Windmill Microlending Bond


Time Period: 2017-2019

Geography: Canada

Sector: Cross-sector


  • Over $10 million in capital mobilized 
  • Decreased cost of capital 
  • Increased size of lending pool by over three times

Stage: In Operation

Links or Resources: Windmill Case Study

Client and/or Partners:

Solar electricity
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Windmill provides low-interest micro-loans to skilled immigrants and refugees who cannot afford the costs of Canadian licensing and retraining. 

Serving newcomers as a registered charity since 2005, Windmill is the largest microlending organization for Canadian immigrants and refugees. They combine resources from the private and public sector to support skilled newcomers in launching their career and life in Canada. Their success to data can be seen in: 

  • 3.4X Average income growth following receipt of loan 
  • 35% decrease in unemployment upon repayment of a Windmill loan (from 42%-7%) 
  • 91% of clients’ career success plans are completed or in progress 

SVX designed a bond to support the scale-up of Windmill’s micro-loan fund, leveraging both our advisory services and investment platform. Windmill has gone on to engage over 40 high profile institutional impact investors under this bond offering and continues to raise under this annual offering today.