Loan to help maintain rural manufacturing jobs

A $350,000 loan from the province’s Economic Development department will help Comeau Lumber of Meteghan maintain jobs in rural Nova Scotia.

The 100-year-old company produces quality lumber products that are used around the world and employs about 60 people with annual payroll of about $3 million.

"Comeau Lumber is a highly efficient exporter with a solid understanding of the importance of good forest management and sustainability," said Economic Development Minister Angus MacIsaac. "This loan is an investment in its continued success."

Over the past six years, Comeau Lumber invested in a major expansion of the sawmill facility helping the company double capacity. In 2005, the company became a renewable energy producer by generating electricity from wood byproducts.

The two-year, interest-bearing loan is from the province's Industrial Expansion Fund. The loan will give the company the time it needs to restructure its finances to meet financial commitments to other credit providers.

The Industrial Expansion Fund is one method the government of Nova Scotia uses to support economic development in the province. It is key to helping industries involved in innovative research and technology while contributing to a prosperous and sustainable business climate for Nova Scotia.