{"id":26156,"date":"2024-06-10T16:12:33","date_gmt":"2024-06-10T23:12:33","guid":{"rendered":"https:\/\/essential.construction\/news\/innovative-banking-offer-supports-skilled-trades-apprentices\/"},"modified":"2024-06-10T16:12:34","modified_gmt":"2024-06-10T23:12:34","slug":"innovative-banking-offer-supports-skilled-trades-apprentices","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/innovative-banking-offer-supports-skilled-trades-apprentices\/","title":{"rendered":"Innovative banking offer supports skilled trades apprentices"},"content":{"rendered":"

\"-\"<\/a>
\n<\/p>\n

\n
\n

(Adobe Stock)<\/p>\n<\/div>\n

There are 4.1 million certified trades professionals in\u00a0Canada<\/span>, 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)<\/a>, nearly half (45 per cent) of skilled trades professionals don\u2019t feel confidence in their financial situation.<\/p>\n

To combat this, CIBC hopes to provide support to help apprentices successfully complete their training. First of its kind in Canada, CIBC\u2019s\u00a0 Skilled Trades Banking solutions <\/a>provides skilled trades apprentices with free everyday banking, including a visa card and an education line of credit to support training and tools.<\/p>\n

\u201cCIBC 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,\u201d says\u00a0Jeff Smith<\/span>, senior vice-president, client segmentation and franchising, CIBC.<\/p>\n

CIBC\u2019s 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.<\/p>\n

\u201cThe Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable \u2013 especially at a time when skilled trades workers are needed across the country,\u201d says Smith.<\/p>\n

The bank also announced that\u00a0it has partnered with\u00a0the\u00a0Skilled Trades College of\u00a0Canada<\/span><\/a> (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<\/span> scholarships over the next three years to 15 STC students.<\/p>\n

\u201cWe 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,\u201d says\u00a0Mike Di Donato<\/span>, chief operating officer, Skilled Trades College of Canada<\/a>.<\/p>\n

\u201cCIBC 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\u00a0$225,000<\/span>.\u201d<\/p>\n

To further help support those who are considering a career in the skilled trades, CIBC will also be providing 15\u00a0$2,000<\/span>\u00a0scholarships over three years to the\u00a0Southern Alberta Institute of Technology<\/span>\u00a0(SAIT)<\/a>, and five,\u00a0$2,000<\/span>\u00a0scholarships to Northern Alberta Institute of Technology (NAIT)<\/a> for the 2024 academic year.<\/p>\n<\/p><\/div>\n