Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

$15,000 can change your life. That is why Windmill Microlending, a registered charity, is so successful in helping eligible refugees and immigrants to Canada change their professional lives for the better. 

It offers microloans to help pay for accreditation, training, career development, and education in Canada. The best part is that the interest rate is a manageable 6.7%.

With a million new Canadians welcomed and more coming this year, Windmill Microloans needs to become a household name.

The Case for Microloans to Eligible Immigrants and Refugees in Canada

Unlike most Canada-born residents, refugees and immigrants don’t have a credit history or credit score in Canada. They don’t have connections to communities and have not gone through the local education system.

But that doesn’t mean that skilled refugees and immigrants cannot get certified and help make life better in Canada for everyone. However, getting Canada-ready is expensive.

Face it: Canada Has A Shortage Of Doctors, Nurses, Skilled Workers And More

When you are a trained medical doctor from another country, you cannot immediately practice in Canada. You have to get accredited for medicine according to Canadian standards. That is where Windmill Microlending comes in.

Windmill invests in people with in-demand skills. Why? Because Canada needs their knowledge and know-how. Windmill just makes it easier to get these people onto the job market.

Who Is An Eligible Refugee Or Immigrant?

You have to already be in Canada to qualify. Of course, once you are here, Windmill Microlending serves all sorts of immigrant statuses.

You can be a naturalized citizen, a permanent resident, a provincial nominee, a temporary foreign worker, or a protected person or refugee.

Education requirements

Here is where it gets interesting. Eligibility depends on your skills and education. In fact, you need to show Windmill your resume or curriculum vitae (CV) as well as your diplomas and certificates.

Now, you don’t have to be a doctor to qualify. You have to prove that you have needed skills in the Canadian market. You can have:

  • Completed some form of training or schooling after graduating high school

And/or

  • Finish at least 1 year of work experience after high school and before coming to Canada
  • Proof that you require licensing, training, or relocation for your career in Canada. That means that you are registered for training and other programs that will help advance your career.

It is straightforward and simple. Unlike government programs, Windmill Microlending accepts people who demonstrate that they want to progress in their careers. 

That doesn’t mean that Windmill will finance a startup. Windmill is not a small-business loan. It is an investment in a person and their marketable skills.

What Windmill Microlending Pays For in Canada

Windmill loans can be used to pay for expenses that advance your career, such as:

  • Education and training for programs of 2 years or less
  • Licensing and qualifying exam fees
  • Books, course materials, and equipment
  • Living allowance while you are getting training, licensing or for relocation 
  • English and French language training costs
  • Professional association dues
  • Travel or relocation costs for training or employment
  • Getting certified from International Credential Assessment Service of Canada, World Education Services (WES) and other centres.

95% of Windmill Microlending Applicants Get Funding 

Unlike traditional bank loans, Windmill Microlending’s application and approval process is really generous. In fact, 95% of applicants get approved. 

Getting a Windmill microloan is refreshingly straightforward, transparent and supportive. It starts with a set of filter questions. 

Step 1: See if you are eligible when you take the Eligibility Quiz. It is short and online. If you don’t pass, don’t worry. You can speak with a Windmill representative to see how you can become eligible. 

Step 2: Create an account and make an application. You will need to provide your banking information, immigration status, proof of education/certification, photo ID, proof of Canadian address, and your (CV). You might also need to provide proof of a Career Success Plan or enrollment in an accredited program.

Step 3: Take a client success assessment

Step 4: Take the employability assessment

Step 5: Get a success coach and get mentored!

Step 6: Wait for the approval.

Windmill Microlending Services Also Teaches Clients Soft Skills and Financial Planning

Money is great. Although, you need to know how to manage it in a Canadian context. That is why Windmill Microlending also offers financial planning and budgeting tools to its clients. Just handing out money solves one problem. As we all know, managing finances is a learned skill.

Moreover, newcomers need guidance on Canadian norms, especially in regard to workplace and recruiting. That is why Windmill Microlending teaches its clients so-called soft skills. The programs include:  

  • Mentorship programs
  • Success coaching for clients.

The Payback Period

You have a maximum of 5 years or 60 months to pay back the loan. In fact, there is a clear schedule and a loan calculator on Windmill’s site that explains everything.

You start with a 3-month grace period and then pay only the loan interest for 24 months. Then you spend 36 months paying the rest of the loan.

Who Cannot Apply For A Windmill Loan?

Well, if you do not have an immigration status, you won’t qualify. Second, if you don’t have the required work and education experience, you won’t qualify the first time. That said, Windmill can help you get ready. 

Finally, any bankruptcy needs to be discharged. Also, if you have a consumer proposal, you need to demonstrate 6 months of consistent payments. Of course, if your debt management program has a clause that prohibits you from taking on more debt, then you cannot apply for a Windmill loan yet.

Windmill Microlending Is Different and That Is A Good Thing

Overall, Windmill Microlending is a charity, so it is a not-for-profit lender. It has public and private benefactors so it is not a bursary. You still have to pay it back, but the rate is low.

What really sticks out about Windmill is that they don’t want to keep clients in the debt cycle. The loans are small, the interest rate is low, and they invest in people who have a defined career path. Windmill sees the earning potential of skilled workers and professionals who choose Canada over all the other countries in the world. 

Stefani Balinsky avatar on Loans Canada
Stefani Balinsky

Stefani Balinsky is the Head of Content Strategy at Loans Canada. Her work and her commentary have appeared in major media including the Toronto Star, Financial Post, and Bell Media. She is a creative and analytical thinker with a way with words. Direct, empathetic and funny, she makes convincing and coherent sense out of complex ideas. She has many years of leadership experience in marketing, writing, mentoring, and fintech.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card