Application Process

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To apply for an OFA loan under the Program, an applicant must be a public body under the Capital Investment Plan Act, 1993 and submit information to support their proposal to the OFA – see Information Requirements for further details.

Applicants must seek and obtain the written support of their oversight ministry for both the proposed financing and the project for which financing is being sought. The OFA will undertake due diligence on the applicant’s request for financing.

Timing

To receive a timely response to a financing request, an applicant should engage the OFA and its oversight ministry as soon as possible, including providing preliminary information and materials, to discuss the proposal and application requirements.

Loan review and approval depends on a number of factors, but the completeness of materials submitted to the OFA is often the most important factor. Should the OFA receive all the loan information it requires to complete its due diligence, it typically takes about 90 days to successfully negotiate and execute a loan agreement.

Following successful completion of the due diligence process and receipt of any required approvals, the OFA will develop the documentation necessary to facilitate the loan, including providing a term sheet and draft loan agreement.