hope by combining forces with Harris and the SBA that we can help more entrepreneurs start and expand their companies and create new, living-wage jobs in Illinois.”

“There are many ongoing programs and initiatives in the Chicago area aimed at assisting small businesses,” stated Judith A. Roussel, the Illinois District Director for the U.S. Small Business Administration. “It is a definite enhancement for Illinois small businesses when they can couple a low interest rate, through the Illinois Treasurer’s Office, with an SBA guaranteed loan to start or grow their businesses.”

Most types of businesses are eligible for funding under the new program, which targets businesses with gross annual receipts of $3 million or less (up to $5 million or less for businesses operating in underserved markets).

Harris has been helping its customers and the communities it serves for generations and has more than 230 full-service locations and more than 600 ATMs in Illino is and Indiana.

Loans covered by the program can range up to $1 million, and borrowers can use loan proceeds to fund the initial establishment of a business, or assist in the operation, acquisition or expansion of an existing business through purchase of land and equipment, or for working capital purposes.

The below-market interest rate provided by the Illinois State Treasurer’s Office under this program can provide significant benefits for small businesses wanting to defray the high cost of capital.

For more information about HELP Employ Illinois please contact your local Harris Business Banker.

About Harris
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing, and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.

About the Illinois State Treasurer’s Office
The Treasurer’s Office aims to strengthen businesses through its “Employ Illinois” loan program by providing opportunities for business to grow, expand, and ultimately create new jobs. Under the program, the Treasurer’s Office deposits money at a below-market rate at a financial institution, such as Harris, which then lends the money at a reduced rate to program participants. Since 1998, the Treasurer’s Office has secured almost $175 million in low-interest loans to Illinois business owners, reflecting 200 projects and 13,000 new jobs.

About the U.S. Small Busines s Administration (SBA)
The SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved since 1953, its bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam.