Interest-bearing Loan for Freeman Lumber

A $2-million interest-bearing loan will provide more employment security for Freeman Lumber in rural Queens County.

The 175-year-old lumber company, one of the oldest family-run sawmill businesses in Nova Scotia, employs about 100 people and produces about 60 million board feet of lumber and value-added lumber products per year.

"Freeman's is a highly efficient operation that has an annual payroll in excess of $4 million a year, in a rural part of our province," said Angus MacIsaac, Minister of Economic Development. "It is a critical contributor to the economy of that area."

The loan from the province's Industrial Expansion Fund is repayable in two years. It will give the company sufficient time to reorganize its financial commitments to other credit organizations.

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.