In an effort to help newly arrived immigrants update their education credentials to Canadian standards, the Canadian government, in partnership with the provincial government of Saskatchewan, will be offering microloans to new immigrants who live in Saskatchewan for education and training programs, through the ‘Immigrant Access Fund’.
Saskatchewan will be the first province to launch a government lending initiative supported by the Canadian government’s foreign credential recognition loans pilot.
The goal of the federal program is to help immigrants overcome obstacles they face in getting the Canadian credentials that would allow them to qualify for jobs in their field of study. It is hoped the program will help immigrants better integrate into the Canadian economy.
A microloan is a small loan that does not require the recipient to have credit history or collateral.