Online Process Helps Small Business Owners Access New Loan Program
TORONTO, April 8, 2020 / CNW / – CIBC (TSX: CM) (NYSE: CM) today announced the opening of its all-digital application process April 9 for eligible customers looking to access the new Canada Business Emergency Account (CEBA), a federal government $ 25 billion loan program for small and medium-sized Canadian businesses.
Business owners whose primary bank is CIBC can apply through CIBC Online Banking for Business if they are currently enrolled in online banking. 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.
âIn our conversations with small business owners over the past week, it is clear that there is an urgent need for this new source of funding, and we are ready to accept requests to help clients access the market. Canada urgent business account quickly, âsaid Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Commercial Banking Services. âEvery entrepreneur who does business with us wants their company to go through this difficult time so that they can focus on their growth ambitions, and we are by their side to manage the current environment. “
Since launching a dedicated small business support center amid COVID-19, thousands of business owners have already contacted CIBC to defer their loan payments and receive advice on managing their loan. their short-term cash flow.
If you have any questions about the application process and loan details, please visit CIBC Canada Emergency Business Accounts FAQ page.
CIBC is a leading global financial institution based in Canada with 10 million retail, corporate, public sector and institutional clients. In Personal and Commercial Banking, Commercial Banking & Wealth Management and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network and from its locations across Canada, the United States and around the world. Current press releases and more information about CIBC are available at www.cibc.com/en/about-cibc/media-centre.html.
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