How to get a Standby Letter of Credit (SBLC, LC)

How to Obtain a Standby Letter of Credit

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Obtaining a standby letter of credit is similar to obtaining a commercial loan, though with a few key differences. As with any business loan, you will need to provide proof of your creditworthiness to the bank…

Unlike a loan, the process for approval for a SBLC is much quicker, with letters often being issued within a week of all paperwork being submitted. Also unlike traditional loans, the bank will require a fee of between one and ten percent of the SBLC amount before issuing the letter. This fee is usually charged per year that the letter of credit is in effect. If the terms of the contract are fulfilled early, you can cancel the SBLC and not incur additional charges.

For small business owners, the standby letter of credit can be a powerful tool for establishing trust with suppliers and vendors. Obtaining an SBLC is proof that you and your company have good credit, and can put many suppliers at ease about providing you favorable financing terms. Furnishing a financial SBLC can often allow you to negotiate payment and financing terms with suppliers from a position of strength in order to get the best interest rates and payment schedule, while maintaining a good relationship with your suppliers.

If you provide services, on the other hand, offering to furnish performance standby letters of credit can be extremely useful to helping your business secure large contracts. Putting your clients at ease by being willing to guarantee your work financially can overcome many of the objections business owners face in the selling process.

BROKERS: Brokers are the life blood of our business and as a result we respect them, value them and appreciate them. So new brokers are welcomed, appreciated and compensated with good commission. Here are a few of the many benefits of being a MING FONG FINANCE COMPANY LIMITED broker:

 

Ming Fong Finance Company Bank Guarantee, BG, Standby Letter of Credit, SBLC, DLC, Lease BG, Direct SBLC Providers

 

  • Professional Broker Support
  • Healthy Commissions Paid on every Deal
  • Be Direct to the client, NOT in a Broker Chains!
  • Earn between 1% to 2% Commission on Every Deal
  • Brokers are 100% Protected Against Possible Circumvention.
  • Wide Range of Financial Instruments, Bank Guarantee Programs and Client Funding and Monetization Services
  • If you are interested to become our broker or company representative, kindly send us your resume via email for more information.

Email: fong@mingfongfinance.biz  |  mingfongfinance@protonmail.com
Telephone: +852 817 53571
Skype:  mingfongfinance

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