TORONTO, ON – Canada’s major bank, CIBC, wants to further invest in Canadian black entrepreneurs. Today the bank announced that it has established the CIBC Black Entrepreneur Program. To help start and grow black business the program includes a $15 million for business loans of up to $250,000. These include non-repayable loans for Black entrepreneurs, as well as educational support that will help remove barriers to financial inclusion.
CIBC has partnered with the Black Opportunity Fund (BOF) and the Canadian Black Chamber of Commerce to provide supporting services. These include a mentorship, financial education and business planning.
As part of this commitment, the CIBC Foundation will provide a $2-million donation to the BOF. The grant will provide non-repayable loans to entrepreneurs. No matter the stage of their business planning entrepreneurs can build their knowledge and capacity.
“CIBC is committed to removing barriers that all too often stand in the way of success for Black entrepreneurs. Small businesses are the backbone of our economy and ensuring that Black entrepreneurs can thrive is essential to building strong, vibrant, equitable and healthy communities.”
Laura Dottori-Attanasio, Group Head, Personal and Business Banking at CIBC
CIBC continues to invest in the Black entrepreneur community
CIBC’s Laura Dottori-Attanasio says the Black Entrepreneur Program is excited to help. “We want more business owners have access to the resources they need”. CIBC wants to see these businesses grow and succeed.
CIBC is no stranger to helping black businesses. CIBC’s existing Banking for Black-owned businesses program matches new and existing clients with experts who offer tailored advice.. These specialists also assist clients with accessing CIBC’s one-on-one support and market-leading banking offers for Black entrepreneurs.
“We are pleased with CIBC’s commitment to support Black entrepreneurship. It’s an excellent step towards dismantling the systemic barriers that prevent Canadian Black entrepreneurs from gaining full, equitable access to opportunities to thrive and succeed”.
Craig Wellington, Executive Director of the Black Opportunity Fund
CIBC today announced that it has established the CIBC Black Entrepreneur Program, aimed at helping entrepreneurs from the Black community to achieve their ambition of starting, running and growing their business. The new program includes a $15 million commitment for business loans of up to $250,000, non-repayable loans for Black entrepreneurs, as well as educational support that will help remove barriers to financial inclusion for entrepreneurs from the Black community, helping these businesses prosper.
Canadian Black Chamber of Commerce President Michelle Meghie wants to mobilize the Black community. The goal is to narrow the wealth gap when they need access to capital. Combined with solid fiscal relationships these are the ingredients imperative to the prosperity and sustainability of Black entrepreneurship.
Entrepreneurs from the Black community are encouraged to visit CIBC.com/BlackOwnedBusiness to start the application process today.
CIBC Business Banking’s Biz Hub also provides tips, guides and expert advice for entrepreneurs at any stage.
