Workers sort lumber at the Gorman Brothers Lumber sawmill, in West Kelowna, B.C., in August.

The federal government is rolling out its $700-million loan package for the struggling softwood industry, inviting Canadian lumber companies to apply for assistance as the U.S. trade war intensifies.

In August, Prime Minister Mark Carney announced the plans for supporting the softwood sector. The Business Development Bank of Canada is now welcoming applications from companies seeking help to weather the economic storm triggered by U.S. import taxes on lumber.

Each ownership group will qualify for up to $20-million in loan-guarantee assistance, notably through accessing financing and letters of credit, said Miguel Barrieras, BDC’s chief community banking and impact officer.

The federal Crown

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