Equipment Financing

Equipment Financing Program

The MFA has an Equipment Financing program that replaced the former Leasing program. Loans under this program are available to both regional districts and municipalities under section 175 of the Community Charter. These loans are direct obligations of the entity requesting the funding.  In the case of a municipality, it does not have to seek consent of its regional district to obtain an Equipment Financing loan. Equipment Financing loans are also available to school districts under the School Act and to colleges and universities under the College and Institute Act, the University Act, or, if appropriate, under separate legislation for the institution. 


  • Low interest rates 

  • No fees or taxes

  • Local government retains ownership of asset

  • Fixed monthly payment schedule


  • Maximum length of an Equipment Financing loan agreement is five years. Clients may apply for loans with longer amortization terms (to a maximum of twenty-five years), if you have elector approval (local government clients only); however, the loan agreement will be subject to renewal every five years.  If a loan is not renewed, the outstanding balance is due and payable on the date of the last scheduled payment, as specified in the loan schedule.

    • 1 – 5 years: no public approval required

    • 5 – 25 years: public approval required for local government clients

      • loan will be subject to renewal, every 5 years

      • If a loan is not renewed, the outstanding balance is due and payable on the date of the last scheduled payment of the term, as specified in the loan schedule

For further information on elector approval methods, please consult the Community Charter (sections 84 - 86, 94, 175) or the Local Government Act (sections 403, 269 - 270). 

Equipment Financing loans have fixed monthly payments, calculated on the last day of the month, and collected by EFT on the second business day of the following month. Extra principal payments may be made at any time, by submitting a completed One Off Electronic Fund Transfer Form (found in the Client Portal). 

Each loan has a detailed monthly statement, which clients may access at any time, by logging into your account on the client access site.

Funds can be accessed at any time of year, once the appropriate documentation has been submitted, your loan has been approved and you have submitted an executed loan agreement and promissory note.  The time required before a loan is approved or an advance can take place may vary, but we suggest applying at least one week before you require funding.

How to Apply For An Equipment Financing Loan

Local government clients must provide a certified council or board resolution, approving the borrowing. For short-term borrowing resolution templates, please see our Process & Templates section.  At minimum, it must contain the general purpose of the borrowing, the maximum term of the borrowing, and the maximum amount of the borrowing.  You must also provide the report that accompanied the resolution, and confirmation that the purchase is in the approved financial plan.  Municipal clients must also provide a completed Liability Servicing Limit Certificate.

School District clients must provide a copy of their most recent audited financial statements, and confirmation that the purchase is included in an approved budget.

Once you have all of the required documents, log in to the client access site and complete the Loan Calculator and Application Form, under the Equipment Financing heading.  You will be able to generate estimates, based on the current interest rate and upload documents to complete your application.  

If the loan is approved, you will receive a Loan Agreement and Promissory Note via email. Once the documents have been executed and returned, you may access funding by emailing a completed Request for Advance. Please note that multiple drawdowns are not possible in this program, funding will be provided in one lump-sum.

If you have any questions, please email us.

Tools / Resources

Find amortization schedules and historical rates.

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