New to Canada and looking for credit? Don’t worry: Windmill Microlending is here to help! New Canadians often have trouble acquiring mainstream credit because they lack a credit history or proper income. Luckily, Windmill provides microloans of up to $15,000 to help skilled immigrants and refugees achieve their career goals. On average, their clients more than triple their incomes and help lower the unemployment rate in Canada. While over 95% of immigrants are approved for Windmill loans, there are a few things you’ll need to become eligible. In this post, we’ll explain the step-by-step process for applying for your Windmill loan, as well as the eligibility criteria and much more! Let’s get started.
What are the benefits of a Windmill Microlending loan?
Windmill Microlending is an organization that offers financial assistance that can be used to cover expenses like childcare costs, living expenses, accreditation, training, certification, and career development courses. As part of their program, clients receive one-on-one coaching, mentorship, and financial planning tools to help them achieve better living conditions upon arriving in Canada. Available loan amounts go up to $15,000, which you can repay through flexible installments that can be managed comfortably, after clients obtain the Canadian licensing or training required to work in their field. The loan can cover professional exams, training, assessments, professional association fees, books and materials, living allowances, and other expenses related to obtaining the necessary credentials or training. Interest rates on loans are set at RBC prime + 1.5%, and Windmill also has a zero-interest Refugee Loan Program. Additionally, interest rates are around 6.7% – one of the lowest rates available, designed to ensure your financial plans aren’t compromised. It’s an opportunity to achieve your dreams one step at a time, with the necessary security to start without major headaches.
Who Can Apply For a Windmill Microlending Loan?
Windmill Microlending loans are designed for newcomers to Canada, refugees, and immigrants in general. Although over 95% of people gain access to funds, some criteria are necessary for eligibility. To obtain financing from Windmill Microlending, you must meet the following requirements:
- Be an immigrant who is a Permanent Resident, Protected Person, Convention Refugee, Provincial Nominee, or a Canadian Citizen.
- Have a post-secondary degree obtained internationally and/or at least one year of post-secondary work experience before moving to Canada.
- Not have an undischarged bankruptcy or a consumer proposal that has been active during the last six months.
What Documents Do I Need When Applying?
Before submitting an application, make sure you have the following documents ready to ensure compliance with Windmill Microlending’s vetting process. It’s important to gather all necessary documentation before applying, and to stay aware of available updates. Required documents include:
- Government-issued photo ID confirming your identity.
- Photograph of yourself holding your government-issued photo ID to further verify your identity.
- Documents verifying your address.
- Documents verifying your immigration status.
- Training/education documents verifying your credentials.
- Evidence of education acceptance, like an admission, registration, or enrollment letter.
- Banking information to process deposits.
- Resume (recommended).
What Are the Loan Terms?
If you meet the eligibility criteria, you can borrow up to $15,000 with a fixed interest rate of 6.7%, and there are no loan processing fees. It’s also worth noting that Windmill Microlending charges interest to cover bank fees, overhead charges, and to replenish the loan fund. This strategy ensures the nonprofit has the recurring cash flow to meet the demand for future loans. Windmill’s clients experience an average income increase of over three times their income by the time their loan is repaid (2–4 years later). Throughout the life of the loan, individuals are matched with a coach, and develop and follow a learning plan — this design element accommodates and considers individual challenges of immigration and settlement on a case-by-case basis.
Ready to take the next step?
Don’t let your future wait! Apply for your Windmill Microlending loan today and invest in yourself and your career without worries. Your dreams are just a few clicks away, and it’s time to put your plans into action. Click the button below and register. Start now and get yourself a better financial life with exclusive offers and more!