CWB backs business owners; announces additional support for business owners impacted by COVID-19

Canadian Western Bank (CWB) is taking immediate action to support small- and medium-sized Canadian business owners as COVID-19 continues to dramatically impact our communities and our economy.

Targeted at CWB’s branch-based business owner clients experiencing financial stress as a result of COVID-19, support will be managed on a case-by-case basis to ensure the solution fits with the client’s immediate and medium-term needs. Clients may benefit from flexible solutions on their commercial credit facilities, such as skip payments, interest only payments or an extended amortization, as appropriate to the individual situation.

“Some of CWB’s strongest client relationships were forged during our clients’ most difficult moments,” said Chris Fowler, CWB’s President & CEO. “We’ve always had – and will continue to have our clients’ backs – throughout the economic cycle. Our clients trust us to be there as partners and expert advisors, and it’s in especially difficult times like these when we can provide invaluable support.”

CWB’s Relationship Managers have been proactively reaching out to clients this week to understand the impact to date, and will continue to follow up with the clients they think may benefit most from this support over the coming weeks. Clients who have not yet received a phone call but are interested in learning more should contact their Relationship Manager, noting CWB’s recent update to business hours.

Support will also extend to personal clients facing financial challenges as a result of COVID-19, and will be addressed on a case-by-case basis with best practices as advised by the Canada Mortgage and Housing Corporation (CMHC).

“The uncertainty of the evolving COVID-19 situation will continue to disrupt all of our lives over the next while,” added Fowler. “Our teams are doing everything possible to ensure our clients have the support and access to essential banking services they need to be successful.”

For more information about CWB’s response to COVID-19, visit cwbank.com/news