July 12, 2011 – Ontario is expanding eligibility for the Infrastructure Ontario Loan Program to additional segments of the not-for-profit sector. Eligibility is expanded to:
Not-for-profit organizations that own or operate community hubs where both community health and social services are located together are now eligible for the loan program:
• Community health organizations include Community Health Centres, Aboriginal Health Access Centres, Community Mental Health & Addictions Centres, Boards of Health/public health units and Supportive Housing;
• Social service organizations include community agencies that are funded by the Ministry of Children and Youth Services or the Ministry of Community and Social Services, and newcomer settlement agencies; and
• Not-for-profit sports and recreational organizations providing sports and recreational facilities to communities throughout Ontario are also now eligible. These include sports organizations that promote amateur sports, training, fitness, wellness and sporting competitions and events.
Additional information about criteria, eligibility and the application process is expected to become available from Infrastructure Ontario in the coming period.
ONN is pleased with the announced expansion of eligibility criteria to the Infrastructure Ontario (IO) Loan program. It is an important step forward as many nonprofit organizations, directly or through the ONN, have been seeking access through expanded eligibility criteria to IO loans for the benefit of Ontario communities they serve. Under this expansion, it is anticipated that an increasing number of organizations in the sector will be able to access Infrastructure loans at an affordable, long term fixed rate (up to 40 years). As a result, IO eligible organizations interested in capital expansion projects will be able to acquire the capital they have such difficulty accessing and secure favourable borrowing terms allowing them to redirect these savings to mission and community programs. ONN will continue to seek further expansion of IO loan program eligibility criteria for arts and culture groups, social enterprises and other health and community services (e.g. employment services) not included in this announcement.
ONN would like to thank the United Way, and the Ontario Social Economy Roundtable (OSER) constellation for its visionary work, which contributed enormously to the announced IO loan program expansion of eligible NFP organizations. ONN is fully committed to working closely with the sector to expand IO loan program access further to organizations not yet covered by the recent expansion. The ONN will continue to work collaboratively with the Partnership Project Office, as it did for the IO announcement made this July 11th, to help achieve this important step forward for the sector.