New Loan Program for Internationally Trained Workers
The Government of Canada has announced that WIL Employment Connections is one of the first organizations selected under the Foreign Credential Recognition Loans Pilot Program. The announcement was made by Dr. Kellie Leitch, Parliamentary Secretary to the Honourable Diane Finley, Minister of Human Resources and Skills Development in St. Thomas, Ontario on February 22, 2012.
The Government of Canada will invest $18 million over three years for projects across the country. “Our government's top priority is job creation and economic growth,” said Dr. Leitch. “Internationally trained professionals help fill skills shortages in key occupations and strengthen the economy. That’s why we are working in partnership with organizations like WIL Employment Connections to help them find meaningful work that contributes to Canada’s overall prosperity.”
For many internationally trained workers, the cost of licensing exams, training and skills upgrading can present a significant barrier to credential recognition. The Foreign Credential Recognition Loans Pilot will develop and test innovative projects that provide financial assistance to internationally trained professionals to lessen some of these financial burdens. Delivered in partnership with community organizations, the loans will make it easier for them to find jobs that best suit their skills and experience.
WIL Employment Connections will provide loans to eligible clients through the pilot program’s service delivery partner Libro Financial Group. Applicants must be pre-qualified through the Access Centre for Regulated Employment. The pilot will also provide internationally trained workers with financial planning advice, employment counseling and licensing information for their professions.
The Foreign Credential Recognition Loan pilots will enable internationally trained workers to put their knowledge and skills to work sooner. The pilot program being offered in southwestern Ontario will operate as a Loan Loss Reserve Model providing loans at an interest rate of Prime plus 1 percent with flexible repayment terms. For more information about the program, contact the Access Centre for Regulated Employment at (519) 858-2348 or email to email@example.com .