Windmill Microlending provides micro-loans to internationally trained immigrants and refugees who are looking to obtain Canadian credentials. The main details of Windmill Microlending's offering, as you requested, are as follows:
Windmill Microlending Loan:
Loan Amounts: Windmill offer loans up to $15,000, though in special circumstances, receiving a loan of up to $25,000 may be possible.
Interest Rates: The interest rate is fixed at 5.95%. This is below the RBC prime rate. For comparison, a credit card's interest rate is, on average 20%-30%.
Payment Schedules: Windmill loans are interest only for the duration of your educational program. Once you've completed your educational program, you will have three additional months of interest-only payments while you find a job. The maximum interest-only period is 24 months. After your three-month grace period, you start paying the money you borrowed. This is usually over a 12-36 month time period.
- Flexible Use of Funds: The funds can be used for various purposes, including exam fees, training costs, association fees, books and course materials, travel, and living allowances during study.
- Support: Beyond just financial support, Windmill provided coaching, career resources and mentorship to assist with integration into the Canadian workforce.
- Credit History: Receiving and successfully repaying a microloan can help immigrants and refugees establish or improve their credit history in Canada.