🔍
Windmill Microlending Information Session – Presented by McMaster University Continuing Education - YouTube
Channel: McMaster University Continuing Education
[1]
- [Sarah] So, good morning everybody.
[3]
Thanks very much for joining us today.
[6]
We're here today to talk
about Windmill Microlending.
[11]
Our presenter today will be Sidney Coles.
[14]
We've been working together
with Windmill Microlending
[18]
since last Fall, I believe
[21]
to bring affordable funding
and loans to newcomers
[26]
and people who are looking to
take programs through McMaster
[30]
and just are looking for
some financial assistance.
[34]
So without further ado,
[35]
I'll hand it over to Sidney
[37]
and let her lead the presentation today.
[39]
And then we can field some
questions at the end as well.
[43]
- [Sidney] Okay, so if you can see my screen,
[45]
I'm going to move to the very first one,
[47]
which is just a basic
introduction to Windmill.
[50]
We are an organization
that provides microloans
[53]
of up to $15,000 to internationally
trained professionals.
[57]
But what I want to say is that really
[60]
it's not just professionals
to whom we lend
[62]
it's actually to learners
of all kinds who have
[67]
generally received an education
[68]
or have been educated overseas,
[70]
and are now residing in Canada
[72]
who are looking to upskill, retrain
[75]
either engage with the
Canadian labour market
[78]
for the first time or reengage
by way of recertification
[82]
or professional development courses.
[84]
And we're here to sort of help
by providing financial aid
[89]
to people who are seeking those pathways.
[93]
The, this is the really the
foundational story of Windmill.
[98]
Maria Eriksen was working
in a hospital in Calgary
[101]
and recognizing, she was
a psychologist actually.
[103]
And what she was seeing
repeatedly throughout her days
[106]
is that she was working with
alongside folks who were in
[112]
these sort of lower level
service positions at the hospital
[115]
that had qualifications to be
[116]
medically trained professionals.
[119]
And she was really saddened
by the fact that they were not
[122]
able to be practicing their professions
[125]
because they were unable
to afford certification
[129]
or recertification in order to qualify
[131]
to practice in Canada.
[133]
And this issue applies across
[135]
all kinds of sectors in Canada,
[137]
and it's not just the medical profession.
[138]
So, I want to emphasize that
we're not just here for folks,
[141]
obviously looking to
reenter that profession,
[143]
but across all sectors.
[145]
But really the problem was
that they were unable to pay
[148]
for certification courses
or programs and training
[152]
that would allow them to really
reengage and just sort of
[158]
with their chosen professions.
[160]
And so in order to
combat this, she sat down
[163]
with about six of her friends
around a kitchen table
[166]
and all of them trying to
figure out how they could
[170]
provide a fund to give people, to retrain,
[173]
recertify and reengage,
[175]
and these six women sat there
and found private funders
[180]
who then could provide loans
[182]
to these individuals in Calgary.
[184]
And that's really how Windmill began.
[187]
So that's kind of our foundational story.
[190]
And I think that those
values carry through
[193]
our organization today.
[195]
And so really our work is
dedicated to try to provide
[200]
that sort of, it's not to
provide that financial assistance
[204]
in making your way to your
career pathway of choice
[208]
and your learning pathway of choice.
[211]
Windmill is an organization and a program
[214]
that functions across Canada.
[215]
It is a charitable organization.
[217]
We have offices in Calgary,
in BC, in Toronto, in Ottawa,
[223]
and we are able to loan to
learners from across Canada.
[226]
So even though you may
be residing in Ontario,
[229]
and you're looking at McMaster or sorry,
[231]
even though you may be
residing in another province,
[233]
but you're looking at
programming at McMaster
[236]
that really suits you and that
you want to pursue, you are,
[239]
you're quite welcome
to come to us for help,
[242]
because we are able to loan
across provinces in Canada.
[245]
We have a lending license,
[247]
which is national and not just provincial.
[249]
And these days, while we're all sort of,
[251]
kind of learning from home,
[253]
it's a real advantage for both you
[255]
and for us here at Windmill.
