Nova Scotia Announces New Pilot Program to Provide Working Capital Loans for Forestry Contractors

Posted on May 17, 2023

The Province of Nova Scotia announced Wednesday (5-17-23) a new pilot program that will let forestry contractors borrow working capital to help their businesses succeed.

According to Nova Scotia’s Agricultural Minster Greg Morrow, “The Timber Loan Board provides a flexible lending solutions to meet the unique needs of Nova Scotia’s forestry businesses. I am pleased that the board has found a solution to help forestry contractors who need to bridge the gap between harvesting timber and getting it to the sawmill.”

Through the Timber Loan Board, contractors can borrow up to $50,000 (CAD) at a competitive 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.

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