The COVID-19 has created a great adverse effect on the global trade market. Almost all commodities faced a shortage of demand due to the delay in the supply & delivery of goods, due to curfews and restrictions. But even in these crises, China’s export volume of garlic has reached 2.232 million tons worldwide and the demand for garlic specifically in Brazil has been doubled. This time, to meet the garlic demand, the Brazilian buyer decided to import garlic from China using SBLC Finance. In the meantime, watch the video or read the blog to know our recent collaboration with a Brazilian Client in regards to their SBLC issuance.
So, what is Standby LC? It’s a bank-issued written undertaking that assures the seller that the buyer will make the payment without any default within the credit period. Also, it states, in case of any default by the buyer; the bank will meet the payment terms as agreed by the buyer. Hence, it gives the required payment assurance to the supplier; in turn, it paves the way for the buyers to purchase goods on a credit basis. In fact, having SBLC MT760 shows your credibility in doing trade; also assures your ability in paying the seller on time.
When a Brazilian buyer decided to import garlic from China; they don’t have enough cash funds in their hand. So, they look for the option to import garlic on a credit basis. But the seller asked for a payment guarantee to assure the payment; after the supply of goods. So, the buyer thought to use SBLC MT760, as it gives the required payment assurance to the seller. Via Google Search, the buyer contacted us with their SBLC request.
Once we received the SBLC request from the buyer, we studied their trade deal; also, given them a FREE quote which includes our SBLC process; also the charges required for issuing SBLC. Since the client felt comfortable with our process and charges; they visited our office to sign the service agreement. Also, on the same day, they paid the admin charges.
Now, Bronze Wing Trading is in the process of structuring the client’s garlic deal. As a result, as promised, we will issue the required MT760 from our bank account in favor of the Chinese seller.
Are you looking to import goods from your local or global vendor? Are you facing a lack of cash funds to pay your seller instantly? No worries…! Provide a Standby LC in favor of your seller, and start importing goods on a credit basis.
To get SBLC Finance from rated banks at ZERO Cash Margin, contact us today!