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.
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.