Canadian government to offer loans to immigrant professionals

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Canada's government has announced a new pilot program to support new immigrants working in its provinces. The three-year pilot project, known as the Foreign Credential Recognition Loans Pilot, will make it easier for internationally trained professionals to have their credentials recognized and find jobs in their fields.

For many immigrant professionals, the time and cost it takes to gain the correct credentials in Canada is a significant burden. The Foreign Credential Recognition Loans Pilot plans to develop and test innovative projects that provide financial assistance to internationally trained professionals to lessen some of these financial burdens.

"Today's announcement is part of the Government's commitment to making it easier for immigrants to join the Canadian labour market," said Immigration Minister Jason Kenney. "We want newcomers to be able to use their skills as soon as possible in Canada and work to their full potential. It's good for them and good for the Canadian economy."
The Saskatchewan Immigrant Access Fund (IAF) project is one of the first organizations selected under the Government of Canada's foreign credential recognition loans pilot. The IAF will provide microloans for immigrant professionals to help finance the cost of having their credentials recognized in Canada. Microloans are small monetary loans where applicants do not need to be employed, do not need to have a credit history in Canada or have collateral. This should ease the financial burden on professionals applying to receive credential recognition.

The provincial government is providing $450,000 to the IAF for the project. IAF has also received more than $1.7 million from the federal government. In total, the Canadian government is expected to invest $18 million over three years for similar projects across the country.

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