CIBC launches banking program to assist trades students

Key Takeaways:

• CIBC is offering a new banking program specifically designed for skilled trades students and apprentices.
• This program includes free everyday banking, a credit card with special offers,and a line of credit up to $80,000 to help cover the costs of training and tools.
• There’s also contest open to registered apprentices who open a CIBC account. The grand prize includes a three-year truck lease and $10,000 worth of tools.

The Whole Story:

CIBC has announced a new banking offer for apprentices in skilled trades.

The bank says its goal is to support this underserved population at a time when skilled tradespeople are in high-demand across the country.

The CIBC Skilled Trades Banking solutions are the first of their kind in Canada and provide skilled trades apprentices with free everyday banking with CIBC Smart Account, access to special offers with the CIBC Dividend Platinum Visa credit card, and a CIBC Education Line of Credit of up to $80,000 to support training and tools. Specialized banking products and services are also available to skilled trades students and certified professionals.

CIBC’s Skilled Trades Banking solutions can currently be accessed by skilled trades students, apprentices and professionals during three distinct points in the skilled trades journey: while enrolled in an accredited trades college, throughout their registered apprenticeship program, and support extends to skilled trades professionals upon becoming a certified member of their respective trade association or union.

“CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade,” said Jeff Smith, senior vice-president, client segmentation and franchising, CIBC. “The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country.”

According to a recent survey conducted by CIBC, nearly half (45%) of skilled trades professionals don’t feel confidence in their financial situation. CIBC hopes to provide support to help apprentices successfully complete their training.

The bank also announced that it has partnered with the Skilled Trades College of Canada (STC) as their financial services title sponsor to ensure trades students have access to financial advice and products to succeed throughout their journey. The bank will be providing 15 $15,000 scholarships over the next three years to STC students.

“We are thrilled that CIBC is now the official banking partner of Skilled Trades College because a strong financial background is imperative to any successful tradesperson and entrepreneur,” says Mike Di Donato, chief operating officer, Skilled Trades College of Canada. “CIBC will provide our student base with financial advice and access to banking products and services, helping them on their path to be journeypersons and future business owners. In an effort to assist in addressing the skilled trades shortage CIBC has generously committed five, full-ride scholarships to STC students per year for the next three years, valued at $225,000.”

To further help support those who are considering a career in the skilled trades, CIBC will also be providing 15 $2,000 scholarships over three years to the Southern Alberta Institute of Technology (SAIT), and five, $2,000 scholarships to Northern Alberta Institute of Technology (NAIT) for the 2024 academic year.

Registered apprentices who open a new CIBC account and/or product can enter the ‘Build your Future‘ contest by October 31, 2024 for a chance to win $35,000 towards a three-year truck lease and $10,000 in tools.