Supporting the Forestry Sector in Our Communities With Financial Relief
The Forestry Contractors Relief Program was created to provide financial relief to eligible forestry contractors affected by the closure of the Northern Pulp mill. The program will offer short-term repayable financing to help contractors cover loan payments as they adjust to changes in the sector.
This is a joint initiative of the Nova Scotia Co-operative Council, Atlantic Central, 16 local participating credit unions, and the Province of Nova Scotia.
Eligible contractors include those who have been engaged in commercial forestry harvesting and trucking in Nova Scotia during the past 12 months and have external financing arrangements in place for at least one of the following classes of commercial forestry harvesting and trucking equipment:
- feller buncher
- roundwood truck
- chip or hog fuel truck
Qualifying contractors can access a line of credit worth up to three months of scheduled principal and interest payments on qualified commercial forestry equipment to a maximum of $180,000. Within two years, the line of credit will convert to a loan with the term ending five years from the start of the line of credit. There is an option to renew for an additional five years, at the discretion of the lending credit union.
The program will be available for applications at participating credit unions until June 30, 2020.
For more information, or to apply, contact your local credit union from the list on the right.
Affected by Recent Forestry Sector Changes?
Go to Nova Scotia – Forestry Sector Support for other Province of Nova Scotia programs and services.