BMO Financial Group
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BMO Financial Group

January 28, 2015 16:02 ET

BMO Bank of Montreal Announces 50 Basis Point Rate Decrease on New Variable Rate Loans Under the Canada Small Business Financing Program

TORONTO, ONTARIO--(Marketwired - Jan. 28, 2015) - BMO Bank of Montreal today announced it will support small business customers by reducing its pricing by 0.50 per cent on new variable rate loans under the Canada Small Business Financing Program. This discount is effective for six months, from Jan 31, 2015 to July 31, 2015.

"Canada's small business community is the backbone of our economy and a major contributor to job growth and innovation," said Cameron Fowler, Group Head, Canadian Personal & Commercial Banking, BMO Bank of Montreal. "This announcement reinforces that BMO is here to help small business owners by providing access to the financing required to ensure continued growth and prosperity for both Canada's entrepreneurial community and the economy at large."

Mr. Fowler added that Canadian small businesses can apply for variable rate loans of up to $500,000, which can be used towards financing the purchase or improvement of real estate, equipment and leaseholds.

This reduction will be applied on all new variable rate loans under the Canada Small Business Financing Program. Given the unique needs of small business customers, BMO prices these loans individually and therefore does not post a generic rate. Please contact BMO for more details.

For more information about the Canada Small Business Financing Program, please visit the Canada Small Business Financing Program website.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $589 billion and more than 46,000 employees at October 31, 2014.

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