News Releases
Small business owners looking to finance their business opportunities can now borrow money at the prime interest rate, announced BMO Bank of Montreal.
"Many business people have told us they would like to take advantage of the current low interest rate environment to invest in and increase the competitiveness of their operations," said Michelle Field, Vice President of Business Banking, BMO Bank of Montreal. "BMO's Rate Sale for Business can help them to achieve their new-year business goals by providing access to the funds they need at some of the best rates we have seen in years."
Under the BMO Bank of Montreal Rate Sale for Business, qualified small business customers can apply for new business loans of between $25,000 and $250,000 at the prime interest rate for one year. The program will be in effect until March 31, 2005. The bank's current prime lending rate is set at 4.25 per cent.
In addition, BMO Bank of Montreal small business customers who take out a new loan under BMO's Rate Sale for Business will have the option of deferring their principal payment on the loan for up to 90 days.
The Rate Sale offer applies to a wide range of BMO small business loan options including:
- Small Business Lines of Credit
- Overdraft Lending
- Non-Revolving Demand Loans
- Mosaik MasterCard for Business cash advances and cheques
"With the current high value of the dollar expected to keep interest rates in check for much of the year, business owners can take advantage of the current rate environment and reinvest in their business, purchase new equipment or expand into new markets," said Ms. Field. "Access to low cost funds is an important tool in helping business owners accomplish their goals."
Established in 1817 as Bank of Montreal, BMO Financial Group (TSX, NYSE: BMO) is a highly diversified North American financial services organization. BMO Bank of Montreal is the second largest small business lender in Canada and one of the largest in North America.
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