CIBC launched 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.
CIBC’s 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 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,” Jeff Smith, senior vice president, client segmentation and franchising at CIBC, 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.”
The bank also 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,” Mike Di Donato, chief operating officer at Skilled Trades College of Canada, said. “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.
