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Standby Letter of Credit
Let us help you make sure business transactions go exactly as planned.
Reduce your risk when buying or selling merchandise around the world by guaranteeing that payments will be made when specified conditions are met.
- Reduce the risk of buying and selling products-especially internationally.
- Tie payments to specific, pre-determined terms and conditions.
Who it’s for:
A letter of credit is issued by North Shore Bank to business owners who want the assurance that transactions will take place as they have planned, especially when dealing with suppliers or vendors from outside the U.S.
Features:
- Disbursement made one-time, for the full or partial amount.
- Flexible and easy to meet one-time or unusual credit needs.
- Terms are normally one year or less.
- May be annually renewed.
Benefits:
- Common reasons for a letter of credit includes inventory purchases, to provide "insurance" to vendors, and to provide guaranty to municipalities for work performance.
- Typical collateral includes accounts receivable, business assets, equipment, real estate, cash and equivalents, and personal guaranty.
- Payable on demand in the event of a draw on the letter of credit.
- Greater assurance of receiving the right number of products at the right location and time.
- Conditional assurance of prompt payment for shipped goods.
- Conditional protection against buyers rejection of your shopped merchandise.
- Increased probability of timely payments in transactions.
Apply online now.
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