Adopting new technology and approaches will help Nova Scotia’s forestry sector become a more competitive and sustainable sector. Government is launching the Forestry Innovation Rebate Program today, Feb. 19, for forestry companies that invest in their operations to grow, diversify and increase competitiveness in global markets.
This program has been endorsed by the Forestry Transition Team and will be administered by Nova Scotia Business Inc. (NSBI). It will apply to eligible capital projects worth between $1 million and $15 million. Companies could be eligible for a rebate of 25 per cent up to a maximum rebate of $3.75 million.
“Forestry has been a cornerstone of our rural economy for generations and we want to see it continue in a strong and sustainable way,” said Premier Stephen McNeil. “That’s why we are working with industry to develop short-term supports to help through this transition period, and it’s why we are creating new options for businesses that have innovative projects ready to move forward.”
Eligible projects could include:
- improved production processes or by-product stream processing
- establishing new forestry sector production facilities that strengthen regional economies
- diversification of product range and value-added products
- production capacity to enter new markets and/or for new products
- identifying new uses and new markets for wood fibre and projects that enhance exports
The program is based on the established Innovation Rebate Program, also administered by NSBI.
Government will fund the rebate program with $5 million in both 2020-21 and 2021-22. This is in addition to investments already announced and separate from the new $50 million forestry transition trust, announced on Feb. 12.
NSBI will work with our partners so that businesses in the forestry sector of Nova Scotia look for new and better ways to do valued things and then export that to the world. The Forestry Innovation Rebate Program will support the evolution of the forestry sector as it adjusts to ongoing structural changes. This tool will assist existing Nova Scotian companies and inbound investment with capital projects to improve production processes, establish new sector facilities in our regions and diversify into new products for sale in markets in Nova Scotia and beyond.
Laurel Broten, president and CEO, NSBI
- in addition to the Forestry Innovation Rebate Program, government is also supporting $7 million for more silviculture and road work on both Crown land and private lands, $5 million for government to provide a guarantee for the Forestry Contractor Financing program, $1.5 million to help workers from across the sector connect to customized programming in the skilled trades, at no cost, and emergency assistance funding for laid off workers available through local Access Nova Scotia centres
- a toll-free line (1-888-315-0110) is available for those affected and have questions
- a confidential, 24-7 support line (1-866-885-6540) is available for anyone who may need emotional support
- the trustees for the new $50 million forestry transition trust will be announced soon
Government’s Forestry Sector Support website is at: https://novascotia.ca/forestry-sector-support/
NSBI Program website is at: http://NSBI.ca/FIRP