NBMC Career Pathway Loans Frequently Asked Questions

1. Who can apply for this program?

Applicants should:

  • Be a permanent resident, provincial nominee, or Canadian citizen with foreign credentials.
  • Currently be unemployed or under-employed but not in intended occupations.
  • Have valid credentials/training from a country other than Canada.
  • Have sufficient skills in English or French.
  • Have been accepted into the program for which the loan will be used.
2. What is foreign credential recognition and why do I need it?

Foreign Credential recognition (FCR) is necessary for trained professionals to be able to work in Canada, in the field specific to the individuals’ previous education and job experience. It is the formal process of confirming that your knowledge and experience obtained in another country is equal to Canadian standards.

Many priority and non-priority occupations require FCR in order to be employed in that line of work. Regulatory bodies are set to help control the standards in each necessary occupation. FCR means the individual meets the standards established by regulatory bodies.

3. Is this program only for professionals or for people who have degrees?

No, any newcomer who will face expenses on their credentialing path may apply. This includes skilled workers, tradespeople, and professionals. Those who hold foreign credentials or have foreign training are eligible to apply.

4. Do I have to go back to the same work as I did before coming to Canada?

If your career action plan is affiliated with your pervious occupation, our loan may be able to help you with your process. For example, if you were previously employed as a dentist in your home country, and wish to become qualified as a dental hygienist in Canada, our loan could help you with this process.

5. Am I qualified for the loan if I plan to attend part-time studies to pursue my FCR, and continue working my current job at the same time?

Yes, as long as you require financial assistance during your FCR process, regardless of your employment status, you may be eligible to receive a loan.

6. Am I eligible for a loan if I am already working in my field?

Yes, if you are underemployed. More specifically, if you are employed in your field, but at a lower level then what you hold credentials for, you are eligible for a loan.

7. Does it matter where I live?

The loan is for individuals who are living in New Brunswick. If you move out of New Brunswick, your repayment period will begin immediately.

8. Can I meet with a loan facilitator in person?

Yes, if you reside in Fredericton, or are able to travel to Fredericton for an appointment, it would be wonderful to begin the process in person. If it is not possible, an alternate method of conducting the interview which is convenient for you will be used- primarily through telephone or skype.

9. Can I use the loan to pay off my credit card?

Usually not, but if you can demonstrate that you recently used your credit card to pay for licensing or training costs, you may be eligible for the loan.

10. I want to work in my field, but my first priority is providing for my family. How can a loan help?

If you are worried about loss of income during credentialing activities and exam preparation, the loan can help cover costs of short term living expenses.

11. How much can I borrow?

You are eligible to borrow up to $15,000. The loan will be tailored towards your individual career action plan, and you may not need a loan of this amount. The national average is $6,000.

12. What documents do I need to apply for the loan?
  • Application form, and credit check form.
  •  Personal identification, copy of passport, copy of permanent residency card, and a copy of driver’s license.
  • Qualifications, resume, copy of diploma/certification (certified/notarized if not in English or French), and language test scores if applicable.
  •  Career Action Plan, including information about the study program/examination, program description, letter of intent, tuition fees, reference letter (if applicable)
  •  Letter of acceptance into program for which the loan will be used.
13. Does the study program need to take place in New Brunswick?

If it is available in New Brunswick, then yes. Some programs are only offered outside of New Brunswick, in which case you would be eligible to use your loan towards those programs.

14. What happens if I do not receive the loan?

It has no effect on your FCR process, and you are welcome to reapply depending on the reasons of refusal. NBMC coordinators will be there to discuss other opportunities and possibilities to complete you FCR process.

15. When do I have to start repaying my loan and how long do I have to repay?

You will make interest only payments month, and repayment will start 90 days after completion of your Career Action Plan, or when you get work in your field, whichever comes first.
Loan repayment schedules are tailored to meet the needs of the client, and typically repayment lasts anywhere from 2-5 years.

16. Can I have more than one loan?

If your loan amount proves not to be sufficient for completing your FCR, you are eligible to apply for more funding.
You may have a loan from another bank. A credit check will be done to ensure your ability to repay the loan before a decision is made on your file.

17. What kind of support will I receive from NBMC & OMISTA Credit Union?

NBMC is there for you throughout the application process.

OMISTA Credit Union is the financial support for the client and will provide financial assistance should questions arise during the loan process, and will help arrange repayment plans.

18. Will this program guarantee me a job?

The loan is intended to provide you with the required financial assistance towards your Foreign Credential Recognition process. NBMC and partner associations offer supplementary programs that will aid in your job search, but the loan program does not guarantee a job or career afterwards.

19. Who can I contact if I have questions?

Feel free to contact New Brunswick Multicultural Council’s Microloan Coordinator with any questions:
Meg McCarthy
(506)453-1091 ext. 221