The Globe and Mail reports in its Wednesday, Nov. 26, edition that Canada's banks have informed Natural Resources Minister Tim Hodgson that loans for struggling softwood lumber companies will be available soon, but noted that gaps in Ottawa's support program may exclude some from tariff assistance.
The Globe's Stefanie Marotta and Brent Jang write that Mr. Hodgson met with senior banking executives on Monday to expedite Ottawa's $700-million loan package for the softwood lumber industry, which warns that without quicker financial support amid escalating U.S. trade tensions, businesses risk closure.
Prime Minister Mark Carney pledged support for the industry in early August, including programs to diversify and expand trade of Canadian wood products abroad. In mid-October the Business Development Bank of Canada rolled out the loan package and lenders started accepting applications. The industry, however, is sounding alarm bells that businesses have yet to receive the loans.
Sources say the concerns prompted the minister to speak with lenders about the urgent need to distribute loans.
Sources say Ottawa is planning on announcing further assistance for the softwood lumber sector by the end of the week.
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