Alterna Savings’ Community Microfinance – Success Accelerator Professional Development Loan

Overview of the Alterna Savings’ Community Microfinance – Success Accelerator Professional Development Loan program:

The Success Accelerator Professional Development Loan provides loans of $1,000–$15,000 to support individuals (especially new Canadians or career changers) entering self-employment or a new field. Funds can be used for tuition, licensing exams, certification courses, or purchase of tools and equipment. The program combines financial access with coaching and financial readiness support and aims to reduce financial barriers to professional advancement. Loans are available in Ontario only, with simplified eligibility and affordable terms.

Benefits of the Alterna Savings’ Community Microfinance – Success Accelerator Professional Development Loan program:

• The Success Accelerator Loan removes financial obstacles for individuals seeking employment by financing short-term professional development such as training, exams, licensing, or specialized toolsfunding not typically available through traditional credit. Borrowers receive financial coaching, credit-building support, and flexible repayment over multiple years. The loan supports self-sufficiency and career readiness and is tailored for underserved individuals facing barriers to entering the workforce.

Eligibility criteria of the Alterna Savings’ Community Microfinance – Success Accelerator Professional Development Loan program:

• Must be a legal resident of Canada, age 18 or older
• Live and operate within Alternas Ontario service area
• Enrolled or planning to enroll in an accredited short-term program ( 2 years)e.g. exams, licensing, certification, or tools needed for entry into chosen field
• Unable to access traditional credit due to limited credit or income history
• Must provide: ID, bank statements, proof of program acceptance or costs
• Undergo interview with Alternas Microfinance team