The Foreign Credential Recognition Loans Pilot complements the significant investments that the Government of Canada has made in recent years to help internationally-trained individuals succeed.
For many internationally trained individuals, the cost of licensing exams and skills upgrading can present a significant barrier to credential recognition. In addition, many recent immigrants do not have sufficient credit history to borrow from Canadian financial institutions.
In 2011, the Government of Canada announced the Foreign Credential Recognition (FCR) Loans Pilot project to test models of community-based partnerships that would help internationally trained individuals overcome financial barriers they encounter during the FCR process.
The FCR Loans Pilot project is a three-year research project that provides funding to nine community-based organizations including: non-governmental organizations, not-for-profit organizations, financial institutions and regulators.
The FCR Loans Pilot Project will make it easier for internationally trained individuals, including Canadians trained abroad, to complete the credential recognition process and find jobs that best suit their skills and experience.
This initiative helps to address the underemployment of internationally trained individuals while also filling labour shortages in key sectors and strengthening the economy.
FCR Loans Pilot project funding has been provided to nine community-based organizations in selected communities across Canada to increase their capacity to deliver financial assistance to eligible professionals seeking to have their credentials recognized.
Date Modified: 2014-05-05