Innovative banking offer support skilled trades apprentices

By Canadian Imperial Bank of Commerce  

June 10, 2024

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 enrolment is expected to surge in the coming years, according to a recent survey conducted by the Canadian Imperial Bank of Commerce (CIBC), nearly half (45 per cent) of skilled trades professionals don’t feel confidence in their financial situation.

To combat this, CIBC hopes to provide support to help apprentices successfully complete their training. First-of-its-kind in Canada, CIBC’s  Skilled Trades Banking solutions provides skilled trades apprentices with free everyday banking, including a visa card and an education line of credit to support training and tools.

“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.

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