Posted by GarrettFields on February 15, 2014 at 17:05:03 from (173.191.67.218):
In Reply to: line of credit posted by dmiller on February 15, 2014 at 16:04:00:
When I expanded (went from 10 acres to 60 nothing huge) I didnt want to have all my money tied up till harvest so I started checking around. I ended up with a small line of credit at the local co-op(southern states) thats due every month, and a 60K line of credit from JD Financial that that comes due dec31st. The Southern States line i use for little stuff, bar oil, chains, hitch pins etc. I use the JD line for fert, seed, and chemical. The interest rate for both is 3.5 or 3.75%. I like the JD deal because you dont have a monthly payment, just pay it off in DEC after you have your money. 60k was the cutoff for the simple application anything over that its pretty drawn out. This months Progressive Farmer has a Farm Credit add touting 2.99% operating loans. I have never dealt with Farm Credit but it might be worth checking out. One more thing, when I first started I had no idea that you could pre-pay your inputs. If you have this option i would highly recomend it , there's a tremendous savings to be had, and it hedges you from supply shortages. Not having your money tied up all summer in case you run into something you cant live without is just a added bonus.
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