How to Finance Canadian Dental Equivalency in 2021

For our first Live session of 2021, our Prep Doctors Marketing Lead, Uthman Quick, got a chance to sit down with our in-house financial expert Ahmed Youssef, CIBC Business Development Manager Simon Belz and Sidney Coles Manager for Key Partnerships at Windmill Microlending to focus on the financing options available in 2021.

The panel shares some advice on managing credit in Canada and delves deeper into loan options available in 2021.

View the full discussion below:

 

 

We have listed some of the resources that we discussed during the session along with the contact details and website links. Please note that as our finance expert Ahmed Yossef said, the availability and approval of loans will vary for each candidate.

Financing Options – There are 3 main types of loans

1) FCR Loans Programs

Foreign Credential Recognition or FDR loan programs are funded by the government. The interest rate on these loans varies but it is usually around prime + 1% to 2%. FCR loans provide a line of credit of up to $15,000 and are paid back like normal loans. In the list below, you will find some FCR Loans programs and consultants we have worked with within the past. If you are not eligible for the programs listed below, we recommend visiting immigration information centres in your area and inquiring about local foreign loan credential programs.

Basic requirements to qualify:

NDEB registration approval
PR / Approved Refugee / Canadian Citizenship
Study Plan
List of FCR Loans Programs:

Our recommended programs:

Achēv
Contact: Ruwaida Al-Kubaisi (Career & Training Counsellor)
Foreign Credential Recognition Loans Program
50 Burnhamthorpe Rd W #300, Mississauga, ON L5B 3C2
Email: ral-kubaisi@tcet.com
Phone: (647) 394- 5978

Access Community Capital Fund
401 Richmond St. W, Suite 375, Toronto, ON, M5V 3A8
Email: info@accessccf.com
Phone: (416) 462-0496

Progressive Intercultural Community Services Society (PICS)
Surrey Head Office: #205 12725 80th Avenue, Surrey, BC, V3W 3A6
Phone: (604) 596-7722

Immigrant Services Society of British Columbia
2610 Victoria Dr. Vancouver, BC V5N 4L2
info@issbc.org
(604) 684-2561

Welland Heritage Council and Multicultural Center
26 East Main St. Welland, ON L3B 3W3
Toll-Free: 1-888-764-9041
info@wellandheritagecouncil.com

The Learning Enrichment Foundation
116 Industry Street M6M 4L8, Toronto, Ontario, Canada
(416) 769-0830

 

2) Govt Approved Private Lending Organizations

These loan programs are administered by private organizations and are partially funded by the government. The loans are up to $15,000 and the interest rate is usually prime + 1% to +2%. These loans are recommended for candidates who want to build credit and eligibility for future loans. Windmill Microlending (listed below) is also now partnering with CIBC and is the gateway into a loan once you complete the AFK exam.

Basic requirements to qualify:
NDEB registrations approval
PR / Approved Refugee / Canadian Citizenship
Study plan

Our recommended program:

Windmill Microlending
Contact: Sidney Coles, Manager, Key Partnerships
info@teamwindmill.org
(416) 360-4445 ext. 403

 

3) Private Banks – CIBC’s ITD Banking Bundle

This loan provides a line of credit of up to $100,000 in intervals and bundles it with some attractive offers. As mentioned above CIBC is now in partnership with Windmill Microlending, meaning that if you haven’t cleared the AFK exam you would need to start with Windmill. After completing AFK you will be able to apply for this much larger loan that will help you complete the process.

Basic requirements to qualify:
NDEB registration approval
Permanent Residency / Canadian Citizenship
650 or above credit score
Study plan

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