Navigating Financial Challenges: Options for Farmers Facing Economic Struggles
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Navigating Financial Challenges: Options for Farmers Facing Economic Struggles
Farming has always been a business of cycles – good years and tough ones. If you’re facing financial challenges due to lower yields, declining market prices, or high debt payments, know that you’re not alone. The most important thing you can do is reach out to your lender as soon as possible. We’re here to help you find a solution that keeps your operation on track for the long haul.
Understanding the Challenge
Several factors might have contributed to financial strain this year:
Lower yields due to weather
Lower market prices impacting your cash flow
Too much debt to service
Increased payments due to interest rate reset
Asset purchases made for tax purposes that now create cash flow concerns
Cash rent that doesn’t match profitability of the farm
If any of these sound familiar, taking action sooner rather than later is crucial. Waiting too long can limit
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