Windmill Microlending is one of 10 recipients of the inaugural TD Ready Challenge.
Each of the organizations is receiving $1 million to help them scale their innovative solutions aimed at preparing Canadians and Americans for the economy of the future.
Based in Calgary, Windmill Microlending will increase income stability for newcomers with a program providing low-interest loans of up to $10,000 to skilled immigrants to fund the costs of training and Canadian credentials, while offering support and guidance to unlock participants’ past education and experience.
In a news release, TD said the recipients of this year’s Ready Challenge will apply the grants to solutions that they have designed to help workers transform their existing skills and build new ones, help reduce barriers to STEM training for underrepresented groups, and help harness the power of artificial intelligence, all with the goal of helping to open doors for individuals who have the greatest risk of falling behind due to rapid technological advancement.
“The changing workplace presents new opportunities for a prosperous economy, but we must grow in ways that provide everyone with a chance to succeed,” said Bharat Masrani, group president and chief executive officer of TD Bank Group, in a statement. “Fortunately, there is no shortage of innovative ideas to support greater income stability – ideas that can open doors and help people feel more confident in their future.”
TD had over 200 submissions for the Ready Challenge and shortlisted 15 semifinalists who presented their solutions on Sept. 7 in Toronto. They were then judged in two rounds by a panel composed of TD executives and external subject matter experts, including Linda Nazareth, economist and trends expert, and Jennifer Tescher, president and CEO at the Centre for Financial Services Innovation (CFSI). Ten finalists were then chosen.
According to the Windmill Microlending website, the organization is a registered charity serving newcomers since 2005.
“We offer microloans to help skilled immigrants and refugees continue 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,” it says.
“Our vision is for every newcomer to reach their economic potential. We believe economic integration of new Canadians is key to Canada’s success and prosperity.”
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