Frequently Asked Questions
Providing micro-loans to newcomers allows them to overcome financial barriers to upgrade their skills and obtain their license or certification.
Frequently Asked Questions
The purpose of the AICLF is to assist internationally trained immigrants by providing micro-loans to to overcome financial barriers so that they can:
- Practice their occupation, regulated or unregulated
- Find opportunities in a related field
- Change career to adjust to labour market needs.
To be eligible for the Atlantic Immigrant Career Loan Fund (AICLF), you must:
- Be an immigrant with Canadian citizenship or permanent resident status
- Live in Atlantic Canada (NS, NB, PEI or NL)
- Have received training or certification outside of Canada
- Have the required English or French skills to complete an employment action plan
- Not have an undischarged bankruptcy
* If your program or training is eligible for a Government Student Loan program, it cannot be eligible for AICLF.
The AICLF may pay for:
- Registration fees
- Licensing and examination fees
- Training, tuition fees, related text books or online resources
- Living expenses (during exams or a specific training)
- Travel and accommodation expenses to complete exams and courses
- Work tools
Interest rate is RBC prime rate plus 1%
Maximum loan is $15,000
Participants only pay interest on the funds they withdraw
During a study period participants pay interest only
During the six month grace period participants still pay interest only
Principal + interest payments begin in repayment period
As funds are withdrawn, the loan is capped and reduced
**If client moves out of Atlantic Canada, the loan goes into repayment
**If client leaves the country, loan is payable in full
Study period: Client pays interest only on funds released
6-month grace period: Client pays interest only on funds released
Repayment period: Client pays principal plus interest
** Loan can be paid out sooner without penalty
While in study and grace period, client pays interest only: Yearly interest = Amount x interest rate
For example, if you borrow $1,000 at a rate of 5%
$1,000 x 5% = $50.00
Monthly interest = yearly interest ÷ 12
$50.00 ÷ 12 = $4.17
Monthly interest payments would be $4.17
***This is based on a prime rate of 4%.
To check the current RBC prime interest rate contact your local branch or visit their website.
If you have already watched our introduction video, took our eligibility questionnaire, and watched the AICLF webinar, it is now time to learn more about the application process and contact your local AICLF agency.
Newcomers might have challenges accessing a private bank loan, as they do not have a Canadian credit history yet. If you are not eligible for a Government student loan program and cannot access a private bank loan, you might be eligible for the AICLF.
If you are looking to train in a different field, you are still be eligible for the AICLF if you meet other eligibility criteria
If you want to pursue training to practice an unregulated occupation, you are still be eligible for the AICLF if you meet other eligibility criteria