Windmill Microlending, formerly known as the Immigrant Access Fund, is a Canadian charitable organization that offers microloans to internationally trained immigrants and refugees. These microloans are designed to assist newcomers in obtaining the Canadian licensing or training they need to continue their careers in their adopted country.
Key Points About Windmill Microlending:
- Purpose: The primary objective is to reduce barriers for skilled immigrants and refugees trying to get their foreign credentials recognized in Canada or who need to retrain to align their skills with the Canadian job market.
- Loan Amount: As of my last update, Windmill offered microloans of up to $15,000. The exact amount might vary, so it’s always a good idea to refer to the official website or contact them directly for the most current information.
- Eligibility: Loans are available to immigrants and refugees living in Canada with a background in regulated and non-regulated occupations and trades.
- Usage: The funds can be used for various purposes, including but not limited to:
- Examination fees
- Qualification assessments
- Professional association fees
- Tuition for short-term training
- Books and course materials
- Living allowances during study times
- Repayment: The terms of repayment will vary based on the individual’s circumstances and the loan agreement. The interest rates are typically low, making it more accessible for immigrants and refugees.
- Benefits: Beyond the financial support, accessing such a loan can also help newcomers build credit in Canada, which is essential for future financial undertakings like securing mortgages, car loans, etc.
- Locations: Windmill Microlending operates in various provinces across Canada.
- Funding: While it is a loan and is expected to be repaid, Windmill Microlending is a non-profit, and its programs are often supported by the Canadian government, philanthropic entities, and other organizations.
If you or someone you know is considering a loan from Windmill Microlending, it’s essential to review their official materials and potentially schedule a consultation with them to ensure a clear understanding of terms, conditions, and expectations.
Please visit: Windmill Microlending