Canadian Province Includes CUs in Job Retention Plan
Nova Scotia Premier Darrell Dexter recently outlined a seven-point plan to employ 500 people in local communities.
One of the measures, according to his office, includes amending the province’s credit union small business loan program to better address financing concerns for contractors and other small businesses.
The existing loan program, administered by the Department of Economic and Rural Development and Tourism and the credit unions, provides a loan guarantee from the province of up to 75% of the loan.
The government would increase the minimum loan amount and the amortization period and offer an initial guarantee of 90% for qualifying businesses.
Dexter said overall, his plan aims to employ hundreds of woods workers, provide specialized training programs and keep the NewPage mill in Port Hawkesbury ready for a quick re-sale.