Ontario is offering loan guarantees to help not-for-profit long-term care homes acquire development loans.

The government says it's setting aside $388 million in lending from Infrastructure Ontario, the Crown agency that manages infrastructure loans, for the program.

It says approved borrowing costs not-for-profit homes will also be reduced.

Long-Term Care Minister Rod Phillips says the program is part of the government's plan to speed up long-term care development in the province.

Ontario Long-Term Care Association CEO Donna Duncan says the loan commitment will help non-profit members overcome challenges in accessing funding and will help deliver more safe and modern homes in the province.

Lisa Levin, CEO of AdvantAge Ontario which represents non-profit and municipally owned homes, says the announcement is a "game changer" for not-for-profit operators.