Online process helps small business owners to
access new loan program
TORONTO, April 8, 2020 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced its fully digital application process
will open April 9 for eligible
clients seeking access to the new Canada Emergency Business Account (CEBA), a
federal government $25 billion loan
program for Canadian small and medium-sized businesses.
Business owners whose primary bank is CIBC may file an
application through CIBC Online Banking for Business if they are
currently registered to bank online. Upon approval, clients will
receive a confirmation email from CIBC, and the $40,000 loan will be deposited into their
existing CIBC Business Operating Account. The entire process is
expected to take up to five business days from the date of
submission.
"In our conversations with small business owners over the last
week, it's clear that there is an urgent need for this new source
of funding, and we're ready to take applications to help clients
access the Canada Emergency
Business Account quickly," said Laura
Dottori-Attanasio, Senior Executive Vice-President and Group
Head, Personal and Business Banking. "Every entrepreneur who banks
with us wants to see their business through this challenging time
so they can focus on their ambitions for growth, and we're standing
with them to manage through the current environment."
Since launching a dedicated small business support centre amid
COVID-19, thousands of business owners have already contacted CIBC
to have loan payments deferred and receive advice on managing their
short-term cash flow.
If you have questions about the application process and loan
details, please visit the CIBC Canada Emergency Business Account FAQs
page.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 10 million personal banking, business, public sector and
institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network, and locations
across Canada, in the United States and around the
world. Ongoing news releases and more information about
CIBC can be found
at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC