CIBC has announced immediate measures to help ease financial hardship for our CIBC Bank USA clients as a result of the COVID-19 pandemic, as well as a long-term commitment to help with recovery efforts.
“In good times, CIBC works to help our clients make their ambitions a reality,” said Michael G. Capatides, Senior Executive Vice-President and Group Head, CIBC U.S. Region, and President and CEO, CIBC Bank USA. “In challenging times, we are equally committed to working with them to bring peace of mind and relief.”
CIBC will offer proactive, focused solutions to help reduce the financial pressure being felt by our clients, including, but not limited to:
- Consumer Loan Payment Deferral: CIBC Bank USA will offer qualifying consumer clients experiencing financial hardship due to COVID-19 an option to suspend their next 4 monthly payments of principal and interest with no credit bureau impact. Qualifying consumers with quarterly payment schedules will have an option to defer payments for 120 days with no credit bureau impact. To request this program, consumers should call the CIBC U.S. Client Support Center at 877-448-6500Opens your phone app..
- Small Business Loan Payment Deferral: CIBC Bank USA will offer qualifying small business clients experiencing business disruption due to COVID-19 the ability to defer their next 4 principal and interest payments with no credit bureau impact. Clients should call their relationship manager to request this assistance.
- Economic Hardship Loan: CIBC Bank USA offers existing consumer clients experiencing personal financial hardship as a result of the COVID-19 pandemic the ability to apply for an Economic Hardship Loan of up to $10,000 with no payments for 90 days and no interest for the life of the loan, up to 24 months. Clients should call the Client Support Center at 877-448-6500Opens your phone app. to begin the application.
“Additionally, CIBC is working with commercial clients on an individual basis to address the challenges their businesses may face due to pandemic-related disruptions,” Capatides added. “We appreciate and value all of our client relationships and recognize the importance of working together to manage through these circumstances.”
CIBC also announced a $2 billion, 2-year commitment to support businesses, consumers and our partners as we work to re-energize our communities once this difficult period is over.
“Our immediate focus is to help those we serve through this uncertain period. We also want to assure our clients and our communities that we will stand by them once this crisis is over to help provide the financial resources they need to grow and thrive again,” Capatides said.