A state cabinet secretary spent time in the Northwoods last week learning about the forest products industry because he says financial institutions here are very involved in the industry.
Department of Financial Institutions Secretary Jay Risch and others were at Enterprise Wood Products and into the woods during their stay. Risch says that department regulates the banking industry and wanted to see first-hand what is happening...
"....lending to forest products, timber producers, is a big chunk of banks portfolios, especially the farther north you go in Wisconsin. I wanted to get a first hand look at what's happening in this important sector of Wisconsin's economy. Forest products and the timber economy directly employs 64,000 Wisconsinites. I wanted to get a first-hand look at it...."
Risch says he was surprised at the level of knowledge needed to operate the modern forest technology machines, stopping in Shawano, Antigo and Wausau...
"....operators of that type of machine, like the guys at Enterprise Forest Products in Rhinelander..you have to be really skilled to operate one of these. I also saw some great, impressive tech at Kretz Lumber....they're doing some impressive stuff at North Central Technical College's Wood Technology and Science lab. I got a full stem-to-stern look at the forest products gamut...."
Risch says the banks and credit unions in the state are strong but he says that can't happen unless businesses and consumers are going well and he says that is the case.