TORONTO – The canadian imperial Bank of commerce (CIBC) launched a new loan program spouses in collaboration with the business development Bank of Canada (BDC).
This program, which will be available from 27 April, aims to provide eligible businesses affected by the COVID-19 loans of up to 6.25 million $ in relief of the working capital fund.
“The new program of the BOC is provided in the form of term loans to finance the working capital requirements of firms to cover their operating costs such as salaries and leases,” said Friday CIBC by way of a press release.
“The loan program is a joint BDC is a useful new tool in the range of solutions we have made available to canadian companies to help them manage their activities efficiently and with greater flexibility,” said Jon Hountalas, executive vice-president, executive officer and head of group at CIBC.
“The pandemic of COVID-19 continues to adversely affect cash flows of companies and their ability to serve their clients,” he lamented.
The business development Bank of Canada will pay 80 % of the amount financed, and the rest will be borne by the participating financial institution concerned.
The loan amounts will be assessed according to the income of the company, ” says IWC.
In the same vein, the royal Bank of Canada (RBC) announced on Friday that it offered to corporate clients the loan program to the spouse of the BOC to improve their liquidity.