Nov 26, 2014 03:17 PM EST By Staff Reporter, UniversityHerald Reporter

Carleton University will open a new bursary program, officials announced.

The Canadian Imperial Bank of Commerce (CIBC) has donated $500,000 to the university to establish the new bursary program for students at the Sprott School of Business.

"We thank CIBC for establishing this bursary program to help students in financial need access a university education," Jerry Tomberlin, dean of the Sprott School of Business, said in a statement. "Through this gift, CIBC is helping Sprott students realize their dreams of becoming the next generation of business leaders and entrepreneurs."

The CIBC Bursaries are worth $5,000 each and are open to high school students entering full-time at Sprott's Bachelor of Commerce or Bachelor of International Business program. To be eligible, students must meet specific academic and community service requirements and have a demonstrated financial need. 

"Providing access to education is a big part of CIBC's commitment to building a better future for our kids and our communities," said Grant Rasmussen, Region Head at CIBC. "We are proud to partner with Carleton University in supporting today's business students and tomorrow's business leaders."

Over the years, has invested millions of dollars in scholarship funding, skills training and mentoring programs that benefit thousands of young people across Canada," Rasmussen added.

Carleton University's Sprott School of Business is an internationally accredited, full-service business school located in Canada's capital of Ottawa.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit