Windmill Microlending
Email: [email protected]
Website: http://windmillmicrolending.org/
Phone: 403-228-9981 or 855-423-2262
Office Headquarters Address:
Suite 709, 7015 Macleod Trail SW, Calgary, AB, T2H 2K6
Background
Year Founded: 2005
Mission & Mandate: To empower skilled immigrants to achieve economic prosperity by providing microloans and support.
Description: Windmill Microlending is a registered charity serving newcomers to Canada since 2005. We offer low-interest microloans of up to $15,000 to help skilled immigrants and refugees restart their careers in Canada. Funded by the public and private sector, Windmill is Canada’s largest and most successful microlending program for immigrants and refugees.
Fund Characteristics
Community Bond Social Impact Program
AUM: $14.6 million
Vintage year: 2017
Closing year: NA
Fund term: 1-, 3-, or 5-year terms
Asset class: Private debt
Investor eligibility: Institutional, Accredited
Minimum investment: $250,000
Geographic scope: Pan-Canadian, United States of America
Committed capital: $9.56 million
Average investment size: $269,000
Investee type: Individuals
Investment stage: Late
Impact Highlights
– Windmill approved 1028 new loans – a 25% increase from the previous year
– Windmill maintained a repayment rate of 97%+
– Staff located in BC and Quebec for the first time
– Launch of mentorship program facilitated 125 matches by end of FY
– Introduced Net Promoter Score survey to measure client satisfaction. On a scale of -100 to +100, Windmill’s clients rate us 94
– Further reduced Windmill’s direct cost per loan to roughly $1,000 – a 46% reduction over four years
Success Story
Ester
Kitchener, ON | 2017 – 2019
Financing: Funded two online courses in Canadian tax and law.
Ester arrived in Canada from Zimbabwe on Christmas Day in 2017. Even though she had ten years of work experience as an accountant in her country and a bachelor’s and master’s degree in accounting, she struggled to find work in line with her professional experience. Once Ester decided she needed her CPA designation, she learned she’d need to complete two courses following several in-depth assessments. That’s when Ester accessed Windmill Microlending. Ester received her CPA designation in early 2019 and is now working for an international firm as a Senior Accountant.
“I was looking for information on how I could get funds as an immigrant and use them to bridge the gap. It didn’t take long to get the loan after I applied. The loan helped me pay for the courses and a laptop since it was instrumental in helping me achieve my learning plan…. Seeing success stories of other people made me thing it was possible”
– Ester
