Managing Director &
Head of Asset-Based Lending,
BMO
With over four decades of experience, Scolaro has consistently demonstrated visionary leadership, not only transforming BMO’s U.S. ABL Group into a national powerhouse but also shaping the careers of countless professionals. As managing director and head of Asset-Based Lending at BMO, Scolaro’s legacy is one of innovation, mentorship and unwavering dedication to excellence.
A CAREER BUILT ON EARLY FOUNDATIONS
Scolaro’s introduction to the ABL industry came in the early 1980s when he joined the field exam team at Continental Illinois National Bank. This foundational experience equipped him with the expertise that would define his career. His official entry into asset-based lending occurred in 1986, when he joined Manufacturers Hanover Commercial Corporation as a business development officer in Chicago. This role enabled him to hone his skills, build valuable relationships and create a network that would propel his career forward.
TRANSFORMING BMO’S ABL GROUP
One of the defining moments of Scolaro’s career came in 2007, when he took the reins of BMO’s U.S. ABL business. At the time, the group was a small, regional player with around 30 customers.
Through Scolaro’s strategic leadership and keen business insight, it grew into a national powerhouse, becoming the fifth-largest ABL lender in the country, serving more than 300 customers with more than $20 billion in commitments. This transformation was no accident; it was the result of Scolaro’s meticulous planning, deep industry knowledge and ability to execute his vision.
A LEADERSHIP PHILOSOPHY ROOTED IN COLLABORATION
Collaboration and trust are the hallmarks of Scolaro’s leadership philosophy. “We don’t have a lot of people that use the word ‘I’ in the ABL team at BMO,” he says.
Instead, Scolaro has fostered a culture of teamwork, where everyone works together toward a common goal. His emphasis on collaboration, coupled with his keen analytical mind and passion for delivering results, has earned him respect and admiration throughout the industry.
A key element of Scolaro’s success has been his ability to attract and retain top talent. Historically, turnover in BMO’s ABL division has been low — a testament to the positive work environment he has cultivated. One of his greatest sources of pride is witnessing his colleagues achieve their professional goals.
“The best day of the year is when I give someone a new box of business cards with a new title,” Scolaro says. “To see their satisfaction and pride — that’s what makes me the happiest.”
A LASTING IMPACT ON THE ABL INDUSTRY
Scolaro’s influence extends beyond BMO and into the broader asset-based lending community. He has played a pivotal role in the Secured Finance Network (SFNet), serving on its executive committee and supporting SFNet charities through various initiatives. His dedication to advancing education and fostering a sense of community within the ABL sector has earned him numerous accolades, including a place in its Hall of Fame.
LOOKING TO THE FUTURE
Despite his many accomplishments, Scolaro remains focused on the future. With BMO’s recent acquisition of Bank of the West, he sees new opportunities for growth, particularly on the West Coast. “What I would like to accomplish is to develop an even bigger West Coast presence in asset-based lending,” Scolaro says. His vision for BMO’s ABL division is clear: continued growth and solidification as a dominant force in the industry.
MENTORSHIP AND LEADERSHIP
Beyond business, Scolaro finds fulfillment in mentoring and developing the next generation of ABL professionals. His commitment to nurturing talent is evident in his hands on leadership style. He encourages open communication and values the opinions of every team member, ensuring that decisions are made collaboratively. “I like to listen to everybody,” he says. “If I can draw them into conversations about their thoughts, we’ll have more vital discussions and make better decisions as a team.”
A LEGACY OF EXCELLENCE
Looking back, Scolaro’s career reflects the power of hard work, perseverance and a commitment to excellence. He has built a legacy that extends far beyond his own achievements, shaping not only the future of BMO’s ABL Group but also the careers of those he has mentored. As the asset-based lending industry continues to evolve, Scolaro’s influence will undoubtedly remain significant for years to come.
Scolaro is more than just a leader in the asset-based lending industry — he is a legend. His tangible accomplishments, from transforming BMO’s ABL division into a national powerhouse to mentoring countless professionals in the field, are a testament to his skill, dedication and vision. Scolaro’s legacy will not only be remembered through the institutions he has shaped but also through the people he has inspired along the way. As the ABL industry continues to grow, Scolaro’s name will remain synonymous with excellence in asset-based lending. •
