If you’re new to Canada and need some extra cash, we have the perfect solution for you. Windmill Microlending is a Canadian non-profit organization that offers loans and career advice to immigrants and refugees. Its mission is to reduce poverty, inequality, and help address labour shortages. Funded by the public and private sector, Windmill Microlending is Canada’s largest and most successful microlending program for immigrants and refugees. It supports immigrants and refugees who come to Canada with education, skills, and experience but are unable to continue working in their respective professions in Canada. In this post, we’ll explain how a Windmill Microlending loan program works, including maximum loan amounts, interest rates, and much more, so you know everything you need to. Let’s get started!
What is Windmill Microlending?
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. Their loans are designed for newcomers with little or no credit history, and those considered high-risk by traditional financial institutions. After all, who wouldn’t want a helping hand when arriving in a new place in pursuit of a greater dream? Here, Windmill Microlending’s goal is to provide affordable career loans for skilled newcomers, enabling them to positively leverage their skills and achieve their desired professional growth.
Why should you apply for a Windmill loan?
We know starting over in Canada can be tough. You might be working a survival job, wondering when you’ll be an engineer, accountant, or teacher again. Getting re-accredited or re-licensed can be costly, but Windmill, a registered charity, is here to help. As a non-profit, they offer low-interest career loans with a fixed 6.7% rate – one of the lowest rates available. Unlike payday loans with sky-high rates, and even when big banks can’t offer this affordability, Windmill’s loans are specifically designed to support skilled immigrants like you. Additionally, Windmill provides career coaching, mentorship, and money management training to help you succeed. Their mission is to help you return to your profession and live the Canadian dream you came for. 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.
What are the benefits of a Windmill loan?
Windmill Microlending is designed to help you achieve a better life after moving to Canada. In addition to the loan amounts and low interest rates, there are various programs you can join once you become a client. Some of the benefits include:
- Zero loan processing fees
- Free career coaching and mentorship program
- One-on-one coaching to support you on your career path
- Career and educational resource support
- Financial planning and budgeting tools
- Exclusive access to our Community Success Hub
You can also use the loan amount for various purposes, from examination fees to childcare costs and living expenses. While you study, a Windmill loan can cover the diverse costs of accreditation, education, and training that are essential for you to advance your career in Canada.
Ready to apply?
If you’re new to Canada and unsure how to access credit to achieve your dreams, don’t worry: Windmill Microlending has a perfect solution to assist you on this journey, with all the necessary support to help you find your place. Below, we’ll explain in detail how you can apply for your Windmill loan, the eligibility criteria, how it should be repaid, and much more! Click the button below to be redirected and see the details of Windmill’s personal loans and submit your application now.