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Canada Microcredit Educators Group
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About CMEG » Our Story

Canada Microcredit Educators Group (CMEG) provides micro loans of up to $15,000 to internationally trained health professionals, people in various professions, technicians, trades people and skilled workers who need help to pay for the costs associated with obtaining the Canadian accreditation or training they require to work in the occupation for which they have trained or experienced before immigrating to Canada.

CMEG has a close working relationship with the PEI Association for Newcomers to Canada.  The counsellors at the Newcomers Association identify and counsel eligible clients.

Consolidated Credit Union administers the CMEG loan portfolio. Microloans are available for up to $15,000. The rate of interest is one percent (1%) over the prime rate. Note that prime rate changes from time to time. The interest rate will be fixed for the life of the loan. Repayment is over a two year period after completing the required education or training. Loaned funds may be used to cover the costs of training and or living costs while training or obtaining certifications appropriate to Canada. The funds may be used in addition to student loans, if needed for costs that are not allowed under student loans.

The government of Canada through Human Resources Skills Development Canada (HRSDC) partnered with CMEG in creating the program in Prince Edward Island and provided the initial financing.  
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