News Releases
BMO Bank of Montreal today announced the launch of the BMO AgriReadiLine, an innovative financing product designed to help farmers in Canada’s prairie provinces manage and grow their businesses.
The new BMO AgriReadiLine, developed specifically for farmers, is now available in Alberta, Manitoba and Saskatchewan, provides a single financing solution that incorporates a variety of term loans and an operating line of credit into one
re-advanceable mortgage-secured facility.
“A significant number of our agricultural clients are looking for simpler financing solutions, which would allow them access to credit on a regular basis without requiring additional paperwork,” said Ted McCarron, Senior Vice President, Prairies Division, BMO Bank of Montreal. “The BMO AgriReadiLine will help agricultural business owners gain access to credit that is available where and when they need it.”
Among the key benefits of the BMO AgriReadiLine are:
- increases financial flexibility,
- saves time by minimizing paperwork, applications and bookkeeping,
- advances funds when and how the customer wishes,
- provides ready access to funds without the need to reapply,
- allows for a flexible repayment schedule designed to match the clients cash flow needs, and
- automatically increases the amount of available funds as loans are paid down.
In addition to the new AgriReadiLine product, BMO also announced that it is once again extending its BSE Disaster Assistance program until November 30, 2005. The BSE program, originally launched in 2003 to help BMO customers deal with the unfolding BSE crisis, offers agricultural based businesses a variety of potential financial relief measures which, among other elements, includes possible principal payment deferral and interest rate relief on operating loans.
BMO Bank of Montreal is a member of BMO Financial Group (TSX, NYSE: 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 Bank of Montreal is one of the largest lenders to the agricultural business community in Canada.
- 30 -