Retail Excellence

Reuters | May 05, 2020

New York’s Attorney General said on Monday she has asked 11 major U.S. banks to clarify how they had issued loans tied to the U.S government’s $660 billion program to rescue small businesses from the impact of the coronavirus pandemic. Known as the Paycheck Protection Program, the plan was intended to help small firms weather the worst global economic crisis in decades but has been hobbled by missing paperwork, technology failure and a misdirection of funds to big corporations...

Reuters | May 26, 2020

When the U.S. government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Program, loan officers at Bank of the West in Grapevine, Texas worked nights and weekends to process a tsunami of applications. But since those first few frantic weeks, demand has “just dried up,” said bank president Cindy Blankenship. On May 15 the bank stopped taking applications for PPP loans. Nationally the program remains active. But data from the Small Bus...

FINANCE

Expensify | February 08, 2022

CIBC Innovation Banking is pleased to announce it has provided a $100 million credit facility to Portland-based Expensify, a payments superapp that helps individuals and businesses around the world simplify the way they manage money. This funding, provided in October 2021, will further support the company’s rapid growth and product expansion, and represents a significant increase to an existing relationship between CIBC Innovation Banking and Expensify. With more than 10 mil...

BUSINESS STRATEGY

FreshBooks | May 26, 2022

FreshBooks, a cloud-based accounting software provider, announced that it is expanding its invoicing software offering to meet the needs of New Zealand small businesses. This includes the creation of a new starter plan and competitive pricing packages with unique pricing, set in NZ currency. “FreshBooks recognizes the depth and breadth of small businesses across New Zealand. We’re excited to help local owners impress their clients and get paid faste...