A Success Story – A Saskatchewan based farmer faced significant challenges!
After the rent for 3,000 acres increased by 116%, forced a reduction in acreage, plus a drought, compounded in further loss. In response a decision was made to shift from a cow/calf operation to a cash crop operation.
However, during this transition, the farmer breached the covenants set by the bank, which then called in the loan. The farmer needed a new lender to support them through the transition, allowing for a restructure and the sale of equipment to position themselves to service the debt.
With the restructuring now complete, the farmer requires 1-2 years of stable performance at the current debt level to return to conventional lending.
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