BMO Bank of Montreal reduces new variable rate for small businesses.
Global Banking News-January 29, 2015--BMO Bank of Montreal reduces new variable rate for small businesses
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Global Banking News - 29 January 2015
BMO Bank of Montreal (NYSE: BMO) (TSX: BMO) has said that it will support small business customers by reducing its pricing by 0.50 percent on new variable rate loans under the Canada Small Business Financing Programme.
The 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.'
The reduction will be applied on all new variable rate loans under the Canada Small Business Financing Programme. Canadian small businesses can apply for variable rate loans of up to CAD500,000, which can be used towards financing the purchase or improvement of real estate, equipment and leasehold, Fowler added.
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