Making education accessible for new Canadians: InceptionU and Windmill announce partnership
It’s extremely hard for new immigrants to access funding for many things in Canada, including education.
Typically, the big banks won’t lend money to new immigrants because they have no Canadian credit history and may not yet have a stable job or income. In addition, they may not have assets or a co-signor. It can be difficult, financially and emotionally.
Windmill Lending is taking a different approach. The non-profit organization recognizes the professional value that skilled immigrants bring to Canada and is committed to helping them find professional success in Canada.
Windmill offers affordable career loans to skilled immigrants and refugees of up to $15,000. Repayable for up to 5 years, these fixed 6.7 % low-interest loans have no penalties should you want to pay it off early.
Immigrants who access Windmill’s career loans soon after arriving in Canada, have a 98% repayment rate and earn salaries three times more than those who don’t receive loans.
The money can be used for:
Foreign credential assessment
Professional development, accreditation or training expenses
Career change ( living expenses associated with retraining and upskilling)
Relocation
Since 2005, Windmill has granted over 10,000 loans totaling more than $100 million.
InceptionU and Windmill are pleased to announce a new partnership that will enable InceptionU learners to apply for a loan and use it towards their tuition for the Evolve Full Stack Developer program or associated expenses. The 6-month program is full-time, so learners are unable to work and earn an income while studying.
“We are always looking for ways to level the playing field when it comes to education,” says InceptionU CEO Margo Purcell. “Our statistics show that 57% of our learners are immigrants to Canada and we never want funding to be an issue. Our partnership with Windmill opens up a new avenue for those who may not qualify for provincial funding or may have additional expenses associated with their education, such as transit, laptops or even daycare.”
InceptionU also offers educational bursaries to help offset education costs (check out our most recent recipients here).
Windmill is a fast-growing charity with donations from several large donors including Scotiabank, RBC Foundation, the Hunter Family Foundation, the Rossy Foundation and more.
As Canada grapples with a labor shortage for many skilled positions, welcoming immigrants and helping to ensure their success in obtaining skilled work reflective of the experience they brought to Canada is increasingly important, says Purcell.
If you want to know if you are eligible or are ready to apply, please visit their website.
