CIBC has introduced a new suite of banking services specifically designed for apprentices in skilled trades. This initiative aims to support what it called underserved demographic during a period of increasing demand for skilled tradespeople nationwide.
The CIBC Skilled Trades Banking solutions offer benefits such as free banking with the CIBC Smart Account, special offers with the CIBC Dividend Platinum Visa credit card, and a CIBC Education Line of Credit of up to $80,000 to cover training and tool expenses.
These specialized products and services are available to skilled trades students, apprentices, and certified professionals, it said.
CIBC’s program addresses three critical stages in a tradesperson’s career: enrollment in an accredited trades college, participation in a registered apprenticeship program, and certification as a member of a trade association or union.
Jeff Smith, Senior Vice-President of Client Segmentation and Franchising at CIBC, emphasized the significance of this initiative.
“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,” Smith said. “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.”
4.1 million skilled trade workers
According to CIBC’s recent survey, Canada is home to 4.1 million certified trades professionals, with approximately 700,000 expected to retire by the end of the decade. Despite a predicted surge in apprenticeship enrollments, nearly half (45%) of skilled trades professionals lack confidence in their financial situation.
CIBC aims to mitigate this concern by providing robust support to apprentices during their training, it said.
In collaboration with the Skilled Trades College of Canada (STC), where CIBC will act as the financial services title sponsor, the bank will offer financial advice and products to help students succeed in their training.
Scholarships being offered
Over the next three years, CIBC will award 15 scholarships, each valued at $15,000, to STC students. Mike Di Donato, Chief Operating Officer of STC, praised the partnership: “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. 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.”
To further support aspiring trades professionals, CIBC will also grant 15 scholarships of $2,000 each over three years to students at the Southern Alberta Institute of Technology (SAIT) and five $2,000 scholarships to students at the Northern Alberta Institute of Technology (NAIT) for the 2024 academic year.
Additionally, CIBC announced the ‘Build your Future’ contest, allowing registered apprentices who open a new CIBC account or product by October 31, 2024, to enter for a chance to win $35,000 towards a three-year truck lease and $10,000 in tools.