WINNIPEG, MAN. – The Government of Manitoba has provided a $50 million loan to NFI Group to mitigate supply-chain and inflationary challenges.
“NFI Group is the largest bus manufacturer in North America with the most technologically advanced zero-emission buses in the industry,” said Premier Heather Stefanson in a news release.
“This repayable loan is a strategic investment to help capitalize on economic growth opportunities in manufacturing and to help maintain jobs as NFI Group recovers from global supply-chain disruption and benefits from record investments in public transit,” she said.
The loan will be at commercial rates with a 12-month repayment expectation and the possibility of a 24-month extension. NFI has also secured a non-binding commitment for a US$150 million commercial loan through Export Development Canada, according to the release.