BMO Financial Services Reviews - Financial Lender Pros & Cons

Overview

The Bank of Montreal is a Canadian multinational financial service and corporate banking institute that was founded in Montréal, Québec, in 1817, and still retains its headquarters in Montréal. The operational headquarters and executive offices of the company have been located in Toronto, Ontario since 1977. BMO Financial Services prides itself on driving growth and expanding opportunities for individuals, families, and businesses. More than 12 million clients rely on BMO Financial Services to provide personal and business banking, wealth management, and investment services. As North America's eighth-largest bank, it offers flexible commercial loans to support businesses. In Canada, the United States, and around the world, the bank is continuing the effort to build, invest, and transform themselves to drive performance to serve the growing good. 

Services Offered

BMO Financial Services offers the following financial services:

Small Business Loans & Lines of Credit

A line of credit is a flexible and practical borrowing option that provides the business with funding to cover business expenses, up to an approved limit. BMO Financial Services’ line of credit is a very good option for businesses that are looking for a short-term loan. Small business loans come with a variety of terms and payment options that provide flexible management options for the business.

Commercial Loans

BMO Financial Services Commercial Loans are ideal for covering daily operating costs or capturing a unique and urgent business opportunity. Their commercial loans come with a variety of modalities and payment options that give businesses the flexibility they need to manage their workflow. These loans can be used to cover the business expense, buy inventory or serve any other business purpose.

Canada Small Business Financing Loan

These loans are for Canadian-based start-ups and businesses whose gross or projected revenues do not exceed $10 million. The loan amount can be used to buy inventory, furniture, hardware for the newly started business. Organizations that do not qualify for these loans are agricultural businesses, holding companies, trusts, non-profit organizations, charities, and religious organizations.

Commercial Mortgages 

BMO Financial Services Commercial Mortgages can be used in a variety of ways whether a business is purchasing new space, expanding the facilities, or having to refinance or consolidate the current debt. BMO Financial Services’ commercial mortgage selection includes flexible terms, amortization periods, and payment schedules to meet every business needs.

Industries it Serves:

BMO Financial Services financial services can be used in different fields for various purposes such as buying vehicles, furniture, building supplies, and much more. Following is the list of industries BMO Financial Services’ finance can be used.

• Agriculture 
• Auto Dealerships 
• Business Properties 
• Commercial Real Estate 
• Engineering & Construction 
• Franchise Finance 
• Healthcare 
• Manufacturing 
• Media 
• Oil & Gas Services 
• Private Equity Sponsors 
• Professional Services Public Sector 
• Retail & Wholesale Distribution 
• Technology & Innovation 
• Trucking

Terms and Conditions

BMO Financial Services has outlined certain rates and duration of the financing services. Some of the requirements are listed as follows:

Canada Small Business Financing Loan:

• Up to $350,000, funding note to purchase equipment and vehicles or make improvements to a leased non-current asset
• Up to $1,000,000, a footnote in funding to purchase or upgrade commercial assets such as land, homes, or buildings
• Purchases made in the 180 days before the loan is approved are eligible for retroactive funding
• Free-floating rates and fixed rates with terms up to 10 years
• Flexible payment options that are convenient for business– up to six months of interest only in the first year.

Small Business Loans & Lines of Credit:

• The business can borrow up to $120,000
• Interest is paid on the amount taken
• Collateral is required for line of credit
• Flexible payment options are available
• The duration of the fixed-rate term loan is up to 15 years
• Small business loans have a duration of up to 10 years

Commercial Mortgages:

• The business can choose a fixed rate for repayment
• The loan can be paid in 1, 2, 3, 4, 5, 7, or 10 years according to the business payment plan
• Competitive interest rates
• The business can qualify up to $1,000,000 loan amounts
• The business can renew the plan 75 days before the expiry date

Commercial Loans:

• The business can borrow up to $50,000
• Ideal for buying equipment for business
• Flexible payment options are available

What makes BMO Financial Services a reliable financial partner?

BMO Financial Services believes that a bank should be more than a source of money or product to manage a business’s liquidity. A business deserves a financing partner who helps them to be upfront in the market, a partner who understands the industry and sees the vision of the business. BMO Financial Services’ resources and experts support businesses at every step regardless of the evolution a business needs or the trajectory of future growth.

Their customers can feel the difference as they work with the bank. The firm listens to every need of the business, its goals, and objectives, and considers the factors that are important for business growth. The corporation helps businesses with the resources and power they need along with local knowledge to customize financial solutions. 

The Bottom Line

Whether a business needs support for customer acquisitions, recapitalizations, working capital growth, restructuring, or recovery situations, BMO Financial Services can offer flexible financing solutions that meet every business needs. BMO Financial Services understands that long turnaround times and short-term surprises can lead to missed opportunities, so it identifies potential risks in the first set and manages waits along the way to eliminate surprises. The company works closely with the business to understand its needs, and continually strives to provide the best loans that help the business to manage its workflow. BMO Financial Services’ flexible payment options provide the funding structure that will help fuel business growth. BMO Financial Services serves a broad spectrum of industries with its commercial financing from metal to mining companies to business service companies to every industry.