June 25, 2009
FREDERICTON (CNB) - The provincial government is helping SWP Industries Inc. maintain 60 jobs in St. Stephen, Business New Brunswick Victor Boudreau announced today.
"Our government is committed to economic development, and this is another example of how we are helping the forestry sector maintain competitiveness and productivity in this challenging economic climate," said Boudreau. "Our government is providing the means for productivity and profitability, and continuing to make strategic investments and cultivating partnerships such as this one today will help us achieve our goal of self-sufficiency by 2026."
SWP Industries Inc. will receive a $1.375-million loan guarantee to be used as working capital. The company produces fencing and fence components using eastern white cedar, some spruce and Chinese fir, and is a value-added reseller of vinyl and aluminum fencing products assembled from component materials.
Company president Stephen Crabbe said that he is grateful for government's support.
"This is a tough time for many businesses, as our access to credit has been severely limited by the global financial collapse," said Crabbe. "This loan guarantee will allow me to keep my workers employed, and help my company succeed until the economy recovers."
"I'm proud to help another New Brunswick company with a solid reputation gain access to credit in these difficult financial times," said Boudreau. "SWP has made quality products since it took over the operation in 1995, and I'm confident that this assistance will help this company succeed in the future."
MEDIA CONTACTS: Ryan Donaghy, communications, Business New Brunswick, 506-453-2694; Steve Crabbe, president, SWP Industries Inc., 506-465-0832.