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The developers of the $20 million Netsal facility planned at Nga Puna Wai initially asked Christchurch City Council for a $1 million loan.
However, city councillors agreed on Thursday to loan only half the amount as suggested by city council staff.
The 10-court centre was granted a lease in June to be built at the city council's Nga Puna Wai hub.
It will host both netball and futsal.
The planned building already has resource consent and could be operational by January 2022.
Once the centre is open, the Christchurch Netball Centre plans to move its games there and away from Hagley Park.
The $500,000 loan will be paid back within five years at an interest rate of 0.2 per cent per annum.
It will go towards paying for the design, consenting and construction of the multi-use sports centre.
City council staff said a loan of $1 million would swallow a third of its community loan scheme.
"If the borrower defaulted it would have a significant negative impact on the ability for other community organisations to apply for the scheme," staff said.