Funding will help 2,500 women across Canada launch small businesses or
learn skilled trades through community organizations
TORONTO, March 5, 2015 /CNW/ - One in seven women in Canada live in
poverty. It's a disturbing statistic that can only be turned around
through a holistic approach by public and private organizations to
break down the social and economic barriers that have marginalized many
women in the country.
To help break this cycle of poverty, CIBC (TSX: CM) (NYSE: CM) is renewing its multi-year commitment to the Canadian Women's Foundation with a new $500,000 donation. This donation will support the
Foundation's CIBC Innovation in Economic Development Fund, which
enables 15 community organizations to help Canada's most vulnerable
women build financial literacy and job skills while identifying
employment opportunities to lift them out of poverty.
"Women raising children on their own are five times more likely to end
up in poverty," says Sheherazade Hirji, CEO and President, Canadian
Women's Foundation. "Sadly, for many women who live with an abusive
partner the decision to escape the violence often means they will raise
their children in poverty. CIBC's continued support enables us to
invest in community organizations across Canada to break this cycle.
Organizations that create an environment of hope encourage women to set
goals they previously thought unattainable, provide them with knowledge
and tools to become self-sufficient and help develop the confidence
they need to achieve these goals."
CIBC, a proud and active supporter of the Canadian Women's Foundation
since 1995, has committed more than $2.2 million in life-changing
programs that support innovative community organizations across Canada.
The funding announced today will help an estimated 2,500 women kick
start a new business or learn skilled trades.
The CIBC Innovation in Economic Development Fund helps women like Necole
Hines, a single mom in Calgary, who gained the skills and confidence to
start Wings n Tings, a Caribbean food catering business, after participating in The Women's
Venture Program offered by Canadian Women's Foundation-funded Momentum
Community Economic Development Society. "I'm changing the way I view my
business," says Ms. Hines. "It's all about mindset. I'm taking charge
of my future and my own destiny and building a future for my children.
I feel I can make anything happen."
"It is stories like these that fuel our passion at CIBC and our
commitment to organizations like the Canadian Women's Foundation," says
Veni Iozzo, Senior Vice-President, CIBC. "The programs funded focus on
moving women out of poverty and providing them with a strong support
system to create a legacy of knowledge, resources and change that will
be felt by communities across the country, far into the future."
To mark International Women's Day, events featuring speakers from the
Canadian Women's Foundation are planned at CIBC offices in Halifax,
Montreal and Vancouver on March 5 and in Toronto on March 6.
CIBC is a leading Canadian-based global financial institution with 11
million personal banking and business clients. With a strategic focus
on Kids, Cures and Community, and employee commitment to causes,
including the Canadian Breast Cancer Foundation CIBC Run for the Cure,
the CIBC Children's Foundation and United Way, we are investing in the
social and economic development of communities across the country. In
2014, CIBC contributed more than $42 million to 1,780 charitable and
non-profit initiatives in over 420 communities. You can find other news
releases and information about CIBC in our Media Centre on our
corporate website at www.cibc.com.
About Canadian Women's Foundation
The Canadian Women's Foundation is Canada's public foundation for women
and girls. We empower women and girls in Canada to move out of
violence, out of poverty and into confidence. Since 1991, we've raised
money and invested in over 1,300 community programs across Canada, and
are now one of the ten largest women's foundations in the world. We
take a positive approach to address root causes of the most critical
issues facing women and girls. We study and share the best ways to
create long-term change and bring community organizations together for
training and to learn from each other. We carefully select and fund the
programs with the strongest outcomes and regularly evaluate their work.
We have a special focus on building a community of women helping other
women. Helping women creates safer families and communities, and a more
prosperous society for all of us. We invest in the strength of women
and the dreams of girls. For more information please visit www.canadianwomen.org. Editor's Note: When referring to the Canadian Women's Foundation, please use the full
name. Please do not abbreviate or use acronyms.
SOURCE Canadian Imperial Bank of Commerce
For further information:
Caroline Van Hasselt, Director, External Communications and Media Relations, 416-784-6699 or email@example.com
Bahar Shadpour, Manager, Public Relations and Online Engagement, Canadian Women's Foundation at 416.365.1444 x240 or firstname.lastname@example.org