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'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