- What can I use the loan for?
- Short-term training (maximum of two years)
- Books & course materials
- Exam fees with a professional governing association
- English language course specific to employment
- Travel expenses to write an exam
- How much may I borrow?
You may borrow as little as $500 and as much as $5,000
- Can I use the loan only for living expense while I study?
You may use 25% of your total loan for living expenses.
- What is the interest rate?
The interest rate is fixed at 7% per annum
- How long do I have to pay back the loan?
You may have up to 4 years to repay the loan. Your payments will be interest only until you complete your training and interest & principal thereafter.
- How often will I need to make payments?
Payments will be automatically withdrawn from your bank account on a monthly basis, usually within 3 months of you receiving the loan.
- Do I have to go back to the same work I did before?
No, but you will need to show that the training will significantly increase the number hours you work and/or increase your wages/salary.
- Why does Community Micro Lending charge interest and a loan fee?
Community Micro Lending is a not for profit organization and needs to be able to cover some of the costs associated with providing loans.
- Am I eligible if I don’t have a post-secondary education?
Yes. You will need to demonstrate that the training will improve your employability or significantly increase the number hours you work and/or increase your wages/salary.
- Am I eligible if I’m already working in my field?
Yes. You will need to show that the training will significantly increase the number hours you work and/or increase your wages/salary.