Many skilled immigrants and refugees arrive in Canada with hopes and aspirations of establishing successful careers. Recognizing the importance of supporting these individuals in achieving their professional goals, LaCroix Institute of Technology partners with various not for profit organizations to provide a Career Development Loan designed specifically for immigrant communities.
This financial assistance program provides essential aid to those seeking certification, re-training, or relocation to achieve their career aspirations. This article outlines the eligibility criteria and benefits of LaCroix Institute of Technology's Career Development Loan.
Eligibility Criteria
1. Immigration Status:
Applicants must hold one of the following immigration statuses to be eligible for the Career Development Loan:
- Permanent Resident
- Protected Person
- Convention Refugee
- Provincial Nominee
- Canadian Citizen
- Temporary Foreign Worker with an open work permit
Unfortunately, individuals holding other statuses such as international students, live-in caregivers, or refugee claimants are not eligible for this loan.
Quebec residents seeking funds solely for credential recognition are encouraged to explore other available options.In exceptional cases, LaCroix Institute of Technology can get into an agreement with an applicant who is not eligible for financing to discuss other creative ways to finance your career goals.
2. Internationally-Trained Individual:
Eligible applicants must be internationally-trained individuals who completed their post-secondary education outside of Canada and/or possess at least one year of post-secondary work experience before immigrating to Canada. To qualify, individuals must have a clear Career Success Plan, outlining the steps required to achieve their professional goals.
Expenses covered by the loan include credentials assessments, exam fees, programs of study lasting less than two years, and relocation for employment. It's essential to note that this loan does not support business start-up costs.
3. Canadian Residence:
Applicants must have successfully landed in Canada and be residing in the country at the time of loan application. LaCroix Institute of Technology operates nationally, providing services to individuals in all 10 provinces and 3 territories of Canada.
4. Bankruptcy Status:
Individuals with an undischarged bankruptcy are not eligible for the Career Development Loan. Applicants must have completed their bankruptcy proceedings before applying. Those in active consumer proposals or debt management programs may apply once they demonstrate a minimum of six months of consistent payments, unless their program restricts taking on additional debts.
Loan Benefits and Usage
LaCroix Institute of Technology, in collaboration with partners, extends affordable loans of up to $15,000, catering to the financial needs of aspiring professionals.The Career Development Loan offers numerous benefits, including:
1. Access to cash flow: The loan covers various expenses related to career development, such as qualifying certification exams, training courses, assessments, books and materials, living allowances, relocation costs, and professional association fees.
2. Free services beyond cash: Beyond monetary aid, LaCroix Institute of Technology's Career Development Loan includes client success coaching, a career mentorship program, financial planning and budgeting tools, and a wealth of career development resources. This comprehensive approach aims to empower and equip individuals with the necessary skills and opportunities to excel in their chosen career paths.
3. Tailored for immigrants: Designed specifically for immigrant communities, this loan addresses potential barriers these individuals may face in obtaining conventional financing from banks. With lower interest rates and flexible repayment schedules, the loan ensures convenience and ease for the borrowers.
LaCroix Institute of Technology is committed to the success of skilled immigrants and refugees, providing them with the necessary support to achieve their career aspirations. Our Career Development Loan offers financial aid and comprehensive resources to foster the growth and prosperity of these individuals in Canada.
If you meet the eligibility criteria and are interested in exploring this opportunity, we encourage you to contact us via email (contact@lacroix-institute.ca) or book an appointment to discuss further details. At LaCroix Institute of Technology, we believe in investing in your future and helping you reach new heights in your professional journey.
