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.
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.