[259]
So, this slide just kind
of puts into relief,
[262]
the differences between Windmill
and other sort of formal
[266]
lending institutes, like banks.
[268]
With Windmill, and you've got all of them
[271]
sort of posted there in a list,
[273]
but I can go through
them briefly with you.
[276]
You do not require a
credit history or score
[278]
to receive a loan from Windmill.
[281]
This one of the biggest barriers
to lending for immigrants
[285]
and recent newcomers to Canada is the fact
[288]
that they don't have a credit history.
[290]
So with Windmill, we're not
asking that you have that.
[292]
In fact, many people come to Windmill
[294]
and then sort of achieve a credit history
[296]
through lending with us
[297]
that they can then take back
to the bank and say, look,
[300]
I have this lending history
and this credit history score
[303]
and score now.
[304]
And then they can,
[305]
they're able to take that
score and go back to banks
[309]
and apply for other
services through the banks.
[313]
You do not need to be employed currently
[315]
to get a loan through Windmill.
[318]
And also you do not have to
have a co-signer or assets
[322]
against which you are taking out the loan.
[326]
Again, many of those things
are barriers to lots of people
[329]
who have either recently arrived,
[331]
or even who have been here
for a few years, that,
[335]
these are impediments that you may find
[337]
at a banking institution,
but not here at Windmill.
[342]
So, the eligibility
criteria for Windmill loans
[346]
is you must be residing in Canada.
[348]
Again, you can live anywhere in Canada,
[351]
but you must be a permanent resident.
[353]
Internationally trained
just means that you
[355]
will have received your
education outside of Canada.
[359]
You must be a permanent
residence, a Canadian citizen,
[363]
a provincial nominee,
[364]
or a protected person
or convention refugee.
[366]
So if for some people, though,
[369]
you may be in the process of
becoming a permanent resident
[372]
or a protected person,
[374]
or convention refugee
being in the process,
[376]
unfortunately, does not equal eligibility.
[380]
You actually have to already
have received that status.
[385]
Typically when you come to Windmill,
[387]
we look at your learning experience
[389]
and your employment history
[393]
and sort of work with you to
make sure that the pathway
[397]
that you're on is one that make,
[398]
will make the most sense for you.
[400]
And we're not obviously
trying to decide for you
[402]
what direction it is that
you're trying to take,
[404]
but we just want to make sure that,
[406]
at the end of the day,
[407]
when you were investing
heavily in your own education,
[410]
and then we are investing
alongside you as learners that
[414]
you have the best chances for success.
[418]
And so our intake coaches and
our client's success coaches
[421]
will look at all of
those things and help you
[424]
sort of figure out that pathway.
[427]
And often they'll provide you
with additional information
[430]
that's really helpful.
[431]
The other thing that
we do and I'll show you
[433]
as we go along in this slide,
[436]
some of the services
that we provide are also
[438]
financial literacy services.
[439]
So I'll talk about that in a
subsequent slide, but here,
[445]
I just want to talk about
how microloans can be used.
[447]
So of course,
[448]
if you're interested in taking
[449]
a Continuing Education
program at McMaster,
[451]
then what, obviously this is what
[454]
you would come to us to do.
[456]
But I just want you to
know that not only does
[459]
a Windmill Microloan help
you to pay your tuition
[463]
or your registration fees,
[464]
it can also help you
with many other things.
[467]
And these include licensing
or qualification exams.
[472]
If you have done some study at McMaster,
[475]
and then you want to go
on and get a certification
[478]
in your profession or
in your area of study,
[480]
Windmill can help you pay for that.
[484]
Sometimes you go through
an education program
[487]
and because you've succeeded
in an education program,
[491]
you realize that there
may be a job opportunity
[493]
at the end of that
programming in another place,
[496]
and Windmill can help you pay
for your moving costs as well.
[500]
So again, it's not just the
tuition that we're going,
[502]
that we're able to help with,
[503]
it's also related, as you can see,
[505]
course materials, work equipment.
[507]
Windmill, if you don't
feel like you have adequate
[510]
hardware or software, vis-a-vis,
[513]
a computer or the software that
you've got on your computer,
[517]
Windmill can also help you
purchase a new computer
[519]
or the software that you need to carry out
[521]
and take the courses that you
[523]
are looking at taking at McMaster.
