18 May What is StandBy Letter of Credit (SBLC)?
What Is a Standby Letter of Credit (SLOC)?
What is StandBy Letter of Credit (SBLC)?-Grand City Investment Limited
How a Standby Letter of Credit Works
A SLOC is most often sought by a business to help it obtain a contract. The contract is a “standby” agreement because the bank will have to pay only in a worst-case scenario. Although an SBLC guarantees payment to a seller, the agreement must be followed exactly. For example, a delay in shipping or a misspelling a company’s name can lead to the bank refusing to make the payment.There are two main types of standby letters of credit:A financial SLOC guarantees payment for goods or services as specified by an agreement. An oil refining company, for example, might arrange for such a letter to reassure a seller of crude oil that it can pay for a huge delivery of crude oil.
- The performance SLOC, which is less common, guarantees that the client will complete the project outlined in a contract. The bank agrees to reimburse the third party in the event that its client fails to complete the project.
The procedure for obtaining a SLOC is similar to an application for a loan. The bank issues it only after appraising the creditworthiness of the applicant.
Please be informed that StandBy Letter of Credit (SBLC) is different from a Bank Guarantee (BG). Read about bank guarantees here: https://grandcityinvestment.com/what-is-bank-guarantee/
Grand City Investment Limited is a Standby Letter of Credit (SBLC) Provider. We also provide Business Loans, SME Loans, International Project Financing, recourse Loans, Non Recourse Loans, Letter of Credit, Standby Letter of Credit, Bank Guarantee, Performance Guarantee Bond, Tender Bond Guarantee, Advance Payment Guarantee, Bank Comfort Letter etc…
These bank instruments are issued from prime banks such as HSBC Hong Kong, Barclays Bank London, Standard Chattered Bank or any AAA rated bank of your choice.
Our BG and SBLC are cash backed and can be used for Discounting, Monetization and Private Placement Programs (PPP). They also can be used as collateral against a loan or credit line to secure Funding for Projects.
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How Can I Get StandBy Letter of Credit (SBLC)?
Grand City Investment Limited is a StandBy Letter of Credit (SBLC) provider at 4% leasing fee per year. We are also direct providers of business loans, international project funding, Bank Guarantees, Letter of Credit (LC/DLC), BG, SBLC, Lease BG etc.
All our bank instruments are issued from prime banks such as HSBC Hong Kong, Barclays Bank London, Standard Chattered Bank or any AAA rated bank of your choice.
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Our bank instruments are cash backed and can be used for Discounting, Monetization and Private Placement Programs (PPP). They also can be used as collateral against a loan or credit line to secure Funding for Projects.
Bank Instrument Description:
1. Bank Instrument Type: Cash Backed StandBy Letter of Credit (SBLC)?
2. Face Value: USD 1 Million (Minimum) to USD 5 Billion (Maximum)
3. Issuing Bank: Barclays Bank London, HSBC Hong Kong, Citibank New York, Deutsch Bank Germany or any prime 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 Swift Wire Transfer
8. Hard Copy: Bank Bonded Courier within 7 banking days.If you need more information about this or any other financial instrument please do not hesitate to contact us using the contact us button on the contact page or just shoot us an email at: apply@grandcityinvestment.com
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