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What is a Standby LC & How to Apply?

standby-lc

Standby Letter of Credit – Definition

A Standby LC is a payment given by a bank on behalf of their client. It often referred to as a loan of last resort. That means the bank fulfills the obligations at the end of the contract, only if the client defaults.

Standby Letters of Credit shows the proof of the buyer’s ability to do trade and affirms their repayment abilities. Also, Standby LC gives assurance to the supplier that they will get their payment, it doesn’t matter whether the buyer declares bankruptcy or company closes down, or unable to make the payment for the received goods/services.

So, are you the one looking to avail Standby LC to conclude your deal? But don’t know where to get started? Being SBLC providers, we can support your import and export business by providing Standby Letters of Credit MT760 on behalf of the buyer and in favor of the supplier.

Standby LC Process

You may find 1000s’ of trade finance companies out there. But what makes us stand out from the rest is – we can provide Standby LC on your company’s behalf without obtaining any cash collateral.

Do you require SBLC to conclude your international trade transaction? Get started with the following steps to avail SBLC MT760 from Bronze Wing Trading L.L.C.

Steps to Avail Standby LC

  • Submit your trade finance requirements to us by providing the SPA contract or the proforma invoice of your deal.
  • And then, our team will analyze the deal between you and your supplier. And will let you know whether your request is approved or not.
  • Further, if approved, we will sign a service agreement with you. And also, ask you to pay the admin fee charges.
  • Then, after signing the service agreement and admin charges paid, we will start working on your transaction.
  • Accordingly, we will structure the SBLC based on your trade deal and will provide you the SBLC draft for your review and approval. Also, we will ask you to pay the SBLC issuance fee.
  • Once you approved the SBLC draft, we will also ask you to provide a few related documents & pay the issuance fee charges to proceed further. Further, once we receive the SBLC issuance fee charges and the requested documents, we will forward the SBLC request to our bank.
  • We send an SBLC request to our bank on behalf of your company. And will instruct them to issue a Standby Letter of Credit to your supplier’s bank via authenticated Swift MT760.

Being an SBLC Providers, we will help you by facilitating the required SBLC MT760 within 48 working hours. Contact us today to avail SBLC on behalf of your company from rated banks!

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