News release

Province Invests $750,000 in a Rural Nova Scotia Business

Economic and Rural Development (Jan. 2009 - Jan. 2011)

A provincial investment in a family-owned lumber company will make life better for the people in Queens County by maintaining dozens of good jobs and helping to keep the business competitive.

The $750,000 loan to Harry Freeman and Son Limited of Greenfield was announced today, Dec. 3, by MLA Vicki Conrad, on behalf of Economic and Rural Development Minister Percy Paris. The investment was approved through the Industrial Expansion Fund.

"This loan will help to maintain 120 good jobs in Queens County," said Ms. Conrad. "Freeman Lumber has made substantial investments in technology and productivity improvements, and the province is pleased to help the company out with this loan.

"Despite the province's tough financial situation, it is important that government continues to invest in, and support, local businesses that provide good jobs for Nova Scotians and help grow the province's economy."

Over the past six years, the company has invested $18 million into modernizing its facility, building one of the most efficient and flexible sawmills in Atlantic Canada. It also attained new quality standards and certifications that will allow them to compete in markets outside of North America.

"The province's assistance with financing this fully secured, repayable, interest-bearing loan demonstrates its confidence in our business and the many good full-time jobs it represents," said Richard Freeman, co-owner. "Our company is 175 years old, one of the oldest family-run businesses in Nova Scotia."

The company provides significant economic spinoffs, purchasing more than $16 million worth of goods and services from local suppliers each year.

The Industrial Expansion Fund is one method the province uses to support economic development in all regions Nova Scotia. It is key to helping industries involved in innovative research and technology while contributing to a prosperous and sustainable business climate for Nova Scotia.