Variable-rate term loans, at market rates, for qualified small and medium-sized enterprises
Loan amount up to $12.5 million, based on 2019 revenue threshold
Option to only pay the interest for the first 12 months after the initial advance
BDC loan at a glance
Your 2019 revenue:
Under $1 million
Up to $312,500
From $1 million to $50 million
Up to $3.125 million
Greater than $50 million
Up to $12.5 million
Up to 10 years
Up to 20 years
An option to only pay the interest for the first 12 months after the initial advance
Based on Canadian prime, at market rates, loan size and on your personal and business profile
A set-up fee is dependent on the size of the loan
Businesses are eligible to apply if:
they are a Canadian-based commercial entity with the intent to generate revenue from the sale of goods or services, and that has business operations in Canada;
CIBC is their primary bank;
they have not benefited from or are in the process of benefiting from this Co-Lending Program at another bank or financial institution; and
they have been negatively impacted by COVID-19.
Who is not eligible to apply?
Businesses are not eligible to apply for this program if they:
are a government organization or body (other than an Indigenous entity or body), or an entity in which a government organization or body (other than an Indigenous entity or body) owns 25% or more of the equity interests;
are a union or charitable, religious or fraternal organization or an entity in which any such organization owns 25% or more of the equity interests;
are an entity in which 25% or more of the equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a publicly traded company; or
promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability.
Ready to apply for a BDC loan? We’ll guide you through the process
How do I apply?
Before applying, make sure:
you’re the key principal of the business;
you’re registered for CIBC Online Banking® for Business with your CIBC Business Convenience Card; and
your business contact information, including phone number and email address, is up-to-date.
You will receive an email requesting additional documents. An advisor will contact you to complete the application.
What happens after I apply?
After you apply, your application will be reviewed by our CIBC adjudication team, a credit agreement will be prepared for client signature and the funds will be advanced.
Start your application now
Your business must apply through CIBC Online Banking for Business. If you do not have access to CIBC Online Banking for Business, you can register for online banking with your CIBC Business Convenience Card.
Businesses with the following 2019 revenue thresholds can apply for the following loan amounts:
Revenues under $1 million: eligible for loans up to $312,500
Revenues from $1 million to $50 million: eligible for loans up to $3.125 million
Revenues greater than $50 million: eligible for loans up to $12.5 million
While you don’t qualify for larger amounts than stated above, please speak with your CIBC Advisor, Commercial Banking Relationship Manager or Private Banker to discuss your specific situation and other borrowing options potentially available to you.
For CIBC Business Banking clients, loans are available for terms up to 10 years with a maximum 20-year amortization. There is an option to only pay the interest for the first 12 months after the initial advance.
The interest rate charges will be based on Canadian prime, at market rates, and will depend on your personal and business profile, as well as the size of the loan.
There will be a set-up fee that is dependent on the size of the loan.
As part of the application process, you will be asked to provide:
information for co-signatories and guarantors;
personal income and business income;
other financial details, including your mortgage or monthly rent amount;
financial statements for the business for 2018 and 2019;
T1 General (4-page jacket) and Notice of Assessment for the last two (2) years available for the co-signatories, guarantors and spouses, as applicable;
personal net worth documents, including investment statements, savings and account holdings at other financial institutions and mortgage statements; and
personal and business contact information, including phone number and email address.
Additional information may be requested in the application process.
If you haven’t received or can’t locate your T1 General or Notice of Assessment, contact the Canada Revenue Agency to have them reissued to you.
Your business’ primary financial institution is where your business does the majority of its day-to-day banking, including employee payroll, supplier payments and collection of receivables using a CIBC Business Operating Account. If CIBC is not where your business conducts its day-to-day banking, please apply through the financial institution that holds your primary business operating account.
No. The BDC Co-Lending Program is available only to business clients with a CIBC Business Account. The federal government has announced a number of relief measures to support sole proprietors. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan site here.
Financial relief options
We understand the financial pressure our business clients are under and we’re committed to providing you with a range of financial relief options, including payment deferrals, immediate cash management and new lending solutions, such as the Canada Emergency Business Account (CEBA). Get in touch with your CIBC Advisor, who can provide you with advice and solutions based on the specific needs of your business.
We also have a number of international services, including CIBC Global Money Transfer for Business, which allow you to send money to over 80 countries. Our ATMs are available to conduct transactions at any time as well.
Please note: Multilanguage sites do not provide full access to all content on CIBC.com. The full CIBC website is available in English and French.