Farm Credit East Recognizes the Importance of Northeast Forest Products to the Region’s Economy
May 16, 2018
Farm Credit East noted the importance of the Northeast forest products industry to the region’s economy upon receiving the Supporting Member Award from The Professional Logging Contractors (PLC) of Maine at the membership organization’s annual meeting held earlier this month. This award is presented annually to a supporting member that has demonstrated an unprecedented commitment to logging contractors in Maine.
Farm Credit East extends more than $650 million in loans to the forest products industry. This represents Farm Credit East’s second largest portfolio sector, following dairy, with customer businesses in all seven states that Farm Credit East serves.
“Forest products constitute a critical business opportunity in the Northeast and is a very important part of Farm Credit East’s portfolio,” said Fred Morton, Farm Credit East executive vice president.
Farm Credit East finances the diversity of forest products businesses, from those that own and manage the timberland, to the loggers who harvest and transport timber and biomass, as well as the manufacturing side of the industry, which includes pulp and paper, sawmills, biomass and small specialty mills.
According to Farm Credit East’s Northeast Economic Engine report, forest products are responsible for $14.8 billion in direct sales annually, $25.5 billion in economic impact, and support 113,000 jobs throughout New England, New York and New Jersey.
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Contact: Kristie Matuszewski