Small Business Installment Loan
What you can use your business loan for
Upgrade equipment
Buy or install equipment, or other capital assets, to help grow your business.
Invest in property
Open new locations or renovate current properties.
Refinance debt
Streamline cash flow and management of payments.
Benefits and features
Competitive interest rates- Flexibility to choose a variable or fixed rate
- Choose the term that works for you (between 1 and 5 years based on useful life of what is being purchased)
- Simple, no-fee application
- Automate payments with pre-authorized payments from your business account
- Save on interest by making lump sum payments anytime
Commercial Loan Insurance Plan: Protect your business, family and employees with creditor insurance
Fixed rates vs variable rates: pick your path forward
Find the right financing option for your business.
Enjoy the stability
Stable & predictable
Know how much you’re going to be paying every month.
Long term peace of mind
Plan the future of your business with peace of mind knowing that your interest rate and payments won’t change.
Embrace flexibility
Lower interest rates
Benefit from lower interest rates if BMO Prime Rate goes down.
Flexibility
Convert to a fixed rate if BMO Prime Rate goes up.
Here’s how to get a Business Loan
Book an appointment at your nearest BMO branch to talk to a banking Relationship Manager.
Come in, bring the documents listed below and let’s talk about your business needs.
We’ll review your needs to make sure you have the lending plan that’s right for you.
Complete the application process to receive your funds.
Let’s do this! What do I need to know before applying?
- Government-issued photo I D
- Recent T 4/T 4 A slips or R L 1 if you’re a resident of Quebec, or T 1 income tax return or Revenue Quebec T P 1 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
Small Business Installment Loan F A Qs
- An installment loan provides you with the entire loan amount upfront, allowing you to repay it over a specified period with an approved interest rate. These scheduled payments, known as installments, are made throughout the chosen term. This type of loan is also commonly referred to as a term loan.
A loan is ideal when you need all of your money up-front to make a one-time large purchase. They have scheduled payments that are a mixture of principal and interest so the loan is paid off in a fixed amount of time. Once repaid, funds cannot be re-borrowed.
A credit line lets you borrow what you need when you need it so it’s great for managing your cash flow and financing projects over time. They are ideal when you don’t need all the available money right away or don’t know how much you will need as you only pay interest on the amount you have borrowed. As you pay down your credit line the funds become available for use again.
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.
It’s easy, try our Loan Calculator footnote 2 to get an idea of how much your payments will be.
Ready to get started?
Find a branch
Locate a BMO branch near you.
Visit us
Make an appointment at your nearest branch to discuss your business needs.
Call us
Give us a call, 24 hours a day, 7 days a week.
- Footnote 1 details Subject to BMO’s credit-granting criteria.
- Footnote 2 details These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch. Amortization can only be entered in full years (not months or partial years). Loan amount is rounded to the nearest $1,000.
- plus minus details BMO 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.