(NC) As Canada’s economy continues to feel the effects of the COVID-19 pandemic, many small and mid-sized businesses face tough decisions about their debt. In particular, farmers find themselves and their business vulnerable to outside factors like drought and disease that are compounded by the effects of a pandemic economy.
Fortunately, the Farm Debt Mediation Service can help. This is a federal program that brings farmers and creditors together with a neutral mediator to reach an agreement that works for everybody. It’s free, voluntary and totally confidential. If you’re a producer who can’t pay or stopped paying your current debt, or who couldn’t cover your debt with the sale of your property, this program is built for you.
As Canada moves forward into the challenges of a changing climate and uncertain future, farmers have an ally and an alternative to costly court battles. Many of the things that can seriously harm a farm’s finances are sudden and unexpected. It’s vital to know your options in advance, so you can get back to your business sooner and more confidently.