Loan programs | Bank credit for newcomers | Investment

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Financial issues

Credit Constraints and the Labour Supply of Immigrant Families in Canada
http://econpapers.repec.org/article/cjeissued/v_3A32_3Ay_3A1999_3Ai_3A1_3Ap_3A152-170.htm
The hours of work decisions in immigrant and nonimmigrant families are compared using an intertemporal labor-supply model estimated over data from the 1981 and 1991 Census of Canada surveys. The family investment hypothesis is evaluated. The hypothesis states that the immigrant family is unable to borrow in the first years after migration and that the immigrant wife responds by working longer hours so as to support family consumption and her husband's labor market adjustment. The empirical evidence, in general, supports the hypothesis since credit constraints are found to significantly distort the labor-supply decisions of recently arrived immigrant families. Abstract, Canadian Journal of Economics, 1999/1

Foreign Direct Investment: Ins, Outs and Implications for Canada
http://www.conferenceboard.ca/canadaproject/research.htm
Building on the earlier Canada Project study on foreign direct investment (FDI), this report examines the strategic options for increasing both outward and inward FDI. Strong flows in both directions are critical to increasing Canada’s competitiveness, our economic potential and our ability to benefit from globalization. The report concludes with a number of recommendations for gaining a greater share of global FDI, focusing on strengthening those factors that increase efficiency. Conference Board of Canada Report, October 2004

Immigrant Employment Loan Program
http://www.maytree.com/MaytreeInitiatives/FinancialAssistanceForImmigrantsAnd
Refugees/ImmigrantEmploymentLoanProgram.htm#Purpose
To develop a new and permanent stream of financial capital for immigrants and refugees who do not possess a credit history or collateral, but require short term training and upgrading that leads to employment, or require an assessment of their previous skills, education and experience that could lead to certification. (1 year/ $5000}

Secured credit for immigrants
http://www.canadiancreditcenter.com/articles/CCC-credit-repair2a.htm
Credit Repair for new immigrants to Canada starts with a Canadian secured credit card. Are you a new immigrant to Canada? Or moving soon to our beautiful country? Whether your current credit rating is good or bad in your homeland, that is totally meaningless as your strive to become a new Canadian…

Immigrant Loan Program
http://www.mosaicbc.com/ILP_Flyer.pdf
VanCity Credit Union, together with MOSAIC, has developed the Immigrant Loan Program. We recognize that without access to funding for licensing and upgrading, many newcomers to Canada remain unemployed or underemployed. Getting a loan can help immigrants and refugees move toward employment in their field of experience. Who is eligible? A person who is either a Landed Immigrant or Convention Refugee and: Is legally able to work in Canada; Is unemployed or underemployed and wants to gain employment in field of experience; Has previous education and skills that are not being recognized in Canada; Has the relevant English language skills (general and technical) to gain employment in the selected field.

Immigrant Access Fund Program
http://www.mcca-ed.org/departments/set/programs/immigrantaccess.html
MCC Employment Development, in partnership with the Immigrant Access Fund Society provides micro loans for the accreditation, training, and upgrading of internationally trained immigrants in Calgary to help them enter into their field of prior training and to enhance their employability and economic self-reliance… With a small loan (up to $5,000), immigrants can fund an accreditation process that allows them to work where they are most needed. Funding can support short term upgrading to enter their chosen field in some capacity, where they can continue building on their qualifications.

Equal Access to Student Loans for Convention Refugees
http://www.caledoninst.org/Publications/PDF/1-894159-91-8.RAIP.pdf
In response to the need for assistance for refugee students, the Maytree Foundation has launched a small scholarship program to help 12 students who are awaiting permanent resi- dent status undertake postsecondary studies. These are individuals who have been recognized as Convention refugees by the Immigrant and Refugee Board and are now waiting to be granted permanent resident status.

Bank account - Canadian Newcomer Magazine
http://www.settlement.org/site/cnmag/fall04/manage_money.asp
As a newcomer to Canada, you have a right to a bank account. Before signing up for an account, shop around for the type of account you need and the types of services you require. Once you have made those decisions, make sure you have proper identification to open an account. Managing Your Money, Getting a bank account, Building your credit history

RBC Financial Group: Newcomers to Canada
http://www.rbc.com/canada/
Helpful information about living and doing business in Canada, overview of the banking and financial system: Your New Life in Canada;  Your Financial Choices; Banking and Financial Services in Canada; How We Can Help.

