How To Find Genuine BG/SBLC Providers

How To Find Genuine BG/SBLC Providers

Do you want to know how to Find Genuine BG/SBLC Providers? 

Well you are not alone.

We recently conducted a research and discovered that so many people, especially commodity traders, importers and exporters are searching for ways to find Genuine Bank Instruments Providers such as Genuine BG/SBLC Providers and genuine bank guarantee providers. 

This is so because the financial instruments industry is largely dominated by fakes and misinformation, and many customers have lost money to scammers and uninformed brokers. So these days people don’t know who to trust or who to run to, because like I already said, there are so many scammers in the bank instrument industry? 

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In previous articles I mentioned how challenging it can be to find Genuine Bank Instruments (SBLC/BG) providers. Therefore, I highly recommend you to read this exclusive article on How To Spot Fake BG Provider and Fake SBLC Provider: https://grandcityinvestment.com/how-to-spot-fake-bg-provider-and-fake-sblc-provider/ 
 

It is important to note that banks do not advertise SBLC issuance and monetization as part of their everyday banking products. Standby Letters of Credit (SBLC) are provided by high net worth clients with a large cash holding in a bank account. These high net worth clients usually have investment portfolios which include private equity, pension funds, hedge funds etc.

So if you are looking for Standby Letter OF Credit (SBLC) or Bank Guarantee (BG) for trade finance, commodity trading, import or export transactions, buying and selling of goods etc, please ensure that you use reputable Financial Services Provider with decades of experience like Grand City Investment Limited. The benefits of dealing with a government licensed financial services provider is that you have peace of mind knowing that you surely would be getting the instruments (BG/SBLC) as promised.

Having said that, lets get to know what SBLC is, the different types of SBLC, its advantages and what SBLC is used for. 

What is a Standby Letter of Credit (SBLC / SLOC)? 

A Standby Letter of Credit (SBLC / SLOC) is a guarantee that is made by a bank on behalf of a client, which ensures payment will be made even if their client cannot fulfill the payment.

SBLC or SLOC can also be defined as a legal document that guarantees a bank’s commitment of payment to a seller in the event that the buyer–or the bank’s client–defaults on the agreement. It is a payment of last resort from the bank, and ideally, is never meant to be used. 

SBLC / SLOC helps facilitate international trade between companies that don’t know each other and have different laws and regulations. Although the buyer is certain to receive the goods and the seller certain to receive payment, a SBLC/SLOC doesn’t guarantee the buyer will be happy with the goods.

Types of Standby Letter of Credit (SBLC/SLOC)

Financial standby LOC: An exporter sells goods to a foreign buyer, who promises to pay within 60 days. If the payment never arrives (and the exporter required the buyer to use a standby letter of credit) the exporter can collect payment from the importer’s bank. Before issuing the letter of credit, the bank typically evaluates the importer’s credit and determines that the importer will repay the bank. But if the customer’s credit is in question, banks may require collateral (or funds on deposit) for approval.

Performance standby LOC: A contractor agrees to complete a construction project within a certain timeframe. When the deadline arrives, the project is not complete. With a standby letter of credit in place, the contractor’s customer can demand payment from the contractor’s bank. That payment functions as a penalty to encourage on-time completion, funding to bring in another contractor to take over mid-project, or compensation for the headaches of dealing with problems. This is an example of a “performance standby letter of credit, and a failure to perform triggers the payment.

Advantages of a Standby Letter of Credit (SBLC / SLOC)

An SBLC helps ensure that the buyer will receive the goods or service that’s outlined in the document. For example, if a contract calls for the construction of a building and the builder fails to deliver, the client presents the SLOC to the bank to be made whole. Another advantage when involved in global trade, a buyer has an increased certainty that the goods will be delivered from the seller.

Also, small businesses can have difficulty competing against bigger and better-known rivals. An SBLC can add credibility to its bid for a project and can often times help avoid an upfront payment to the seller. The SBLC / SLOC is often seen in contracts involving international trade, which tend to involve a large commitment of money and have added risks.

