In the face of great financial stress and uncertainty for our clients, Windmill Microlending is here to support you. We are introducing three immediate measures to help. These are in addition to the interest rate reduction for variable rate loans which was communicated by email to you last week.
- If your income has been affected and you will have trouble making your loan payments, we are offering the opportunity to defer payments on your loan principal for up to three months and make interest-only payments during this time. This will significantly reduce the amount you will be required to pay. Please contact the Loan Management Team at loanmanagement@teamwindmill.org if you would like to take advantage of this option. Please note, if you are currently making interest-only payments, those payments will remain the same.
- If you have received approval for a loan from Windmill for a learning plan that has yet to begin, and your program is delayed or postponed, you can delay the disbursement of your loan. That means we can hold on to your approved funds until you are ready to begin your program again and you will not incur interest on those funds before you need them. Please contact your Client Success Coach if you are in this situation.
- Our Client Success Coaches are here to help you during this time. Our coaches regularly help clients make good decisions about their learning plans, refer clients to useful supports in the community, and offer information and education about managing finances. Our coaches are now staying current on the various financial relief options being made available across the country so that we can advise you. If you’d like to speak to one of our coaches to talk about your situation, please contact info@teamwindmill.org
At a time when all Canadians are worried about their health, their family and their finances, we know that newcomers who are underemployed and/or working in sectors facing layoffs are particularly vulnerable. As always, our primary goal is your success. We will continue to offer solutions to help you through this time. Don’t lose hope about your learning plans or your career goals – Canada needs your skills and experience now more than ever.
To our many clients working in the healthcare sector, we know these coming weeks will be very difficult as you work long hours to protect Canadians and keep our healthcare system running. We thank you, and we’re here for you.
