The Government of Canada announced yesterday that the Canada Apprentice Loan initiative is now accepting applications. The initiative was developed to help apprentices registered in Red Seal trades access over $100 million in interest-free loans each year helping them complete their training and encourage more Canadians to pursue a career in the skilled trade and take advantage of the many job opportunities across Canada.
The Canada Apprentice Loan program was developed in conjunction with Polytechnics Canada and will allow apprentices registered in a Red Seal trade apprenticeship to apply for loans of up to $4,000 per period of technical training. Interest charges and repayment of the Canada Apprentice Loan will not begin until after recipients complete or terminate their apprenticeship training program. The funding will help alleviate the financial burden faced by apprentices when they have to leave a job in order to gain the next level of training and certification in their chosen trade.
It’s estimated that 26,000 apprentices a year will benefit from over $100 million in Canada Apprentice Loans. In Canada there are approximately 2.9 million skilled trade workers which represent 17% of the workforce. The skilled trades continue to be in high demand; the Conference Board of Canada predicts that Canada will need one million additional skilled workers by 2020.