Municipal Corporations
Since 2006, IO has helped make a difference in communities across Ontario by providing affordable loans to Municipal Corporations for infrastructure renewal and development. Municipal corporations can include the following types of municipally-owned organizations: local distribution companies, gas utilities, long-term care homes, local housing corporations, utility telecoms, transit corporations or social housing corporations.
Eligibility
Municipal Corporations in Ontario that meet any of the following criteria may apply for an IO Loan for capital investments:
- Subsection 203 (1) of the Municipal Act, 2001 or subsection 148 (1) of the City of Toronto Act, 2006, all the shares of which are held by one or more one or more municipalities;
- Section 142 of the Electricity Act, 1998, all the shares of which are held by one or more municipal corporations
- Part III of the Social Housing Reform Act, 2000 as local housing corporations
For more information on eligibility requirements, please see the program guidelines. (PDF)
Eligible Projects
IO loans can be used for any capital investments, including:
- New construction projects
- Facility expansion, renovation and retrofits
- Distribution lines, meters, transformers and equipment upgrades
- Various power generation (hydro, solar, etc.) and distribution projects
- Vehicles and rolling stock
Rates and Terms
IO’s lending rates provide equitable access to affordable financing for all clients. Please contact your
Relationship Manager for today’s rate information. Municipal Corporations may select repayment terms of 5 to 30 years, to match the life of the capital asset.
For More Information
Contact one of our regional account managers today for any questions about the Loan Program.