N.S. updates regulations to give forestry companies greater access to financing
The Nova Scotia Timber Loan Board had made some regulatory changes to make it easier for forestry companies to access financing.
According to a government press release, the Timber Loan Board has improved lending terms, eligibility and instituted a revised fee structure. These changes are based on recent amendments to the regulations governing the Farm and Fisheries and Aquaculture Loan Boards.
Loans are administered by the Nova Scotia Department of Agriculture’s Crown Lending Agency. The province’s Forestry Transition Team has endorsed this plan.
“We have worked hard to modernize the province’s lending boards for our key economic sectors and we’re pleased to extend the same to the forestry sector,” said Keith Colwell, Nova Scotia’s Minister of Agriculture and Fisheries and Aquaculture, in a statement. “Now, the Timber Loan Board can provide services to help develop and innovate our forestry sector when it is needed most.”