A new program to help forestry contractors with short-term equipment costs is in the works, according to the province.
The program will be eligible to contractors affected by the pending Northern Pulp closure and will offer them short-term repayable financing to help them make payments on their equipment loans.
Premier Stephen McNeil said the program is a reaction to hearing contractors are in need of help to cover loan payments while they seek new customers and adapt to the changing forestry industry.
“As a government, we want and need a forestry industry in Nova Scotia because it helps drive our rural economy,” he said.
“That’s why we are making sure these businesses have options.”
The program will be available through 16 credit unions across the province that offer the Small Business Loan Guarantee program
Those qualifying for the program can access a line of credit up to $180,000 guaranteed by the province, with an estimated $5 million being allocated for this initiative from the transition fund.
Further details on eligibility are expected to be finalized this week.
