Immigrant Access Fund - Information Sheet

Program Information

The Immigrant Access Fund provides micro loans for the accreditation, training, and upgrading of internationally trained immigrants (including professions and the trades) to enhance their employability and economic self-reliance.

Purpose of Loan

The purpose of the loan is to facilitate entry into the field of the recipient’s prior training. The loan must be used to pay for one of the following uses:

• Qualification assessments.
• Examination fees with a professional governing association.
• Travel expenses to sit for an exam, if required.
• Living allowance to allow for study time, if required.
• Professional association fees.
• Short term training, including tuition fees with a recognized post secondary institution (including on-line courses) & cost of books and related course material.
• Other related expenses.

Eligibility

The loan applicant:

• Must be an internationally trained immigrant, in a profession or trade. Loan applicant must have a reasonable expectation of obtaining employment in their profession.
• Must be an immigrant who has permanent resident status, is a protected person (Convention refugee residency) or is a Canadian Citizen with an Alberta address.
• Must have the appropriate level of English to work in their field in Canada.
• Must be 18 years of age and over.
• Will not have an un-discharged bankruptcy.
• Has had difficulty accessing other appropriate loans or funding.
• Must have a bank account.

Terms and Conditions of Loan:

• Amount of the loan is not to exceed $5,000.00. This is a line of credit loan. Clients may request funds once every three months (approximately).
• The annual interest rate is currently 7.5%, which is fixed for the duration of the loan.
• The term of each loan is a maximum of 4 years, allowing a maximum of 2 years for the applicant’s career re-accreditation plan, and a maximum of another 2 years to repay the loan.
• Loan proceeds will normally be issued to the vendor of the product or service instead of the individual loan recipient
• Borrower will be invited to attend Money Management workshops held by Momentum

Loan Repayment

• "Interest only" payments commence the month following issue of loan proceeds. The amount of the interest payment is based on the outstanding amount borrowed.
• Principal and interest payments will commence after the accreditation plan is complete. These payments will start no later than 30 days after proposed employment commences or 90 days after completion of the applicant's career re-accreditation plan.
• Automatic loan payments will be withdrawn from your account automatically.
• Loans and payments will be registered with Equifax.
• Loans can be paid in full at any time in advance with no penalty. Payment in full includes principal, NSF charges and interest to the date of full repayment.

Application and Loan Process

How to Apply

To determine eligibility, please contact the Program Facilitator 403 204-2689

or e-mail for further information.