Skip Links

Foreign Credential Recognition Loans Program to re-launch as permanent program

July 27, 2017

Kate Martin, Senior Policy Advisor, Community Impact, Canadian Credit Union Association

In Budget 2017, the federal government signalled an intent to make the Foreign Credential Recognition Loans Program permanent. This was a pilot program that ran from 2012 - 2015, which saw financial institutions – including credit unions - partner with immigrant serving agencies to provide access to loans for foreign trained professionals, so that they could have their credentials recognized in Canada. CCUA has recently learned that the permanent program will be launched this fall.

On August 1st from 2:00 .p.m. to 3:00 p.m. Eastern, join officials from Employment and Social Development Canada (ESDC) for a webinar briefing on the Foreign Credential Recognition Loans Program. Click here to register for the Foreign Credential Recognition Loans Program webinar.

Finding that despite many newcomers’ educational achievements, high skilled newcomers face higher unemployment rates, the Foreign Credential Recognition Loans Program was developed to address this barrier to entering the work force by helping foreign trained professionals access loans through financial institutions and immigrant service agencies. Risk is shared between the federal government and the financial institutions to support foreign trained professional to get their credentials recognized more quickly so they can find jobs that suit their skills and experience in Canada.

Re-launching as a permanent program in fall of 2017, credit unions are invited to learn more about the program from officials at Employment and Social Development Canada and how to get involved with a call for proposals, though partnership with immigrant serving agencies, to be part of the permanent Foreign Credential Recognition Loans Program.

Click here to register for the Foreign Credential Recognition Loans Program webinar.