[527]
And finally, I think one of
the most important things
[531]
that's really not mentioned
here on this screen is that
[535]
Windmill recognizes that this,
[538]
the COVID pandemic has been particularly
[541]
challenging to women and caregivers,
[543]
regardless of whether or
not you're women or men,
[545]
but caregivers in generally, in general
[548]
are really bearing a huge
burden during this time.
[551]
And so Windmill sort of opened its mandate
[554]
to also pay for childcare
during the course of studies,
[558]
so that people who were
in caregiving roles
[560]
were not being punished or
were not additionally burdened
[563]
by the fact that, wanting to study,
[565]
but not having the time to do it.
[567]
Windmill, then allowing
for a portion of your loan
[570]
to go to cover those costs,
[572]
because we recognize
just how difficult it is
[574]
to find that free time
to dedicate to your study
[578]
or your program.
[582]
So, there are two sort
of maximum loan programs
[586]
that Windmill offers, the first is.
[589]
So, what you'll see in that first line,
[591]
it says maximum repayment
term of four to five years,
[595]
the maximum amount that you can loan as a,
[598]
at through Windmill is actually $15,000.
[601]
And that first line
reflects the repayment term
[603]
on a $15,000 loan, but
you can also lend up,
[608]
so, you can also borrow up to $7,000
[611]
on a much shorter repayment
schedule of two years.
[615]
And so that is just,
[619]
we're giving you the
maximum numbers there.
[621]
The interest rate for a
loan at Windmill is 1.5
[624]
plus RBC's prime business rate,
[626]
which fluctuates and is variable.
[628]
So in other words, our rate is 3.95,
[632]
but it would fluctuate with
the RBC prime rate as well.
[637]
Different from a bank, we don't
charge administration fees.
[641]
And also if you are
able to pay off the loan
[645]
short of your repayment
schedule with Windmill,
[647]
there's no penalty at all.
[649]
And if you have loaned $7,000
and less or just above $7,000,
[656]
but also haven't sort of maxed
out on that $15,000 amount,
[660]
you can come back and revisit
the amount that you borrowed
[663]
in the case that another
obstacle presents itself,
[666]
or another opportunity presents itself
[667]
that you just didn't plan for.
[669]
So you can always come back
and for an additional amount,
[673]
if you need to.
[676]
Through the generosity of
actually private donors,
[680]
we're able to offer
refugees a loan free, sorry,
[685]
an interest free loan.
[686]
So this is something
that we're really happy
[688]
to be able to provide
to persons with status
[694]
as refugees here in Canada.
[696]
And I think they do extend the
repayment schedule somewhat,
[700]
but again, there is no
interest paid for refugees
[703]
on that loan through Windmill.
[706]
Overall, I think this screen is,
[711]
I guess it's the one that makes me smile
[712]
every time they come up
sign only 'cause it moves,
[714]
but because it's a dynamic one,
[716]
but because it speaks to
the impact Windmill has had
[720]
not only over the years, but
just on an individual level.
[724]
So for people coming to
Windmill and for a loan,
[727]
typically your average income
or your salary increase
[731]
is roughly 3.4 times what it was
[734]
prior to coming to Windmill,
[736]
is not just because obviously
you've received a loan
[740]
that your salary increases,
[741]
but clearly because you will
have received the training
[745]
or the education or the
program that you saw
[750]
to improve your employment
options and sort of get ahead
[754]
and have broader options available to you.
[757]
So that number really
reflects on the opportunities
[760]
that you are seeking as learners,
[762]
but because the loans have facilitated you
[765]
achieving those aims.
[767]
The 97% is actually increased this year
[770]
to 98% repayment rate,
[774]
which was surprising to us
given the fact that the pandemic
[777]
really was challenging to
many people financially.
[782]
We've provided, I think
the number just overshot
[784]
at this point, $37 million
in loans since the beginning,
[788]
and have also approved loans,
[790]
now it's over 5,300 people
for clients at Windmill.
