The CIBC credit process
Credit is essential to many business customers. As part of our commitment to open communications, and further to the Model Code of Conduct for Bank Relations with Small and Medium-Sized Businesses, the following outlines the steps involved in the CIBC credit application approval process.
Applying for business credit
At any CIBC Branch or office where business affairs are conducted, we will provide clear direction on how to apply for credit and how to develop an effective business plan.
The credit approval process
CIBC assesses each credit application on its own merits. The key determining factors in obtaining credit include:
- The soundness of your business plan
- The ability of your business to repay the loan requested
- The long-term viability of your business
- Your personal credit history
We will usually advise you of our credit decision within two business days. If your application is more complex, more time may be required for our assessment and we'll advise you accordingly.
Once your application is approved, CIBC will advise you of the terms and conditions of the financing arrangement including the information and documentation we will need. At your request, CIBC will be happy to provide the requirements in writing.
If your credit application is declined
CIBC will inform you what the main reasons for the decision are and at the same time review with you what would be required for us to reconsider your application. We'll also provide information on alternative sources of financing, such as government assistance programs and venture capital.
If your circumstances change
Sometimes customers who have a credit relationship with us experience a significant change in their business. This could include financial difficulty or, conversely, a need for additional funds due to rapid growth. If any such changes occur, CIBC will review your existing arrangements to determine next steps. We may ask you for additional information, and we'll give you reasonable opportunity to provide it.
If CIBC's review determines that a change in our credit relationship is necessary, CIBC will provide you with at least 30 days' notice of what those changes will be, unless we believe, based on reasonable grounds, that a shorter notice period is needed to protect our interests. The changes might include amendments to your terms, conditions, fees or lending margins.
Part of the CIBC Service Commitment mandate is to meet the changing needs of our business customers. For that reason, we believe the sooner we talk, the sooner we can work together towards viable solutions.
For more information about our service commitment, talk to a CIBC advisor, visit your nearest banking centre
or call 1-800-465-2422.