Three-Year agreement is one of the largest standalone gifts supporting newcomers in Canada's history*
TORONTO, June 10, 2021 /CNW/ - Scotiabank today announced its landmark commitment to Windmill Microlending with a donation of $2.5 million. The donation – one of the largest of its kind in Canadian history – will be directed toward programs that provide professionally skilled women immigrants with career mentoring and financial support.
Scotiabank's gift is part of its commitment to supporting newcomers to Canada by helping them feel at home through meaningful employment, which enables them to add to the prosperity and social fabric of their communities.
"The majority of immigrants arrive in Canada with the expectation of a better life and future, and Windmill Microlending's primary goal is to help them realize that," says Dan Rees, Group Head, Canadian Banking at Scotiabank. "Scotiabank is committed to serving our diverse communities across Canada, and we are honoured to be named a Transformational Partner with an organization that truly values how essential immigrants are to Canada's future prosperity. We believe our commitment to Windmill, as a key investment of our ScotiaRISE initiative, will make a difference in strengthening the economic resilience of newcomers and contribute to the long-term growth of this country."
Between January and March of 2020, 82% of Canada's population growth came from immigration¹ However labour market growth did not mirror this statistic, as skilled immigrants are often ineligible to work in Canada due to a lack of Canadian credentials. Gaining access to capital in order to obtain these credentials is almost impossible without Canadian credit history or collateral, and the situation is even more challenging for immigrant women, who face greater employment barriers and earn less money than both male immigrants and Canadian-born women.
"This is a landmark donation to the immigrant-serving sector in Canada, which will enable thousands of skilled immigrant women to achieve professional success and help thousands of families to escape poverty," said Claudia Hepburn, CEO of Windmill Microlending. "It's difficult to express adequately our gratitude and excitement as we think about the impact that Scotiabank's transformational gift will have on skilled immigrant women and Canada."
Scotiabank's commitment to Windmill Microlending is a signature piece of ScotiaRISE, the Bank's 10-year, $500 million initiative to promote economic resilience among disadvantaged groups. Through ScotiaRISE, Scotiabank is supporting programs and partnering with organizations across its footprint that provide the tools people need to improve their education and employment prospects, adapt to changing circumstances, and increase the likelihood of financial success.
In addition, Scotiabank recently announced its support of the Federal Government's initiative to support economic recovery through increased immigration targets, which will grant over 90,000 temporary residents considered essential workers permanent residency, advancing their economic participation and integration into the Canadian economy.
For more information please visit https://windmillmicrolending.org.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.1 trillion (as at April 30, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
About Windmill Microlending
As Canada's largest microlending not-for-profit for skilled immigrants and refugees, Windmill addresses underemployment of internationally trained professionals across Canada. By offering affordable loans up to $15,000 to pay for the credentials, licensing, training or professional development our clients are able to achieve career success and convert potential into prosperity for themselves and for Canada. Founded in 2005, Windmill Microlending is a registered charity supported by donors, government, sponsors and granting agencies. Visit http://www.windmillmicrolending.org for more information.
*When compared to immigrant serving organizations and charities with immigrant-oriented programming, as per Canada Revenue Agency and publicly reported information sources.