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.
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.