ONTARIO OFFERING LOAN GUARANTEES FOR NOT-FOR PROFIT LONG-TERM CARE TO BUILD MORE BEDS FASTER
Dec 02, 2021
By Bob Komsic
The Ford government’s announced it is providing loan guarantees to make it easier for select not-for-profit facilities to receive assistance to help add more beds.
As part of its promise to add 30,000 beds over 10 years, Minister Rod Phillips says $388-million will be ”unlocked” in loans for not-profit-homes, that’ll reduce borrowing costs with the potential to save the sector about $62-million.
AdvantAge Ontario CEO Lisa Levin calls this a ”gamechanger,” that will pave the way for many more not-for-profit long-term care beds.
”Our association has long advocated for measures that recognize the not-for-profit difference. We are heartened to know the province has listened,” Levin said in a statement.
Meanwhile, the head of the Ontario Long-Term Care Association says the announcement will deliver more safe and modern long-term care homes that are fundamental to high-quality care for seniors.
”Access to financing to redevelop and expand the system has proven to be a challenge for many of our non-profit members,” said CEO Donna Duncan.