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Innovative banking offer support skilled trades apprentices

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 confident in their financial situation.

To combat this, CIBC hopes to provide support to help apprentices complete their training. First-of-its-kind in Canada, CIBC’s  Skilled Trades Banking solutions provide 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.

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.

“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,” says Smith.

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 $15,000 scholarships over the next three years to 15 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.