The current period of economic uncertainty, including increased cost of living and rising interest rates, has created apprehension and anxiety for economically vulnerable newcomers.
Windmill Microlending wishes to ensure that all newcomers have the confidence to continue their journey toward securing roles that align with their skills and experience to build their economic independence in Canada. With this in mind, Windmill is pleased to announce that all new loans will be set at a fixed interest rate of 5.95% for the entire loan duration.
By capping the loan at this unprecedented below-prime rate, we ensure that our loans remain accessible and affordable for newcomers. Setting a fixed interest rate over the loan period assures payment stability, providing greater peace of mind when managing their finances.
Claudia Hepburn, CEO of Windmill Microlending, states:
“Our mission at Windmill is to help skilled immigrants and refugees thrive in roles that align with their skills and experience. We are hearing from newcomers that they are concerned about rising interest rates and how it could impact their ability to pay back a career loan. Our hope is that this temporary measure will enable immigrants and refugees to achieve their career goals and utilize their full potential in reducing Canada’s labour shortage.”
Learn more about the impact of our loans on our clients’ career plans here.