Farming is a tough business. Balancing the books and staying profitable can be challenging, especially during a year with bad weather, a disease outbreak or staffing shortages. Fortunately, there are support services that can help if you’re a farmer who is having trouble with finances or debt.
Farm Debt Mediation Service (FDMS) is a free federal service that offers financial counselling and mediation services. The voluntary, confidential and private service is made for farmers who can’t pay or stopped paying their current debt, or who couldn’t cover that debt with the sale of their property.
One way the service can work is by assigning a financial consultant and a mediator to work with farmers. The consultant will meet with you to better understand your debt and help develop a recovery plan. The mediator will bring you and your creditor(s) together in a neutral space to help find an acceptable repayment agreement, which is a more affordable option than trying to settle financial disputes in court.
If you’re a farmer having a difficult time with your finances, look into how this service might help you return to your regular business sooner and with more confidence. Find out more at agriculture.canada.ca/fdms.
