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SD | Seed Farmer, just be careful in which bank you decide to do business with. Make sure they have a good background and history of good relations with producers. Once you take out an OL of credit with a lender they can call it and order you to pay it in full whenever they want, so just keep that in mind. You will want to have the financial capacity to pay off the OL at any point in time. Typically, they will call it before planting season as to put you in a tight spot.
Bottom line... be careful and good luck with your endeavor! | |
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Line of credit limits
