A new pilot program will let forestry contractors borrow working capital to help their businesses succeed.
“The Timber Loan Board provides flexible lending solutions to meet the unique needs of Nova Scotia’s forestry businesses,” said Agriculture Minister Greg Morrow. “I’m pleased that the board found a solution to help forestry contractors who need to bridge the gap between harvesting timber and getting it to the sawmill.”
The shutdown of Northern Pulp and the significant amount of wood that is being salvaged after Hurricane Fiona have highlighted a need for a working capital loan program for forestry contractors.
Through the Timber Loan Board, contractors can borrow up to $50,000 at a competitive interest rate. Loans are repayable within one year.
The pilot project will run for two years and will be evaluated to determine if it will continue.
Source : Novascotia .ca