Nova Scotia provides $5 million loan to Marwood Ltd.
The province of Nova Scotia is providing a $5 million loan to Marwood Ltd., a wood manufacturing company.
The loan is coming from the Nova Scotia Jobs Fund investment. The province hopes the investment will help sustain 167 jobs at the company.
“We understand the impact Marwood Inc. has on the lumber industry and how important it is to help Nova Scotia businesses remain competitive,” said Mat Whynott, MLA for Hammonds Plains-Upper Sackville. “This investment supports good jobs in rural communities and increasing productivity. That’s what jobsHere is all about.”
This $5 million loan replaces a provincial investment from 2007 to modernize and expand Marwood’s operations in Nova Scotia. It will lower the company’s annual debt payments, and free more funds for capital purchases. It is a seven-year, interest bearing, repayable loan.
“It’s important to keep our financing costs low so we can focus on increasing production and remaining competitive,” said Doug Creelman, managing director at Marwood Ltd. “The province has always been a strong advocate of local business and job preservation throughout rural Nova Scotia.”
Marwood Ltd. employs 167 people at its three wood manufacturing facilities in Hammonds Plains, Brookfield, and Glenholme, Nova Scotia. The company manufactures pressure-treated lumber and house-siding products, mainly for export.
The Nova Scotia Jobs Fund pursues investment opportunities for communities in transition, industry sectors, regional support, small businesses programs, infrastructure and large industrial ventures.
Source: Government of Nova Scotia
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