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 based on the CDOR rate

  • No fees or taxes

  • Local government retains ownership of asset

  • Fixed monthly payment schedule


  • 1 - 5 year agreements. Municipalities and Regional Districts must have elector approval for amortization periods of more than 5 years. 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). 

    • 1 – 5 years: no public approval required

    • 5 – 25 years: public approval required, loan will be eligible for 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

These 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 Electronic Payment Request.  Full payouts can currently only be made at month-end. 

Each loan has a detailed monthly statement, which clients may access at any time, by logging into their 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 are required to submit a certified council or Board resolution, that approves 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.

Once you have the resolution in place, 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.  Municipal clients will need to upload a completed Liability Servicing Limit Certificate.

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 status of loans, issue highlights, amortization schedules and historical rates.

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Credit Reports

Every year the MFA presents to 3 credit rating agencies to access the lowest rate possible for our clients.  Here are their findings.

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Annual Reports