Immigrants in the province of Quebec can now obtain up to $15,000 in low interest loans to help them get the Canadian credentials they need in order to work in their field of expertise. Getting accreditation to work in Canada is a persistent problem for professional and skilled immigrants who may have years of experience. And it can be a costly process.
Last year, the non-profit Le Moulin Microcrédits/Windmill Microlending gave low-interest loans to over 800 newcomers to Canada. The average rate of repayment was over 97 per cent and, on average, loan recipients more than tripled their income.
With loan support, immigrants have been able to re-enter careers in nursing, IT, engineering, education, law, trades, marketing, management, finance, transportation and others.
Under-employment of immigrants said to cost Canada dearly
According to government statistics from 2016, immigrants are twice as likely to have a master’s or doctorate degree that the average Canadian. The Conference Board of Canada is quoted as saying in 2016 that under-employment of immigrants costs Canada as much as $12.7 billion annually.
Le Moulin Microcrédits/Windmill Microlending purports to be Canada’s largest and most successful microlending charity for skilled immigrants and refugees. It is supported by donors, government, sponsors and granting agencies.