Immigrant Employment Loan Program

The Maytree Foundation -
Alterna Savings Immigrant Employment Loan Program provides access to credit for newcomers to pay for short-term training (up to 1 year) in order to find employment in their occupation. The maximum loan considered is $5,000, and funds can also cover an assessment of credentials, examination and professional association fees.

Currently borrowers are studying subjects such as midwifery, nursing, medical laboratory studies, pharmacy, family counseling, travel and tourism, tool and die making, engineering technology, design engineering, home inspection, purchasing, quality assurance, trucking, and welding. The majority of borrowers who have completed their training have been able to find jobs in their fields.

Who is eligible?
Applicants must either be a landed immigrant or protected person (Convention refugee) who resides in the Greater Toronto Area. He/she should demonstrate the following characteristics:
possess the education, skills, and experience in their chosen occupation that can be transferred to the Canadian workforce through short term training;
possess relevant English language skills to gain employment in their selected field;
is unable to obtain credit from traditional financial institutions due to lack of credit history and possibly a current lack of employment; and, is highly motivated to succeed.

What type of training/assessment is covered by a loan?
Loans provided through the program will cover the costs of training and/or assessments that meet the following criteria:
are short term - up to one year;
provide training/accreditation for an industry which produces salaries that are high enough to allow for repayment of loans with interest within a specific time frame;
provide training/accreditation for a high demand and growth industry;
leverage existing skills and knowledge of the immigrant or Convention refugee;
training and/or assessments are provided by a credible community-based, private or institutional trainer which has a history of providing quality training; and, leads directly to employment.

The maximum loan that will be considered is $5,000.
For more information please visit the loan program webpage. http://www.maytree.com/MaytreeInitiatives/FinancialAssistanceForImmigrantsAndRefugees/ImmigrantEmploymentLoanProgram.htm