Skilled trades apprentices can now access new
banking benefits while completing required training
TORONTO, June 6, 2024
/CNW/ - CIBC announced today a new banking offer for
apprentices in skilled trades, with the aim of helping 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 Logo (CNW Group/CIBC) CIBC Logo (CNW Group/CIBC)](https://mma.prnewswire.com/media/2431670/CIBC_CIBC_supports_skilled_trades_with_first_of_its_kind_banking.jpg)
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," says 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."
There are 4.1 million certified trades professionals in
Canada, and close to 700,000 are
expected to retire by the end of this decade. While apprenticeship
enrollment is expected to surge in the coming years, 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.
Research Poll Disclaimer:
An online survey was conducted by Ipsos (on behalf of CIBC) from
December 22, 2023 to January 9, 2024, among Canadians 18+ who were
either studying to become Skilled Tradespeople or had already
completed their studies. A total of n=418 surveys were
conducted.
About CIBC
CIBC is a leading North American financial institution with
14 million personal banking, business, public sector and
institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets and
Direct Financial Services businesses, CIBC offers a full range of
advice, solutions and services through its leading digital banking
network, and locations across Canada, in the United
States and around the world. Ongoing news releases and more
information about CIBC can be found
at www.cibc.com/ca/media-centre.
SOURCE CIBC