Credit Line for Business
With a Credit Line for Business, you get quick, flexible financing for just about any business need. Borrow what you need, when you need it. 1,2
What is Credit Line for Business?
A Credit Line for Business is a line of credit that allows businesses to easily borrow funds up to a set limit and only pay interest on the amount used. Credit becomes available when the balance is paid, allowing businesses to borrow funds repeatedly without reapplying. A Credit Line for Business can help with short-term cash-flow needs and unexpected expenses, and can support the management of business operational costs.
Why you'll like it
Use it anytime
Always be ready to handle larger expenses – new equipment, consolidating debt, the unexpected – with a credit line. With quick access to your available funds, borrow just what you need.
Lower borrowing costs
Enjoy competitive interest rates as low as BMO Prime plus 2%.1 You’ll only pay interest on the amount you borrow. Plus, there’s no annual fee!
Get instant approval1
Get approved to borrow funds quickly. No collateral required. Apply once and as long as you have available credit (and make your minimum payments), you can keep borrowing whenever you need.1, 2
Tip: We know running a business comes with surprises. Set up automatic payments to keep your credit line on track.
Here's how to apply for a Credit Line for Business
Access our online aplication to apply online for a Credit Line for Business.
Answer a few quick questions about your business – the application process just takes a few minutes.
In most cases, you’ll be approved online right away! If we need more information, we’ll let you know.
Let’s do this! What do I need to know before applying?
The online application is open to sole proprietorships and single-owner corporations. If you have any trouble with the online application form or you don’t meet these requirements, you can book an appointment to apply in person.- The process is fully digital, so you won’t need to provide any paper documents – just answer a few questions online.
- All you’ll need to provide is your business’s legal name, your Business Registration Number, your Registration Jurisdiction and your mobile phone number.
Book an appointment at your nearest BMO branch to talk with a Financial Service Manager.
Come in, bring the documents listed below and let’s talk about your business needs.
We’ll review your situation and come up with a lending plan that’s right for you.
Complete the application process and we’ll move the money to your account.
Let’s do this! What do I need to know before applying?
- 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
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
Credit Line for Business FAQs
Credit Line for Business is essentially a line of credit that comes with a card you can use to make purchases. It gives you quick access to your available money and is accepted anywhere Mastercard is, including Apple Pay and Google PayTM, (so you can use your smartphone to pay for stuff).
- You can get up to 2 cards, to be used by you and another business owner. There are no employee cards. You’ll receive your card in the mail in five to seven days after being approved.
Credit Line for Business doesn’t offer rewards, but we do have a range of business credit cards that let you handle day-to-day purchases and collect rewards.
Your interest rate will be figured out during the application process and is determined by your personal credit score. Our interest rates vary from BMO Prime plus 2% to BMO Prime plus 11%.
- 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. You can see our current Prime Rate here.
Good question! Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.
If your CEBA loan was received through BMO, a Credit Line for Business is a great option if you’re looking to repay your loan. Upon approval, we’ll set it up to:1
- Take care of processing your CEBA repayment to the government to help ensure± you receive the forgiveness you qualify for‡
- Then, you’ll have the flexibility to repay the balance at the pace that works for you2
- If you have any questions about your loan or need help with repayment, please book an appointment atbmo.com/oab or reach out to your local branch to discuss CEBA loan refinancing options.
If your CEBA loan was received through another financial institution, then BMO will not be able to process repayment to the government on your behalf and you will be responsible for initiating repayment.
Have more questions?
Locate a BMO branch near you.
Visit a branch to get expert insight and discuss your options.
Give us a call, 24 hours a day, 7 days a week.
Committed to your business brochure
Get PDF for full detailsFind out how we are committed to you, our business customer.
BMO Credit Line for Business Mastercard Agreement
Get PDF for full detailsGet all the details about the benefits that come with your card as well as your rights and responsibilities as a BMO Mastercard cardholder.
- 1Subject to BMO’s credit-granting criteria. Interest rates on a Credit Line for Business can vary from as low as BMO Prime +2% up to BMO Prime +11%.
- 2Subject to the account being in good standing and the customer abiding by the cardholder agreement.
- Footnote dagger detailsBMO will endeavor to make the payment on your behalf, within the framework of the applicable terms and conditions. However, please note that unforeseen circumstances may arise which may interfere with the timing of the payment.
- ‡$20,000 of a $60,000 loan or $10,000 of a $40,000 loan may be eligible for forgiveness. Loan forgiveness applies to borrowers that: (i) repay the CEBA loan balance minus the eligible forgiveness on or before the deadline established by the Government of Canada (“GOC”); (ii) that meet the CEBA eligibility criteria; and (iii) are in good standing. All decisions pertaining to the CEBA loan, including determination of compliance with CEBA program eligibility criteria, are made by the Government of Canada and the GOC reserves the right to recover any amount that it subsequently determines to be owing by you including, without limitation, any forgiven amount where the GOC subsequently determines that you were ineligible for debt forgiveness. For details on the CEBA terms and conditions from the Government of Canada visit https://ceba-cuec.ca/.