The Town of Huntsville will not have to cover interest rates in order to partner with Muskoka Futures to offer incorporated physicians a prime rate loan.
In February 2025, the Town’s General Committee heard a deputation from David Brushey with Muskoka Community Futures Development Corporation (Muskoka Futures) regarding a physician recruitment incentivized loan program. The presentation included a request for the Town to consider covering the interest costs.
The move is one more incentive council asked staff to investigate in order to attract more physicians to the area. Staff returned to the Town’s General Committee on April 30 and noted that covering the interest costs would not be necessary at this time.
“Through conversations with Muskoka Futures, it was noted that a partnership did not require financial contribution from the Town in order for FedNor to approve lower-rate loans for physicians,” according to Lauren MacDermid, Economic Development Officer for the Town.
She said as part of the partnership, Muskoka Futures can offer prime rate loans to local physicians with medical corporations. She said staff would promote the loans as part of its physician incentive recruitment package.
“The goal of the current physician incentive program (which provides financial incentives in exchange for a five-year service commitment) is to recruit ten family physicians to address immediate healthcare needs in our community. Once this milestone is reached, there may be additional partnership opportunities with Muskoka Futures related to this program. Future partnership opportunities may include a financial commitment from the Town which would need to be approved by Council at that time,” noted MacDermid in her report to committee. She also said the loans will be available to existing physicians as part of retention incentives.
Deputy Mayor Dan Armour called it a good news story and asked how big a loan physicians with incorporated medical practices can receive.
Councillor Scott Morrison, who has been working on the physician incentive program along with Councillor Bob Stone, said when he first met with Brushey he was told the loans could be as high as $200,000 or $300,000 “which is exciting for us because that would fit into people that want to expand a clinic or open a clinic and it’s a win-win. Muskoka Futures, as you know, is very successful, but they currently have a lot of money in the bank, so that money is sitting in the bank, and it’s not making them money, and they know that doctors are pretty reliable partners, so it’s a good thing.”
Morrison also said the Muskoka Futures loan program is available to the entire district, not just Huntsville, and although there hasn’t been an uptake by other municipalities, it is offered to them as well.
Don’t miss out on Doppler!
Sign up here to receive our email digest with links to our most recent stories.
Local news in your inbox so you don’t miss anything!
Click here to support local news
0 Comments