Loan Helps Maintain Rural Manufacturing Jobs

A $350,000 loan is helping Comeau Lumber maintain jobs in rural Nova Scotia.

Based in Meteghan, Digby Co., Comeau Lumber is a 100-year-old company with a reputation for producing quality lumber products that are used around the world. The company employs about 60 people and contributes $3 million in annual payroll.

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

Over the last 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.