Letters of Credit
When it comes to embarking on new business deals, who better to vouch for you than a bank in which you have an established relationship? Rather than look to an insurance company to provide the validation you need, a Letter of Credit from STC Capital Bank should do the trick.
A Letter of Credit provides guarantee on large purchases, especially helpful when embarking upon new business relationships. Start and stay on the right foot; STC can help.
- Competitively low, variable rates
- Provides guarantee on payments of large purchases or contractual agreements to third parties
- Helpful when embarking upon new business relationships
- Can also be used to guarantee a service
- Terms ranging from 3 months to 2 years
- No principal balance exists unless payment is required under the terms and conditions of the letter
- Repayment is due in full if drawn upon
- $10,000 minimum loan amount
- $1,000,000 maximum loan amount
- Can replace need for insurance company performance bond
- Fee is based on face value amount
- Interest accrues only if beneficiary requests an advance
- Friendly, experienced service from start to finish