CIBC launching new co-lending program with
Business Development Bank of Canada
TORONTO, April 24, 2020 /CNW/ - CIBC today announced
that a new co-lending program with the Business Development Bank of
Canada (BDC) will launch
Monday, April 27, to provide eligible
businesses impacted by COVID-19 with loans of up to $6.25 million in working capital relief. Clients
can apply online or by contacting their CIBC representative.
"The COVID-19 pandemic continues to disrupt businesses in terms
of cash flow and their ability to serve customers," said
Jon Hountalas, Senior Executive
Vice-President, CIBC Commercial Banking and Wealth Management,
Canada. "The BDC Co-Lending
Program is a new useful tool in the suite of solutions we have made
available to help Canadian businesses operate effectively and with
greater flexibility."
The new BDC program is available as a term loan for working
capital to cover operating costs such as payroll and leases. Loan
amounts will be based on business revenues and can be customized to
a firm's specific circumstances. BDC will provide 80 per cent of
the financed amount with the remaining 20 per cent from the
relevant participating financial institution.
CIBC team members are available to provide advice and assistance
to eligible business clients in structuring loans to meet their
needs.
For more information, clients may contact their CIBC
representative.
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