Introducing a Loan Program that Helps Saskatchewan Newcomers Gain Employment
One of the challenges skilled immigrants face in having their credentials recognized in Canada is the high cost of relicensing or training. Due to a lack of Canadian credit history and score, many newcomers are unable to obtain loans and, unless they draw from their savings, cannot afford these high costs. Thankfully, there are organizations working to reduce these barriers and assist newcomers to secure the financing they need to pay for these expenses.
Windmill Microlendingis a registered charity offering low-interest microloans (small loans) to newcomers living in Canada. Windmill offers up to $15,000 to help pay for the costs to restart their career in Canada.
There are two types of loans available:
1. A standard low-interest loan for immigrants,
2. An interest-free loan for refugees.
Recipients can take up to 5 years to repay both loans. They can be used to pay for education, licensing or training expenses.
Since January 2018, Windmill has provided 94 loans in Saskatchewan, totalling over $820,000 in loan funds. The majority of their clients come from the healthcare sector (Nurses, Dentists, etc.), financial and engineering sectors, etc.
A Windmill loan may be used for:
• Short-term (two years or less) training
• Exam fees with a professional licensing association
• Travel expenses to write an exam
• Qualification assessments
• Professional association fees
• Books and course materials
• English or French language courses specific to employment
• Living allowance during study time
• Other related expenses
To be eligible, an applicant must:
• Be an Immigrant: Permanent Resident, Provincial Nominee, Refugee/Protected Person or Canadian Citizen
• Plan to pursue training, licensure or a course of study to achieve their career goals
• Be living in Canada
• Not have an undischarged bankruptcy
Applications can be submitted online at https://windmillmicrolending.org/
If you have any questions, please contact Daniel Beaudin-Hall, Community Relations Specialist - [email protected]