Canada Microcredit Educators Group (CMEG) provides micro
loans of up to $15,000 to internationally trained health
professionals, people in various professions, technicians,
trades people and skilled workers who need help to pay for
the costs associated with obtaining the Canadian
accreditation or training they require to work in the
occupation for which they have trained or experienced before
immigrating to Canada.
CMEG has a close working relationship with the
PEI
Association for Newcomers to Canada. The
counsellors at the Newcomers Association identify and
counsel eligible clients.
Consolidated Credit Union administers the CMEG loan portfolio.
Microloans are available for up to $15,000. The rate of
interest is one percent (1%) over the prime rate. Note that
prime rate changes from time to time. The interest rate will
be fixed for the life of the loan. Repayment is over a two
year period after completing the required education or
training. Loaned funds may be used to cover the costs of
training and or living costs while training or obtaining
certifications appropriate to Canada. The funds may be used
in addition to student loans, if needed for costs that are
not allowed under student loans.
The government of Canada through
Human Resources Skills
Development Canada (HRSDC) partnered with CMEG in creating
the program in Prince Edward Island and provided the initial
financing.