CIBC announces new loan program with Export Development Corporation to provide liquidity to Canadian businesses

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

CIBC announces new loan program with Export Development Corporation to provide liquidity to Canadian businesses

Canada NewsWire

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.

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

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2020/20/c0120.html

Copyright CNW Group 2020

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).