Growing advice team and investments in economic inclusion are helping entrepreneurs sustain and scale their businesses in an evolving economy
TORONTO, Sept. 30, 2020 /CNW/ - Today CIBC announced it has further expanded its business banking advisory team in Canada dedicated to helping business owners sustain and scale their businesses through the pandemic and beyond as economic conditions evolve. CIBC is also continuing to invest in economic inclusion to promote entrepreneurship among Canadians of all backgrounds and identities.
"At the onset of the pandemic, the primary focus of conversations was immediate cash flow relief including payment deferrals on business loans, lines of credit and credit cards," said Andrew Turnbull, Senior Vice-President, Business Banking, CIBC. "In recent weeks, conversations have shifted to a rebound and recover mindset to facilitate long-term ambitions and help entrepreneurs pivot in the new environment."
CIBC has equipped its business advisors with market-leading tools to support entrepreneurs through the pandemic, as well as a business's life stages and journeys, including starting a business; managing payments, cash flow and tax; business financing, and business transition.
"Our specialized team has worked closely with entrepreneurs and professionals throughout the pandemic to provide expert advice and support, and we're committed to helping Canadian businesses navigate uncertainty," added Mr. Turnbull.
Needs of business owners evolving from immediate relief to long-term sustainability
This latest addition of 80 business banking specialists in British Columbia builds on the 200 that were added last year across Canada.
"Entrepreneurs have shown a great deal of resilience and the ability to pivot in a rapidly changing environment," said Mr. Turnbull. "As COVID-19 continues to challenge many businesses, we've invested in business experts to support entrepreneurs focused on managing short-term pressures while also pursuing their long-term ambitions."
CIBC's advisors are working closely with clients to improve cash flow and access to CIBC and government lending programs to facilitate a strong recovery. Entrepreneurs and professionals can find CIBC's advice, solutions and support options through cibc.com/business, as well as over 90 business relief programs available through CIBC's COVID-19 Relief support section.
Continuing Support of Economic Inclusion in Entrepreneurship
As entrepreneurs focus on recovery, CIBC is supporting initiatives to enable inclusive growth for businesses across Canada. In recognition of Small Business Month, CIBC is proudly sponsoring the second annual Startup & Slay Digital Series, hosted by How She Hustles, a network for diverse women entrepreneurs and leaders. The series features seven women and one non-binary entrepreneur who are starting and scaling a business in Canada. CIBC has been a proud sponsor of How She Hustles since 2018 and is excited to host a national seminar for the network in November that will focus on growing one's business.
CIBC is also partnering with the Government of Canada to launch Canada's first-ever Black Entrepreneurship Loan Fund, which will help Black-led businesses across Canada recover from the pandemic and grow their businesses.
"Our country's diversity and entrepreneurship are the backbone of our economy and fostering a more inclusive business landscape will support a stronger economic recovery for all of us," added Mr. Turnbull.
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.