April 28, 2020
Today, we launched a new co-lending program with the Business Development Bank of Canada (BDC) to provide additional support for businesses impacted by COVID-19.
What is the new co-lending program?
The program provides eligible businesses with term loans to help pay for non-deferrable operating costs.
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 $6.25 million.
Businesses will be eligible to apply for this loan if
- they are a Canadian-based commercial entity with the intent to generate revenue from the sale of goods or services, which has business operations in Canada;
- CIBC is their primary bank;
- they haven’t 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.
What do I need to do to apply for the new program?
You can apply for the co-lending program starting today. For full information about the program and the quickest and easiest way to apply, visit our COVID-19 business site. You can also speak to your CIBC advisor. To apply, you will need to be registered for CIBC Online Banking for Business. If your business isn’t registered, registerOpens a new window in your browser. using your CIBC Business Convenience Card® number.
You will also need to provide the following documentation:
- information for co-signatories and guarantors;
- personal income and business income;
- other financial details (your mortgage or monthly rent amount);
- financial statements for your business for 2018 and 2019;
- T1 General (4-page jacket) and Notice of Assessment for the last 2 years available for the co-signatories, guarantors and spouses (as applicable);
- personal net worth documents, including investment statements, savings or account holdings, and mortgage statements at other financial institutions; and
- personal and business contact information, including phone number and email address.
Additional information may be requested in the application process.
Understanding the financial pressure our business clients are under, 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).
We are here to help. Thank you for your business and for your continued trust in our team.
Senior Executive Vice-President and Group Head of Personal and Business Banking