New Business Credit Availability Program
supports cash flow needs for medium and large enterprises
TORONTO, April 20, 2020 /CNW/ - CIBC (TSX: CM) (NYSE:
CM) today announced that its clients can now apply for the new
Export Development Corporation (EDC) Business Credit Availability
Program (BCAP), offering loans of up to $6.25 million to provide much needed liquidity
for Canadian businesses.
"Private enterprises are foundational to our economy as
innovators, entrepreneurs and employers, but many are facing
significant short-term cash flow challenges as a result of
COVID-19," said Jon Hountalas,
Senior Executive Vice-President & Group Head, Commercial
Banking and Wealth Management, CIBC. "The Business Credit
Availability Program will help to address the critical short term
funding needs of Canadian commercial enterprises to support their
ability to maintain operations today, and be a driving force in our
economic recovery going forward."
The EDC BCAP is available to both domestic and export oriented
companies as either a term loan or an operating credit to finance
working capital requirements. 80% of the credit facility will be
guaranteed by EDC. Eligibility details and specific loan criteria
are available through Commercial Banking Relationship Managers.
Today's announcement adds to the relief measures already
available to CIBC business clients, including payments deferrals on
mortgages, loans, and lines of credit, as well as the Canada Emergency Business Account to meet the
needs of small businesses. To date, CIBC has deferred payments for
thousands of Canadian businesses to ease the cash flow burden at
this challenging time.
For more information on the EDC BCAP for CIBC clients, please
visit our Commercial Banking COVID-19 relief website.
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