A New Microloan Program For Immigrants Launched in Manitoba

HRSDC Minister Diane Finley at a press conference announcing the microloan pilot (HRSDCanada)

A new Manitoba pilot, launched on Friday, will offer low interest loans of up to $10,000 to recent immigrants who are enrolled in training and career development programs. Recipients will be given five years to repay the microloans, and can use the money for living expenses, educational fees, fees related to licensing, and tools, equipment and work clothes.

The Manitoba government is contributing $250,000, while Human Resources and Skills Development Canada (HRSDC), through its foreign credential recognition loans pilot, is providing $1.2 million for the initiative. The two year pilot, called Recognition Counts! Micro Loans for Skilled Immigrants, will be administered by Supporting Employment and Economic Development (SEED) Winnipeg, a non-profit agency with a mission to increase economic development in low-income communities.

The goal of the program is to help immigrants get the qualifications and licensing necessary to work in their vocation in Canada. One of the first program enrollees is Dr. Esam Beshay, a dentist from Egypt who will use the loan to complete the process for getting a license to practice dentistry in Canada.

The microloan program is similar to the Immigrant Access Fund, a program funded jointly by the provincial government of Saskatchewan and HRSDC’s foreign credential recognition loans pilot to provide microloans to recent immigrants for education and training programs.

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Canadian Government to Provide Microloans to Immigrants in Saskatchewan

In an effort to help newly arrived immigrants update their education credentials to Canadian standards, the Canadian government, in partnership with the provincial government of Saskatchewan, will be offering microloans to new immigrants who live in Saskatchewan for education and training programs, through the ‘Immigrant Access Fund’.

Saskatchewan will be the first province to launch a government lending initiative supported by the Canadian government’s foreign credential recognition loans pilot.

The goal of the federal program is to help immigrants overcome obstacles they face in getting the Canadian credentials that would allow them to qualify for jobs in their field of study. It is hoped the program will help immigrants better integrate into the Canadian economy.

A microloan is a small loan that does not require the recipient to have credit history or collateral.

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One of our licensed immigration consultants can speak with you in person, online or on the phone about your unique immigration situation and give you a breakdown of your options.bookappointment