immigrant services

ICA / VanCity Micro-Loan Program

Are you looking for more money to help you get ahead in life?

The Inter-Cultural Association of Greater Victoria (ICA), in partnership with Vancity Savings Credit Union, is proud to present the Micro-Loan Program! This program provides low income newcomers to Canada with access to credit to start their own businesses or fulfill their educational or employment goals.

What is Micro-Loan?
Micro-loans are small loans for people who want to launch a new business or get back to work in a chosen field. They are designed for people who may not be eligible for traditional bank loans.

Why apply for a micro-loan?
Conventional loans can be hard to get if you are new to Canada. You may not be eligible for a line of credit or bank loan. A micro-loan can make the difference. It is not based on your credit rating, and it can help to build your credit history. All loans are prime +4%, and are less expensive than borrowing money on a credit card or through a line of credit.

What are micro-loans used for?
Micro-loans can be used to start your own business, upgrade your education, or buy tools and equipment.

To quality you should be:
* A Canadian citizen or permanent resident;
* be able to show that you can support monthly loan payments;
* be able to demonstrate how a micro-loan would assist you in establishing your career or business.

vancityFor more information, contact:
Ai Sakamoto, Acting Employment Services Manager
Tel: 250-388-4728 Ext: 175