BMO (also known as the Bank of Montreal) is a reputable multinational bank based in Canada. It has over 900 branches across the country and provides banking services to millions of loyal customers.<\/p>
The major benefit of BMO is that it offers several small business loan options and lets you borrow up to $500,000 at a time. The downside is that you have to apply for a business loan in-person at a branch location and there are no interest rates listed online.<\/p>
You may be able to qualify for a BMO Small Business Loan if you can prove that you meet certain eligibility criteria. These criteria aren\u2019t listed on the company website, but likely include being able to demonstrate that your business makes enough money to pay your loan back on time.<\/p>
You\u2019ll also typically have to prove that you have a high credit score and your business has been operational for a significant amount of time. There could also be other requirements that you may have to fulfill depending on how much you borrow and how you want to use your funds.<\/p>
There are several BMO Small Business Loan that you can apply for based on your financing needs. These include small business installment loans and Canada Small Business Financing Loans.<\/p>
BMO offers Small Business Installment Loans that let you borrow up to $250,000 with a simple application. These loans come with fixed or floating interest rates and you can sign up for variable term lengths that can last up to Up to 5 years.<\/p>
If you want to qualify for more money, you may be able to apply for up to $500,000 with an Installment Loan Plan (ILP). This will let you borrow money on a longer term, with a range of flexible repayment and amortization options.<\/p>
You may also be able to apply for a US currency loan if you\u2019re looking to borrow less than $100,000. This will let you take out funds in US dollars and avoid paying a high exchange rate when you spend money across the border (though you may have to pay the exchange when you repay your loan unless you have a source of US revenue).<\/p>
BMO\u2018s Canada Small Business Financing Loan lets you borrow money that\u2019s backed by the Canadian government. You may be able to qualify for up to $1,150,000 to finance business real estate or up to $500,000 for leasehold improvements and equipment.<\/p>
This loan has a 2% registration fee, plus the lender may charge any fees normally charged for a similar business loan. You\u2019ll have to personally guarantee up to 25% of the amount you borrow. You\u2019ll also only be eligible to apply if your business makes less than $10 million in gross annual revenue.<\/p>
BMO business loans are unique because they\u2019re financed by a Big Five Canadian bank. This means that you can expect a high level of customer service and stringent policies to govern how your loan is managed.<\/p>
BMO also offers several different types of small business loans to fit every set of business needs. These include US dollar loans up to $100,000, government-backed loans up to $1 million and small business installment loans worth up to $500,000.<\/p>
If an installment loan doesn\u2019t make sense for you, you might like to check out other financing options that might be available to you. These include the following:<\/p>
Flexible loan options. You can apply for a small business loan sponsored by the bank or the Canadian government, depending on what you need to borrow money for.<\/p>