Unique loan program charges no Interest to newcomers
Many highly skilled newcomers to Canada cannot access career opportunities because their professional credentials are not recognized. Furthermore, even if loans are offered to purchase professional courses, some newcomers cannot engage with financial products that bear any interest due to religious or cultural reasons.
The Inspirit Foundation (Inspirit) has partnered with Windmill Microlending (Windmill) through a Community Bond investment of $250,000. The funds will support newcomers who are using Windmill’s new Cost+ ZERO loan. This non-interest-bearing loan is designed to increase financial inclusion among newcomers who may be unable to use traditional interest-bearing products due to religious or cultural convictions.
Claudia Hepburn, CEO of Windmill, expressed her gratitude, saying, "We appreciate Inspirit's ongoing partnership, they were one of our first investors, and we are grateful for their continued support. Our goal is to empower as many newcomers to turn their potential into prosperity as possible, and making our offering more inclusive will help achieve that goal.”
Windmill and Inspirit have worked together since 2018 when Inspirit became Windmill’s first community bond investor. “This is an exciting investment for Inspirit, one that deeply aligns with our mission,” said Jory Cohen, Director of Finance and Impact Investment at Inspirit. “Inspirit’s belief in Windmill’s vision and their track record of helping newcomers is considerable. We look forward to working together to help their clients grow their incomes, reach their career advancement goals and establish their lives in Canada.”
Inspirit Foundation advances racial, social and economic justice by investing its assets and funding media and arts for change. The Foundation has a vision of an inclusive and pluralist Canada.
Windmill’s community bonds are for investors interested in using their resources to affect social change while earning a return. To date, Windmill has raised over $30 million, directly contributing to the financial well-being of countless skilled immigrants and refugees, enabling them to rebuild their lives and careers in Canada. Windmill clients grow their incomes on average more than three times upon repayment of their loan. The organization is still looking for investors and donors in the Cost+ ZERO loan program.
Contacts here:
Jozef Agtarap
Communications and Outreach Manager
Inspirit Foundation
jagtarap@inspiritfoundation.org
Sarah Stuewe
Associate Director, Philanthropy & Investor Relations
Windmill Microlending
sarah@teamwindmill.org
