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.
Under the BMO Bank of Montreal Rate Sale for Business, qualified small business customers can apply for new business loans of between C$25,000 and C$250,000 at the prime interest rate for one year. The programme will be in effect until 31 March 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.
