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Mon, 30 May 2022 16:13 GMT
MONTREAL, May 30, 2022 (GLOBE NEWSWIRE) -- Laurentian Bank of Canada (TSX: LB) (the “Bank”) is proud to announce that it is making a three-year financial commitment of $150,000 to Groupe 3737, an entrepreneurial innovation and diversity hub located in the heart of Montreal’s Saint-Michel neighbourhood. The funds will be used to support deserving entrepreneurs from underrepresented groups to participate in Groupe 3737’s Trade Mission Program.
The Trade Mission Program is an annual 7-day international business trip coordinated in collaboration with the Quebec trade delegation in the host country. The pipeline of entrepreneurs selected to join these missions are participants in Groupe 3737’s various development programs, who are ready to take the next step in the growth of their companies. During the missions, entrepreneurs have the unique opportunity to explore international business leads and build up their network of suppliers, partners, and customers.
Previous trade mission destinations include Paris, France and Dakar, Senegal. As a direct result of last year’s mission to Dakar, 10 entrepreneurs were able to establish business links in the region and build out key partnerships, which led to local contracts and expanded R&D initiatives.
In addition to the financial aspect of this partnership, we are exploring mentorship opportunities for Laurentian Bank team members to support entrepreneurs with strategic and financial advice.
This announcement builds upon the Bank’s $25,000 donation to Groupe 3737 in November 2021, and is part of Laurentian Bank’s commitment to the BlackNorth initiative, which aims to end the systemic racism experienced by Black communities across the country by supporting initiatives and programs that address the various issues they face on a daily basis.
“At Laurentian Bank, we are committed to changing banking for the better by seeing beyond numbers and bringing our customers’ hopes and dreams to life. We are very pleased to build upon our close partnership with Groupe 3737 and to be collaborating with them on programs which support diverse entrepreneurs from underserved communities so that their businesses can grow and prosper.“
- Rania Llewellyn, President and CEO of Laurentian Bank of Canada.
“Groupe 3737 is pleased to have a partner like Laurentian Bank. It is important to work together to find solutions to the challenges faced by BIPOC entrepreneurs. Lack of access to capital, resources and networks is a reality for minorities in business. We are proud to be able to contribute to the economic and socio-cultural wealth of those communities thanks to the people behind the entrepreneurial projects. For now, our methods are a success with more than 1200 businesses supported, nearly 700 jobs created and $160 million in sales generated by these businesses. We look forward to continuing our mission."
- Louis-Edgar Jean-François, President and CEO of Groupe 3737
About Laurentian Bank
At Laurentian Bank, we believe we can change banking for the better. By seeing beyond numbers.
Founded in Montreal in 1846, Laurentian Bank helps families, businesses and communities thrive. Today, we have more than 2,800 employees working together as one team, to provide a broad range of financial services and advice-based solutions for customers across Canada and the United States. We protect, manage and grow $46.1 billion in balance sheet assets and $30.2 billion in assets under administration.
We drive results by placing our customers first, making the better choice, acting courageously, and believing everyone belongs.
Senior Manager, Media Relations
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a4fd64b3-e572-4fd7-b483-183925a270d9