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Forestry contractors affected by the closure of the Northern Pulp will be eligible for new financing help starting Feb. 4.

Qualifying contractors will be able to access a line of credit of up to $180,000 to cover three-months of scheduled loans on expensive equipment. Eligible classes of equipment are: feller buncher, harvester, processor, forwarder, skidder, roundwood truck, or chip or hog fuel truck.

The Forestry Contractor Financing Program is available to contractors who have worked in commercial forestry for the past 12 months.

Within two years, the line of credit will convert to a loan with the term ending five years from the start of the line of credit. There is an option to renew for an additional five years, at the discretion of the lending credit union. The maximum interest on any loan under this program is the Atlantic Central prime rate plus 4 per cent. The assistance is guaranteed by the province.

The program is being offered through 16 participating credit unions across the province, and people have between Feb. 4 and June 30, 2020 to apply.

"We are monitoring, listening and working hard to respond to needs of forestry workers and businesses as they look for new customers and adjust to the changing dynamics in the sector," said Premier Stephen McNeil in a press release. "This program, along with other initiatives that have and will be rolled out, are meant to help the sector transition and ensure forestry has a strong future in Nova Scotia."