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    Payments will be automatically withdrawn from your bank account on a monthly basis, usually within 3 months of you receiving the loan.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