For our first Live session of 2021, our Prep Doctors Marketing Lead, Uthman Quick, got a chance to sit down with our in-house financial expert Ahmed Youssef, CIBC Business Development Manager Simon Belz and Sidney Coles Manager for Key Partnerships at Windmill Microlending to focus on the financing options available in 2021.

The panel shares some advice on managing credit in Canada and delves deeper into loan options available in 2021.

View the full discussion below:

 

 

We have listed some of the resources that we discussed during the session, along with the contact details and website links. Please note that as our finance expert Ahmed Yossef said, the availability and approval of loans will vary for each candidate.

Financing Options – There are three main types of loans:

1) FCR Loans Programs

Foreign Credential Recognition or FDR loan programs are funded by the government. The interest rate on these loans varies but it is usually around prime + 1% to 2%. FCR loans provide a line of credit of up to $15,000 and are paid back like normal loans. In the list below, you will find some FCR Loans programs and consultants we have previously worked with. If you are not eligible for the programs listed below, we recommend visiting immigration information centres in your area and inquiring about local foreign loan credential programs.

Basic requirements to qualify:

NDEB registration approval
PR / Approved Refugee / Canadian Citizenship
Study Plan
List of FCR Loans Programs:

Our recommended programs:

Achēv
Contact: Ruwaida Al-Kubaisi (Career & Training Counsellor)
Foreign Credential Recognition Loans Program
50 Burnhamthorpe Rd W #300, Mississauga, ON L5B 3C2
Email: [email protected]
Phone: (647) 394- 5978

Access Community Capital Fund
401 Richmond St. W, Suite 375, Toronto, ON, M5V 3A8
Email: [email protected]
Phone: (416) 462-0496

Progressive Intercultural Community Services Society (PICS)
Surrey Head Office: #205 12725 80th Avenue, Surrey, BC, V3W 3A6
Phone: (604) 596-7722

Immigrant Services Society of British Columbia
2610 Victoria Dr. Vancouver, BC V5N 4L2
[email protected]
(604) 684-2561

Welland Heritage Council and Multicultural Center
26 East Main St. Welland, ON L3B 3W3
Toll-Free: 1-888-764-9041
[email protected]

The Learning Enrichment Foundation
116 Industry Street M6M 4L8, Toronto, Ontario, Canada
(416) 769-0830

 

2) Charitable organizations supporting internationally trained dentists (ITDs)

Featured in this section are charitable organizations like Windmill Microlending, a Canada-wide non-profit that offers affordable loans of up to $15,000 to help skilled immigrants and refugees pay for the costs of accreditation, qualifying exams, education, training, professional association fees, even cost of living and child care while you study. Windmill is supported by the Government of Canada and financial institutions across the country.

To be eligible for a Windmill microloan, you must:

Be an immigrant and a Permanent Resident, Protected Person, Convention Refugee, Provincial Nominee, Canadian Citizen or Temporary Foreign Worker with an open work permit*.

Be an internationally trained individual requiring licensing, re-training, or relocation to achieve your career goals.

Have landed in Canada.

About Windmill Microlending

For internationally trained dentists (ITDs) located in any part of Canada, Windmill can provide low-interest loans to help you pay for the costs associated with your licensure process.

They are partners with CIBC offering a variable rate loan specifically customized for ITDs on their journey to get accredited in Canada. Learn more: https://windmillmicrolending.org/cibc/

Contact:
[email protected]
1-855-423-2262 (Toll-free from anywhere in Canada)

Or visit: www.windmillmicrolending.org

Not have an undischarged bankruptcy.

 

3) Private Banks – CIBC’s ITD Banking Bundle

This loan provides a line of credit of up to $100,000 in intervals and bundles it with some attractive offers. As mentioned above CIBC is now in partnership with Windmill Microlending, meaning that if you haven’t cleared the AFK exam you would need to start with Windmill. After completing AFK you will be able to apply for this much larger loan that will help you complete the process.

Basic requirements to qualify:
NDEB registration approval
Permanent Residency / Canadian Citizenship
650 or above credit score
Study plan

Sign up for our financing newsletter to get a list of CIBC’s national advisors.