CIBC (TSE: CM) announced today that it has established the CIBC Black Entrepreneur Program.
The program is designed to help Black community entrepreneurs achieve their ambition to start, operate and grow their businesses. The new program includes a C$15 million commitment tied to business loans of up to C$250,000, non-repayable loans for Black entrepreneurs, and support for education. The intention is to help break down barriers to financial inclusion for entrepreneurs in the Black community, helping these businesses thrive.
CIBC has partnered with the Black Opportunity Fund (BOF) and the Canadian Black Chamber of Commerce to provide support services such as mentoring, financial education, and business planning.
As part of this commitment, the CIBC Foundation will donate C$2 million to the BOF. With this donation, BOF will provide non-repayable loans to entrepreneurs at various stages of their business planning to help them develop their knowledge and skills.
“CIBC is committed to removing barriers that all too often stand in the way of success for Black entrepreneurs. Small businesses are the backbone of our economy, and ensuring that Black entrepreneurs can thrive is essential to building strong, vibrant, equitable, and healthy communities,” said Laura Dottori-Attanasio, Group Head, Personal and Business Banking at CIBC.
“To mobilize the Black community and narrow the wealth gap, access to capital and solid fiscal relationships are imperative to the prosperity and sustainability of Black entrepreneurship,” said Michelle Meghie, President, Canadian Black Chamber of Commerce.
Wall Street’s Take
On January 19, Barclays analyst John Aiken downgraded CM from Buy to Hold and raised the price target to C$169 (from C$162). This implies 6.2% upside potential.
Overall, the consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys and one Hold.
The average CIBC price target of C$166.12 implies 4.6% upside potential to current levels.
TipRanks’ Smart Score
CM scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns have good chances to outperform the overall market.
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