Loan guarantees being provided to not-for-profit long term care homes help increase long-term care capacity across the province.
As part of a $6.4 billion investment, the Ontario government is providing loan guarantees to non-profit long term care homes.
Long Term Care Minister Rod Phillips made the announcement today, saying the funds will help increase care capacity in homes by making it easier for homes to get financing.
"As part of our government’s plan to fix long-term care, we are making it easier for not-for profit homes to secure financing by launching the Not-for-Profit Loan Guarantee Program," he says. "We are protecting our progress by fixing this decades-old problem so we can get shovels in the ground and help accelerate the development of long-term care homes in communities all across the province."
The money will flow through the Not-for-Profit Loan Guarantee Program.
Officials say the investment will reduce borrowing costs for homes, potentially saving as much as $62 million.
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