We know from helping over 11,000 clients to date that Windmill loans can help immigrants convert their career potential to prosperity for themselves and their families. But what about prosperity for Canada?
We set out to answer this question in a new social impact study commissioned from PricewaterhouseCoopers (PwC) using nearly20 years of anonymized client data. Our purpose was to understand better how Windmill loans changed the career trajectory of our clients, reflected in terms of lower unemployment, higher earning potential, and how that affected their economic contribution to Canada in the form of taxes.
The results offer undeniable validation of Windmill’s social impact and highlight the size of the opportunity offered to Canada in capitalizing on the potential of those who come from around the world seeking to contribute to our economy and to communities from coast to coast.
Through PwC’s analysis, we discovered that after achieving their loan goals, Windmill clients on average…
- Increase annual earnings by over 40%
- Contribute 64% more taxes annually
- Pay $177,000 more in cumulative(career-long) taxes*
…than they would on their pre-loan career trajectory.
PwC calculated that for every 10,000 loan clients, an additional $1.8 billion in lifetime tax revenue is generated (assuming a constant impact per client).
Recently, the Toronto Star shared the results of this study in “A charity lends money to newcomers to study and get a better job in Canada. Here’s how it’s affected their lifetime earnings.” Written by immigration reporter Nicholas Keung, the article features interviews with two former clients whose professional careers were enabled by our loan program.
We’re always happy to see our clients thriving, and now we know the collective power they have when they succeed. Not only can a Windmill loan help individuals improve their financial circumstances, but together we can also make a significant impact on a national scale.
Windmill thanks PricewaterhouseCoopers, which conducted our Social Impact Study on a pro bono basis.
*All figures are discounted. Income is pretax, indexed to 2023.
