News Releases

Harris Invests $300,000 in MEDC to Help Spur Small Business Growth
Investment to provide additional loans through MEDC's CDFI Revolving Loan Fund

MILWAUKEE, September 22, 2010 –Harris today announced a $300,000 investment in Milwaukee Economic Development Corporation (MEDC). Aimed to spur small business growth, the investment will support MEDC's effort to offer reduced interest rate loans to small businesses in Milwaukee's most economically challenged neighborhoods. The investment adds to Harris' existing community investment commitments to small business development in Milwaukee, now totaling $1.55 million.

Harris' contribution will provide additional loans through the MEDC Community Development Financial Institution (CDFI) Revolving Loan Fund (RLF) Program. The investment provides MEDC with low-cost capital, and when blended with additional capital in the fund, Harris' investment allows MEDC to offer low-interest second mortgage/lien loans to small and medium-sized businesses in the group's target area.

"Small businesses are the backbone of our economy. As a bank, it is critical that we help provide appropriate access to capital to help support entrepreneurs -- and to help lift the economy out of the current recession," said Carl Jenkins, Director of Community Investments, Harris.

For a typical project, the borrower obtains a first mortgage from a participating lender for 50 percent of the project costs, a second mortgage from MEDC for up to 40 percent, and contributes its own cash for the remaining 10 percent of project costs.

"With this funding, we can assist many additional businesses in Milwaukee obtain the financing needed to expand and grow, as well as provide much needed jobs in an area of great need," said Patrick Walsh, MEDC President. "We appreciate the continued support Harris has provided to MEDC over the years and are grateful for this generous investment in our CDFI Program."

MEDC has significant experience in originating subordinate loans and currently manages a loan portfolio of over $60 million in similarly structured loans. The organization also provides financial counseling and other services to small businesses. The new CDFI revolving loan fund is similar to its general loan fund, except that it originates loans at a lower interest rate and eligible borrowers must be located within a highly distressed census tract. MEDC's total CDFI RLF Portfolio, including Harris' recent investment, now totals $3.6 million.

About MEDC
Milwaukee Economic Development Corporation is a nonprofit organization, formed in 1971, to promote economic development to benefit the citizens of Milwaukee. Its principal objective is to benefit the community by fostering increased employment opportunities and expansion of business and industry within the metropolitan Milwaukee area.

About Harris
Harris is an integrated financial service organization providing more than 1.2 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.

Harris^® is a trade name used by various financial service subsidiaries of Harris Financial Corp.  Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates, Members FDIC. Brokerag e products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor.  Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC.  Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (HSBSB), an SEC registered investment advisor.  Family Office Services are provided by Harris myCFO, Inc.  Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (HmyCFO), a SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc.  Stoker Ostler Wealth Advisors (SOWA) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM), an SEC-registered investment advisor.  Products offered by HIS, HBIS, BMOCM, HSBSB, HmyCFO and HIM, affiliated companies and are wholly owned subsidiaries of Harris Financial Corp.,: Are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or guaranteed by Any Bank or Bank Affiliate, May lose Value.  The purchase of insurance or an annuity is not a condition to any bank loan or service.  Not all products and services are offered in every state and/or location.