Bank of Montreal (BMO) is Canada's oldest bank and one of the Big Five. BMO has made notable investments in small business banking in recent years, particularly around digital tools, startup-friendly account options, and BDC referral partnerships. This review covers everything Canadian small business owners need to know about BMO business banking in 2025.
BMO's entry-level account is specifically designed for new and early-stage businesses. It features a low monthly fee and simplified fee structure, making it easy to understand costs as a new entrepreneur. This account includes a set number of monthly transactions and is one of the more affordable entry points among the Big Five. Ideal for businesses in their first 1–2 years with lower transaction volumes.
Designed for digitally-focused businesses, the eBusiness Plan offers competitive pricing on electronic transactions with higher per-item fees for paper-based transactions. If your business rarely writes cheques or makes cash deposits, this plan delivers good value. Monthly fees are in the $10–$20 range for lower volumes.
BMO's mid-tier plans are tiered numerically based on transaction volume. Business Builder 1 suits businesses processing around 35 transactions/month; Builder 2 suits 60–80 transactions; Builder 3 handles higher volumes. Monthly fees range from approximately $22–$50 across the tiers. These are BMO's most popular small business plans.
BMO's highest-tier small business plan includes the most bundled transactions and lowest per-item overage costs. Monthly fee is approximately $75–$90. Suitable for established businesses with high transaction volumes who want full-service banking in one package.
BMO frequently offers promotional periods of 3–6 months free business banking for new business customers. This promotion is worth asking about when opening your account.
BMO's business online banking platform has been significantly upgraded in recent years. Features include:
BMO offers both secured and unsecured business lines of credit. Their SmartBusinessLoan product streamlines the application process for smaller loan amounts, with faster decisions for businesses with simple credit needs. Lines of credit from $5,000 to $250,000+ depending on business financials and collateral.
BMO is an active Canada Small Business Financing Program lender. They offer CSBFP loans up to $1 million for qualifying businesses with revenues under $10 million. The government guarantee on 85% of the loan makes approval more accessible for businesses that wouldn't qualify for conventional financing.
BMO has a formal referral relationship with the Business Development Bank of Canada (BDC). When a business doesn't fit BMO's conventional lending criteria, BMO advisors can refer them to BDC for specialized small business financing. This is a meaningful advantage — BDC specifically mandates lending to businesses underserved by conventional banks, so the referral pathway is genuine and useful.
BMO offers the BMO CashBack Business Mastercard and BMO AIR MILES Business Mastercard. The CashBack card is straightforward and popular with business owners who want simple, predictable rewards. Cards can be issued to employees with individual limits and integrate with BMO's business banking portal.
Like RBC, BMO co-owns Moneris Solutions, Canada's largest payment processor. BMO business customers can often access preferential Moneris rates for debit and credit card acceptance. This makes BMO particularly attractive for retail, hospitality, and service businesses that need a payment terminal or online payment gateway.
BMO has actively positioned itself as a startup-friendly bank. The Business Start Account, BDC referral network, and participation in startup ecosystems across Canada make BMO a reasonable first choice for newly incorporated businesses. BMO advisors in major urban centres often have experience with tech startups and growth-stage businesses beyond the typical small business profile.
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