Long-Term Care Capital Infrastructure Pilot Program
$1,000,000
Loan
Description:
The Long-Term Care Capital Infrastructure Pilot Program is designed to provide approved Private Long-Term Care facilities with the opportunity to access financing of up to 100% of eligible project costs for new construction and/or fit-up of existing long-term care (LTC) facilities.
Comments on Funding:
The Capital Grant Program for Private Long-Term Care operators will provide approved projects with a grant of up to 20% of eligible project costs up to a maximum of $50,000 per bed, to a maximum of $1,000,000 per project, for the construction of net new LTC beds.
Continuous Intake
Eligibility:
Applicabts must:
1. Demonstrate that the proposed project will create net new long-term care beds and has been approved by the Department of Health and Wellness under the initiative;
2. Provide a comprehensive business plan and current financial information demonstrating financial viability;
3. Demonstrate that the new build will support the adoption of National CSA/HSO Long-Term Care Standards;
4. Meet all requirements prescribed in the Licensed Private Nursing Homes and Nursing Homes Act and applicable regulations;
5. Be in good standing with the Province at the time of application and belong to one of the following groups: non-profit organization, community-based or service organization, or private sector; and;
6. Not have received project funding through the one-time bed conversion grant program.
Application Steps:
Applicants must apply directly to Finance PEI.
Documentation Needed:
Applicants must submit the following:
1. Long-Term Care Capital Infrastructure Loan Program Application Form
2. Personal Statement of Financial Affairs
3. Supporting document
a. Pre-approval from the Department of Health and Wellness for the addition of the new long-term care beds under this initiative;
b. Accountant prepared year-end financial statements for the last three years;
c. Business plan demonstrating capacity to service the new debt with respect to the addition of the new long-term care beds;
d. Signed program application;
e. Applicants are evaluated based on their credit worthiness, income, and total debt service capacity.
Other Things to Note:
About the author
Maurice
