At BMO, we’re committed to helping business owners gain better access to capital, educational resources and strategic partnerships.

Explore our specialty programs designed for:

• BMO for Black Entrepreneurs: Tailored support to empower Black-owned businesses
• BMO for Indigenous Entrepreneurs:
 Customized resources for Indigenous business needs
• Canadian Defence Community Entrepreneurs
: Specialized services for our Defence Community members

Visit us to learn more about our specialty lending and community programs to find the right fit for your business needs.

We’ve partnered with Export Development Canada to offer the Trade Expansion Lending Program to help you grow your business globally.

A line of credit can better help you manage your day-to-day operating expenses as you can access the money that you need whenever you need it. You don’t have to make payments or pay interest until you use the funds, only paying interest on the amount you use.

For a loan, you get the money that you’re borrowing in a lump sum amount up front. A loan is generally better for financing the purchase of an asset.

You’ll need to book an appointment at your nearest BMO branch to talk to a banking Relationship Manager. Ensure to bring the documents needed to complete your application.

During your appointment, we’ll talk about your business needs to make sure you have the lending plan that’s right for you. You’ll then complete the application process to receive your funds.

It depends on your business type:

For all businesses you’ll need to bring:

• Government-issued photo ID
• Recent T4/T4A slips or RL1 if you’re a resident of Quebec, or T1 income tax return or Revenue Quebec TP1 with corresponding notice of assessment
• Trade Name Registration document if your business operates under a Registered Trade Name
• Company financial statements, if available

If you’re a General Partnership, Limited Partnership and Limited Liability Partnership, also bring one of the following:

• Certificate of General Partnership
• Declaration of a Partnership
• Application for Registration of a Partnership
• If required in your province or territory, a Partnership Agreement Application for Registration of a Partnership

If you’re a corporation, also bring one of the following:

• Articles of Incorporation
• Letters Patent / Company Charter
• Articles of Amendment
• Articles of Amalgamation
• Corporate Profile Report

To secure a lower interest rate, talk to your banker to explore available options. Factors such as your credit score and whether the loan is secured with a valuable asset can significantly impact the rate. Improving your credit score and offering collateral can often result in lower interest rate.

The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral.