The Selwyn District Council's consultation on a proposed $8 million loan to Central Plains Water has closed today.
Central Plains Water needs the loan to design stage two of the irrigation scheme, which would cover about 33,000 hectares between Hororata and Darfield.
The council provided a nearly $6 million loan for stage one of the scheme, but a report suggested the risks for stage two were considerably higher.
The report said if stage two failed to go ahead because of a lack of farmer uptake, Central Plains Water could default on the loan, leaving the council with little security.
Council chief executive David Ward said about 70 submissions had been received.
The council will make a final decision on the loan next month.