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When I was a banker, David’s construction company needed a line of credit. His business was risky so we required him to deposit all customer checks against his loan balance. When he needed money we used his line of credit to cover his checks.
Unfortunately, David violated our agreement, and our trust, and kept many of his customer’s checks. This put the bank at risk.
David was shocked when I contacted each of his customers directing them to send all future checks to the bank. He learned the hard way the control a lender has over a borrower.
Proverbs 22:7 teaches, “The rich rule over the poor, and the borrower is slave to the lender.”
If you use debt in your business, understand that you are at the mercy of the lender.
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