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Microloans: an Investment for your Career

Posted by: Gavin Au-Yeung Date: April 23, 2020 Category: Blog

Internationally Trained Individuals (ITIs) who want to continue their careers in Canada face many barriers. One challenge for many newcomers is that some employers do not recognize foreign degrees. As a result, many ITIs need to reassess their qualifications in Canada. Certification, accreditation, or even further education are quite expensive. But this is an investment many ITIs will gladly make in order to return to their trained profession. In today’s blog, we will examine how a microloan can help you return to your career.

What is a microloan?

Microloans are small loans given out at low interest rates. Individuals who qualify for microloans use this money to help them meet their professional goals. A microloan could be extremely beneficial for the newcomer who is facing difficulties breaking into the Canadian workforce. The added value of the loan may be all it takes for an ITI to complete additional training or accreditation courses.

Simply put, a microloan is an investment in yourself.

Microloans are generally friendly enough so that ITIs are able to pay them off quickly, after completing their training and returning to their original career. Of course, you should discuss exact details of the repayment plan carefully with your financial institution.

How can you get one?

Newcomers in Canada may have difficulties in securing a traditional bank loan. One reason may be due to their lack of a Canadian credit history. Fortunately, there are ways for newcomers to receive microloans from several organizations across Canada.

Career Loans is an example of a foreign credential recognition (FCR) program which helps ITIs in the provinces of Alberta and Saskatchewan. Funded by the Government of Canada, Career Loans helps with microloan applications with the partnered financial institution, HSBC. Through this process, ITIs can receive up to $15,000 to help pay for costs associated with returning to their desired career.

While Career Loans only caters to international newcomers in Alberta and Saskatchewan, ITIs in other provinces have other options. If you are a newcomer in another part of Canada, we recommend you to research other FCR programs in your own province. For example, newcomers in Ontario are able to access similar services through The Centre for Training and Education. On the west coast, newcomers to British Columbia could find S.U.C.C.E.S.S. FCR a useful resource.

Want more help for ITIs?

Not only does Career Loans provide support with loan applications. Career Loans sets itself apart from other micro lending organizations with expert counsellors who provide free online career counselling and support. Beyond securing finance for training, ITIs may face other challenges when returning to the workforce. These may include: cultural differences, a lack of a professional network, or even the need for newcomers to work in “survival jobs” in order to pay monthly expenses. Career Loans counsellors will speak with you one-on-one and discuss your specific situation. Counselling sessions are separate from loan applications and there is no obligation for you to apply for a microloan afterwards.

Looking for career support to help develop your career in Alberta and Saskatchewan? Career Loans is waiting for you!

Register now and learn how our counsellors can support your career today.

 

PrepCan-Online Newcomer Information Centre is coordinated and funded by:

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Career Loans provides career counselling and micro loans to Internationally Trained Individuals in regulated and non-regulated occupations and trades, who are looking to return to their chosen profession.



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PrepCan-Online Newcomer Information Centre is coordinated and funded by:

Centre for Education & Training Mississauga logo Immigration, Refugees and Citizenship Canada logo

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All Career Loans virtual services will continue during this time; our hours of operation remain the same at 8:30AM – 4:30PM (MT) from Monday to Friday. Please contact us if you require assistance outside of these hours.