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What Is The Difference Between Letter of Credit (LC/DLC) and Standby Letter of Credit (SBLC). 


letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, where the reliability of contracting parties cannot be readily and easily determined. Its economic effect is to introduce a bank as an underwriter, where it assumes the counterparty risk of the buyer paying the seller for goods

The major difference: The ‘Letter of Credit’ and the ‘StandBy Letter of Credit’ are two legal bank documents that are used by international traders. Both these letters are used to ensure the financial safety between the supplier and their buyers. And, SBLC is a type of LC that is used when there is a contingent upon the performance of the buyer and this letter is available with the seller to prove the buyer’s non-performance during the sale.

LC and SBLC are the two financial instruments that are meant to safeguard the financial interests of the international traders i.e. buyers and sellers. It simply means that both these terms are widely useful while making transactions between the two trading parties. These help in giving financial security to both the parties. Also, these contracts are produced in good faith and in both the cases the fund gets mobilized.

SBLC / SLOC Process: 

Standby letter of credit process is similar to that of obtaining a commercial loan, with a few key differences.

As with any business loan, you will need to provide proof of your creditworthiness to the bank or SBLC provider. However, the SBLC/SLOC approval process is much quicker, with letters often being issued within a week of all paperwork being submitted.

There are many aspects that a bank or SBLC provider will take into consideration when applying for a Standby Letter of Credit, however, the main part will be whether the amount that is being guaranteed can be repaid. Essentially, it is an insurance mechanism to the company that is being contracted with.

As it is insurance, there may be collateral that is needed in order to protect the bank in a default scenario – this may be with cash or assets such as property. The level of collateral required by the bank and by the size of the SBLC will largely depend on the risk involved, and the strength of the business.

 

How to Obtain a Standby Letter of Credit (SBLC / SLOC)

Grand City Investment Limited is the world’s leading, most reliable and most trustworthy Standby Letter of Credit (SBLC) provider with over 38 years of unrivaled history of trust and credibility.  All our bank instruments (BG/SBLC/SLOC) are issued from top banks such as HSBC Hong Kong, Barclays Bank London, Standard Chartered Bank or any AAA rated bank of choice.

        About Leasing SLOC/SBLC:
  1. Verbiage: ICC 458/758 or latest format
  2. Delivery: MT799, 760, & Hard Copy
  3. Fee Payment: 4% + 2%
  4. Payment of transmission fee within 3 days after signing DOA.
  5. Payment of Leasing Fee & Commission: Within 21 days after receiving BG/SBLC

SLOC/SBLC Procedures:

    1. Deed of Agreement (DOA) signing by both parties

    2. Lessor issue invoice & Notarized “Corporate Refund Recourse Undertaking” for Lessee to pay bank transmission fee

    3. Lessee will send “Bank transmission charges” (* Within 3 days after receiving invoice)

    4. Lessor delivers “MT799/760 & Hardcopy”

    5. Lessee pays “Leasing Fee & Commission(* 2%)” (* Within 21 days)


Description of Instruments:
1. Instrument:                Fully Cash Backed Bank Guarantee {BG} / StandBy Letter of Credit {SBLC} (ICC 458/758 format)
2. Total Face Value:       Eur/USD 1Million (Min) to Eur/USD 50 Billion (Max)
3. Issuing Bank:            HSBC London/Hong Kong, Barclays Bank London, Citibank New York, Deutsche Bank Germany or any AAA Rated Bank.
4. Age:                         One Year and  One Day (with rolls and extensions where applicable)
5. Leasing Price:           4% of Face Value plus 2% brokers commission (Applicable only if there are brokers in the transaction)
6. Delivery:                    SWIFT MT-760
7. Payment:                  MT103  Wire Transfer
8. Hard Copy:                Bonded Courier within 7 banking days.
9. Bank Transmission Fee: DEPENDS ON THE FACE VALUE OF THE INSTRUMENT.

As top sblc providers, our sblc are cash backed and can be used to obtain loan or financing from banks, Monetization and Private Placement Programs (PPP). They also can be used as collateral against a loan or credit line to secure Funding for Projects.

We also provide Business Loans, SME Loans, recourse Loans, Non Recourse Loans, Letter of Credit, Bank Guarantee, Performance Guarantee Bond, Tender Bond Guarantee, Advance Payment Guarantee etc.

 

If you are looking for genuine BG/SBLC providers that deliver with speed and precision, kindly send an email to: apply@grandcityinvestment.com

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