Provincial release:
The Province is supporting the growth of farming, seafood and forestry businesses through improvements at provincial loan boards.
The changes will provide more flexibility to both new and existing clients and quicker access to capital, particularly for debt of more than $5 million.
“Our resource industries are an economic driver for rural and coastal communities,” said Agriculture Minister Greg Morrow. “Through the loan boards, we’ve been supporting Nova Scotians and their businesses. These changes to the loan boards will support our seafood, farming and forestry sectors to grow and expand their businesses.”
Amended regulations for the Nova Scotia Farm Loan Board, Nova Scotia Timber Loan Board, and Nova Scotia Fisheries and Aquaculture Loan Board will provide more flexibility in security requirements for loans and better options for lump sum payments and loan deferrals for growing businesses. The changes also provide more consistency across the sectors.
“Our loan program is helping strengthen the backbone of our rural coastal communities,” said Fisheries and Aquaculture Minister Kent Smith. “By providing access to affordable financing, we’re supporting fish harvesters, processors, and small businesses that are vital to local economies.”
The loan boards finance all aspects of the three resource sectors, including the purchase of equipment, construction of new buildings and vessels, and buying quotas or licences. The changes better meet the needs of Nova Scotia businesses and help them to be more competitive.
“Nova Scotia’s forestry sector brings more than $2 billion a year into our economy and supports about 6,000 jobs around the provinces, especially in rural communities,” said Tory Rushton, Minister of Natural Resources. “Financing tools that help forestry businesses succeed are good for the economy, for our communities and for our province.”
Quotes:
“Financing from the loan board allowed us to expand our small-town butcher shop. We look forward to continuing to work with the farm loan board to further increase our offering of smoked meat products and grow our business.”
— Nancy Roscoe-Huntley, owner, Canning Village Meat Market
“We are pleased to see enhancements being made to Nova Scotia’s loan programs. The Nova Scotia Farm Loan Board has been working on these updates for some time, and these changes will support farmers with more flexible, predictable financing options to start, grow or transition their businesses.”
— Carolyn van den Heuvel, Executive Director, Nova Scotia Federation of Agriculture
“The Nova Scotia Timber Loan Board is a vital partner in supporting a thriving and sustainable forest economy in Nova Scotia. By offering loan products with greater flexibility and faster response times, the board can help forestry businesses create economic opportunities in rural communities while navigating today’s challenging economic conditions.”
— Todd Burgess, Executive Director, Forest Nova Scotia
“These changes will improve the seafood sector’s timely access to the financing vehicles needed to fuel innovation and ensure that fish and seafood exports from Nova Scotia continue to lead in global markets. The government is making it easier for seafood businesses to get the financing that they need, when they need it.”
— Kris Vascatto, Executive Director, Nova Scotia Seafood Alliance
Quick Facts:
– the Nova Scotia Timber Loan Board’s lending authority and operations are assigned to the farm loan board
– the loan boards have more than $735 million invested and committed across 1,860 loans, predominately in rural Nova Scotia
– financing through the loan boards supports thousands of jobs at businesses that contribute hundreds of millions to the provincial economy
– in 2022-2023, the most recent statistics available, the farm loan board (including the timber loan board) loan portfolio supported 3,180 full-time employees, and the fisheries and aquaculture loan board supported 2,845 full-time employees
– in 2022-2023, the farm loan board (including the timber loan board) portfolio contributed $191.6 million in total provincial gross domestic product (GDP), and the fisheries and aquaculture loan board contributed $439.4 million
Additional Resources:
Summary documents detailing changes to the loan boards’ regulations are available at their websites:
– Nova Scotia Farm Loan Board: https://nsfarmloan.ca/
– Nova Scotia Fisheries and Aquaculture Loan Board: https://nsfishloan.ca/
– Nova Scotia Timber Loan Board: https://nstimberloan.ca/
