A commercial logging business in Pictou County, Nova Scotia is getting help from the province to maintain jobs and continue to provide forest products to mills in Nova Scotia and New Brunswick.

N.R. Kenney Logging is a modern and efficient logging operation that has been in business for more than 20 years. It employs 22 full-time workers at its head office in Westville.

"It is important during this economic climate to support our established rural industries during down times in the economy," said Economic and Rural Development Minister Percy Paris. "This loan will ensure the company is ready to take advantage of new opportunities when the economy rebounds."

The $500,000, 10-year interest-bearing loan is from the province's Industrial Expansion Fund.

"We are pleased to receive this investment that will help us strengthen our economic position for the future," said Ruth Kenney, spokesperson for N.R. Kenney Logging.

During the past five years, N.R. Kenney has invested nearly $3 million in modern wood processing equipment. The company has been challenged recently by the change in market prices for processed log products and the rise in fuel prices.

As a result of the world-wide economic and credit crisis, successful companies operating in Nova Scotia are experiencing challenges accessing capital from banks. With the Industrial Expansion Fund, the government of Nova Scotia is able to provide access to capital and help protect jobs and support businesses to be more competitive and sustainable.

Source: Government of Nova Scotia Press Release