• 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  Payments will be automatically withdrawn from your bank account on a monthly basis, usually within 3 months of you receiving the loan.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.