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Canadian Small Business Owners to Benefit as BMO Bank of Montreal Launches Interest Rate Break Program BMO Drops Interest Rate to Prime on New Business Loans and Defers Principal Repayment For Up To Three Months  

 

Small business owners looking to finance their new business opportunities will be able to borrow money at the Bank’s prime rate effective today, announced BMO Bank of Montreal.

“This Rate Break program will help provide our small business customers with real leverage by giving them access to new funds at the best possible interest rate,” said Kathleen O’Neill, Executive Vice-President of Business Banking, BMO Bank of Montreal.

BMO Bank of Montreal’s Rate Break program allows qualified small business customers to access new loans of between $25,000 and  $250,000 for terms of up to two years at the prime interest rate, currently set at 4.5 per cent.  The program will be in effect until March 31, 2003.

In addition, BMO’s small business customers who take out a new loan under the Rate Break program will be able to defer principal repayment on the loan for up to 90 days.

“This is a pivotal time for business owners because after several years of weak business conditions many are looking to position themselves to take advantage of positive changes in the economic environment,” said Ms. O’Neill.  “As evidenced by last year’s rate sale and Drought Relief program, BMO has been a market leader in providing strong support to its small business customers in uncertain economic times.  This new program certainly reinforces that tradition.”

BMO Bank of Montreal is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest financial services providers in North America.  BMO Financial Group serves clients across Canada and in the United States through its Canadian retail arm, BMO Bank of Montreal, through its Chicago-based Harris Bank, a major U.S. mid-west financial services organization, and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms.  BMO Financial Group is the second largest small business lender in Canada and one of the largest in North America.

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