Frequently Asked Questions

What is the Atlantic Immigrant Career Loan Fund (AICLF)?

The purpose of the AICLF is to assist internationally trained immigrants by providing micro-loans to overcome financial barriers to:

Become licensed to practice
Enter the workforce, or work in their occupations or related/other fields

Who is eligible?

Permanent Resident or immigrant Canadian citizen
Resident of NS, NB, NFLD or PEI
Internationally trained immigrant
Have English/French skills required for program/profession
Registered client with a designated immigrant services agency in the province where they reside
No un-discharged bankruptcy
*Programs eligible for student loans are not eligible for AICLF

What can the funds be used for?

  • Professional registration fees
  • Licensing examination fees
  • Training/tuition fees
  • Living expenses during short term training or exams
  • Travel/accommodation to take exams
  • Books and study materials
  • Tools and equipment

What are the loan details?

  • Interest rate is RBC prime rate plus 1%
  • Maximum loan is $15,000
  • Participants only pay interest on funds withdrawn
  • During study period participants pay interest only
  • During six month grace period still pay interest only
  • Principal + interest payments begin in repayment period
  • As funds are withdrawn loan is capped and reduced

**If client leaves Atlantic Canada, the loan goes into repayment
**If client leaves the country, loan is payable in full

Study period 6-month grace period Repayment period
Client pays interest
only on funds released
Client pays interest
only on funds released
Client pays principal plus interest

While in study and grace period, client pays interest only: Yearly interest = Amount x interest rate

For example, if you borrow $1,000 at a rate of 5%
$1,000 x 5% = $50.00
Monthly interest = yearly interest ÷ 12
$50.00 ÷ 12 = $4.17

Monthly interest payments would be $4.17

***This is based on a prime rate of 4%.

To check the current RBC prime interest rate contact your local branch or visit their website.