[799]
The, I think one of the things
that I really love about
[801]
the organization is it
has worked very, very hard
[804]
from a research and development standpoint
[807]
to improve a number of its processes.
[810]
Number one is just sort of basically
[812]
the technology to decide
whether or not you're eligible.
[815]
So what you able to do is
just take a very brief survey,
[820]
which will let you know
instantaneously whether or not
[822]
you qualify for a Windmill loan.
[825]
The other thing that I, I'm
very really quite proud of
[829]
is again, the research and development
[830]
that has taken place at
Windmill that enhances
[833]
and really optimizes our
client success approach,
[838]
which is to say that
when someone comes to us,
[841]
we have a number of processes
and sort of technologies
[844]
that help us make sure that
someone who's coming to Windmill
[848]
is not going to be additionally
burdened by their loan.
[851]
In other words,
[851]
we have a lot of measures in place
[855]
in terms of loan risk management,
[857]
that will make sure that we
are not going to put a client
[864]
at further risk by
coming to us for a loan.
[867]
And it's really important
to us that we make sure
[869]
that that's not happening.
[871]
And so number one,
[871]
producing financial risk or
additional financial risk,
[875]
number two, going through with a client,
[878]
their learning plan and
their learning assessment,
[880]
just to make sure sort
of everything is aligned.
[885]
And the other thing too is
providing financial literacy.
[889]
So, we offer that through an
organization called Prosper.
[893]
And what that is is it enables people
[896]
who may not even have done this before
[898]
to create a budget for
themselves to understand
[902]
what working with credit in Canada means,
[906]
what lending means in Canada,
[907]
what different lending options mean,
[910]
and sort of providing this
financial literacy program.
[914]
Actually, lots of our
clients have said to us
[916]
that it was one of the greatest benefits
[918]
of becoming a Windmill client,
[920]
just because it forced
them to create a budget,
[922]
to look sort of rationally
at their numbers
[927]
and their projections about how
they could repay their loans
[933]
and learn a little bit about
the financial landscape
[935]
of Canada at the same time.
[938]
So, that's sort of an additional benefit
[941]
from becoming a Windmill client.
[942]
And again, I think also
the personal relationship
[945]
that you will have with
a client success coach,
[947]
as you move through sort of the repayment,
[952]
I guess it's a timeline, but
from intake to repayment, you,
[956]
none of our clients are numbers.
[958]
Really each of you is an
individual with challenges
[963]
and objectives and hopes and aims.
[968]
And so we're really taking
into account the whole person
[970]
that comes to Windmill.
[973]
And we work close with you from
the time that you come to us
[976]
from the time that
you've repaid your loan.
[978]
And so what I'm also very proud of
[980]
is the personal relationships
that clients success coaches
[984]
have with our clients.
[987]
And, yeah, so that was
a lot on that one slide,
[989]
but here's just information
about how to find us
[994]
on the website, how to apply.
[997]
And again, I think the
probably the best thing to do
[1000]
is just, I know that we're
trying to figure out ways
[1004]
and we are figuring out ways
to have this information up
[1007]
on the McMaster website.
[1009]
And so in addition to this presentation,
[1011]
you'll be able to find this information
[1013]
through Continuing
Education relatively soon,
[1016]
but here it is nonetheless,
[1019]
and again, sort of how to
get to our general website,
[1025]
the information is just there.
[1028]
And if you want to contact me personally,
[1030]
I know that this intake
information is here.
[1033]
So, if you're interested in
exploring alone with Windmill,
[1038]
certainly email the intake department
[1042]
or our Community Relations Specialist,
[1044]
whose name is Daniel Beaudin-Hall.
[1047]
- [Sarah] So I guess
that's it for today.
[1048]
Thanks everybody for joining us.
[1050]
And we hope to hear from you
soon and feel free to reach out
[1053]
with any other questions, and
enjoy the rest of your day.
[1057]
- [Sidney] Thank you very much everyone.
[1059]
It was a pleasure to speak with you.
[1061]
- [Sarah] Thanks Sidney.
[1062]
- [Sidney] Bye.
Most Recent Videos:
You can go back to the homepage right here: Homepage