Women Entrepreneurs
http://www.liberal.parl.gc.ca/entrepreneur/documents/030617_feedback_078.doc
Registration for contracts and businesses is also costly to start and maintain. We do not have our families here to provide us the capital or support; neither can we access the available programs and services. At times we are totally unaware of their existence…  We were able to learn details of the loan available for small businesses…  The problem we identify with this service/program is that it does not allow pooling of loans into joint ventures. For example, our women will love to partner with each other and invest the total loan of ten women, which is about $100,000 into starting a nursing home. From that initial investment, they can expand in the future from the profit and goodwill made in operating the business. It is paramount to design programs to assist women entrepreneurs to meet the needs of certain groups that face unique barriers to starting a business. - Immigrant, Refugee and Visible Minority Women of Saskatchewan.

Recognition of Credit History for New Immigrants
http://www.misa.ns.ca/images/PDF's/Recognition%20of%20Credit%20History%20for%20New%20Immigrants.pdf
Credit history is an integral part of life in Canada and if immigrants are to succeed, settle, and establish business in this country, stakeholders must address the issue. Unlike the professional qualifications recognition issues, the problem of credit history involves fewer stakeholders. This might mean that the issue is easier to tackle. Best practices exist in the U.S. showing they are ahead of Canada. This emphasizes the need for more Canadian research to illustrate the reality of the problem of lack of recognition of credit history here, along with the socio-economic consequences for all.

Asian Influence Spurs Jump in Private Banking
See http://www.akcanada.com/ak_newsletter_october2005.html
In Vancouver, private banking is going to grow faster than anywhere else because of immigration flows from the Asia-Pacific, according to BMO Financial Group... Vancouver Sun, September 12, 2005

Banking on cultural diversity
http://www.triec.ca/media/MediaClippings/StarApril1705.htm
With 917,000 South Asians calling Canada home - and that number expected to  reach 1.8 million by 2017 - the ICICI Bank is taking the word "diversity"  in business to a new level. Instead of segregating its operation along ethnic lines, like most other  institutions do in running designated ethnic branches, ICICI seeks to bring  Canada's multicultural fabric under one roof... The bank - India's largest private bank... to date, has more than 11,000  retail customers in the GTA... The unique "Hello Canada" account is specially designed for those moving to Canada  from India, Dubai, Bahrain or the United Kingdom. The account allows a  customer to open a Canadian bank account from overseas and transfer funds  to their new homeland prior to their arrival. "Most newcomers are non-entities in Canada. They don't have any credit  history in Canada. We recognize their credit history from  other places because we know you from dealing with you there." The Toronto Star, 2005

Mortgage for Canadian Immigrants
http://www.thebestrates.ca/immigrants.html
Now qualified home buyers who have immigrated to Canada, from another country, or have been transferred to Canada by an employer can qualify for a mortgage with as little as 10% down payment. See Borrower Qualification... Calgary mortgage broker serves Alberta and all of Canada.

Maple Trade Makes the Grade
http://thechronicleherald.ca/Business/523991.html
The banks don’t have an infrastructure to allow them to cost-effectively service the small guys, so they are not interested in them…Maple Trade Finance is cashing in on this slowness and on banks’ reluctance to provide working capital to many small and mid-sized businesses in Canada…In the case of a fish processor who is selling to a foreign buyer, it would normally take them 50 to 55 days to be paid. Maple Trade advances the payment to the processor as soon as the product is received by the buyer, allowing the processor to do more business in one season. We look to have employees with multiple languages.

Open for Business? Canada’s Foreign Direct Investment Challenge
http://www.conferenceboard.ca/canadaproject/research.htm
Canada has lost its allure as a destination for foreign direct investment (FDI) as a result of trade liberalization, the rise of global supply chains and the decline in the relative importance of resource commodities in the global economy. This report offers insights into the global trends in FDI and explores possible actions that Canadian governments can take to make this country more attractive for global direct investment—by addressing concerns about the quality of local suppliers and employees, the state of Canada’s infrastructure and the regulatory and tax environment. Conference Board of Canada Report, June 2004

 

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