As you consider your next steps toward career advancement in Alberta, microloans offer a practical solution to funding your education. Whether you’re looking to gain new skills, achieve professional certification, or transition into a new career, a microloan can provide the financial support you need to achieve your goals.
What Are Microloans?
Microloans are small loans designed to help individuals fund their education or career training. In Alberta, these loans cater especially to those who might not qualify for traditional loans due to a lack of credit history or not meeting conventional income requirements. Therefore, they can be especially helpful for newcomers.
Microloans can be used for:
- Tuition fees
- Books
- Licensing fees
- Examination fees
- Equipment
- Living expense
Eligibility for Microloans
To be eligible for a microloan in Alberta, applicants typically need to be involved in an educational or training program that enhances their career prospects. Organizations like Windmill Microlending specify eligibility for immigrants, refugees, and Canadian citizens lacking financial resources for accreditation or training in Canada.
The Servus-Bredin Microloans for Newcomer Professionals program offers unique microloans to permanent residents or Canadian citizens who are internationally educated professionals living in Alberta. This program is offered by Servus Credit Union in collaboration with the Government of Alberta and the Bredin Centre for Career Advancement.
How Microloans Work
Microloans up to $15,000 are available to cover various costs associated with education and career advancement. These costs include tuition fees, books, equipment, licensing fees, and sometimes living expenses during the study period. The interest rate is generally low, around 1.5% above the prime rate, making repayment more manageable for borrowers.
Repayment Terms
The repayment of microloans typically starts after the completion of one’s education or training program. The terms are flexible and designed to accommodate the borrower’s financial situation. For instance, Windmill Microlending offers tailored repayment schedules that consider the borrower’s income and employment status.
Applying for a Microloan
Applying for a microloan in Alberta involves submitting an application to a microloan provider, such as those mentioned above. The process includes detailing your educational and career goals, financial need, and how the loan will be used. No collateral or prior credit history in Canada is required, making it an accessible option for many new residents.
Why Consider a Microloan?
If you’ve explored other avenues or find that you aren’t eligible for aid through programs like Student Aid Alberta, a microloan is a potential alternative.
Microloans may support your educational aspirations and contribute to your long-term career success. With the financial barrier removed, you can focus on acquiring the skills and knowledge necessary for your chosen field.
Taking the Next Step with ABES
For those exploring career-focused education programs, ABES College offers a range of healthcare programs designed to equip students with the skills employers are looking for. With the help of a microloan, you can unlock new opportunities and pave the way for a successful career.
Explore your options to take the first step toward a new future. Contact our admissions team today to get started!