Some business owners have opted to explore alternatives to the Canada Emergency Business Account (CEBA) loan and have turned to Bank of Montreal (BMO) for a pre-approved Line of Credit (LOC). While this option provides them with a way to replace the CEBA loan, it comes with a higher interest rate, exceeding 14%. (BMO Prime+7.5%),you might get a lower rate if you have a better credit of file with BMO.
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