Foreign Credential Recognition (FCR) Loan Program is for Internationally Trained Professionals who want to get back into their professional field or alternative related career field. The FCR loan program offers multiple loan amount up to $15,000 depending on the process, to cover the cost of credentialing along with a flexible repayment schedule.
What is Foreign Credential Recognition Loan Program?
Foreign Credential Recognition is a process to verify that the education and work experience, obtained in another country, is equivalent to the standards established by Canadian work force. The time it takes to get the foreign credentials recognized may vary from profession to profession.
How the Foreign Credential Recognition (FCR) Loan Program works?
Foreign Credential Recognition Loan Program not only offers financial assistance but helps internationally Trained Professionals with the following:
- One-on-one Career Professional Guidance
- Review credentials and work experience
- Prepare a detailed career action plan with the current Labour Market Information
- Regulatory Process pathway options
- Resume Review and resume building
- Professional BC Plan Advising
- Professional Technology Advising
- Volunteer /Mentorship opportunities
- Job placement in your professional field
- Provide multiple Financial support as a Loan up to $15,000 for:
- Credential Evaluation
- Short-term training courses
- Examination fees
- Membership fees
- Financial Literacy online courses for budgeting
Who is eligible?
Internationally Trained Professionals who meet the following requirements:
- Canadian citizen, Permanent Residence or Refugee with legal document representing working status in BC.
- Proof of education credential and work experience outside Canada.
- Seeking to get credentials recognized in Canada and/or undertaking training for an Alternative Career
Features and Benefits:
- Loan can be used for credential evaluation, training costs, examination, membership fees, course material and travel costs
- Loan amount from $1,000 to $15,000
- Loan can be taken multiple times upto $15,000
- Repayment period from one year to four years
- Flexible monthly payments
- Competitive low-interest rate
- Different from Banks, Credit Unions, and Student Loans: FCR loan program is different from Bank and student loans as our main focus in processing the application is based on character assessment.
- Eligibility to apply: If you are a new Internationally Trained Professional just arrived in Canada with no credit history, or you have been living in Canada for a period of time, the FCR loan program can help you if you need financial support to get back to your own profession or alternative related career field.
- Flexible payments without any penalty: You are able to make additional or early repayments without any pre-payment penalty.
- Postpone payments: If needed, you may be able to postpone up to 2 monthly payments over a 12-month period.