BMO Opens New Branch Inside Aspire Center, Deepening West Side Investment

Several months after the Aspire Center for Workforce Innovation’s Juneteenth grand opening, BMO deepened its role in the Austin development with the Oct. 2 grand opening of the BMO Austin Aspire Branch inside the 78,000-square-foot former school building at 5500 W. Madison St. 

The new location marks BMO’s second branch in Austin—the other is at 4959 W. North Ave.—and continues the bank’s long-standing presence on the West Side, which also includes a branch in Humboldt Park at 743 N. Pulaski Rd. 

“This is a full-service branch,” said Melissa Cleveland, BMO’s Chicago market president. “You can do everything here—from opening accounts to applying for loans. We offer small business loans, too.”

During the Oct. 2 grand opening, attendees enjoyed live entertainment, food from local caterers like Thank God 4 Raw Vegan Treats, and complimentary professional headshots. 

BMO’s Zero Barriers to Business program will also have a presence at the Aspire branch. The initiative aims to expand access to capital and remove structural barriers that have historically limited business growth in underserved communities.

“We’ll have staff that float here—business banking relationship managers, small business officers, and members of the Zero Barriers to Business team,” said Ronald Milsap, BMO’s U.S. Director of Zero Barriers to Business. 

“They’ll help clients through the process and make sure they’re supported from start to finish,” he said. 

The program offers lines of credit of up to $50,000, free business education webinars, one-on-one coaching, and a robust online resource directory.

BMO’s investment in the Aspire Center is part of a larger, multi-partner effort to transform the former Emmet Elementary School into a regional hub for job training, small business development, and community wealth building. 

According to a statement the bank released in June, BMO was a founding partner of the United Way of Metro Chicago’s Neighborhood Network Initiative and serves as the lead philanthropic investor in the Aspire Center. 

“BMO believed in the vision for the Aspire Center and its promise for the Austin community from the beginning, which is why we became a cornerstone investor in the project more than six years ago,” said Darrel Hackett, CEO of BMO U.S. 

BMO’s investment in the Aspire Center is part of a larger, multi-partner effort to transform the former Emmet Elementary School into a regional hub for job training, small business development, and community wealth building. 

In collaboration with the Jane Addams Resource Corporation (JARC), Austin Coming Together, and the Westside Health Authority, the project was designed to bring together banking, workforce training, and digital resources under one roof.

The Aspire Center also houses the Comcast Lift Zone, the Austin Community Hub, a high-tech manufacturing training space operated by the Jane Addams Resource Corporation, and other workforce initiatives focused on providing skills training and career pathways for West Side residents.

According to BMO’s national impact report, the bank’s partnership with the Aspire Center is part of its $40 billion community benefits plan, which supports affordable housing, small business lending, and community reinvestment across the U.S.

Learn More

• The BMO Aspire Branch is open Monday through Friday, 10 a.m. to 2 p.m.
• Call (773) 466-2294 for more info. 
• Click here for more info on the Zero Barriers to Business program