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Standby Letter of Credit

Let us help you ensure your business transactions go exactly as planned
Contact a Business Banker

Reduce your risk when buying or selling merchandise around the world by guaranteeing that payments will be made after specified terms and conditions are met. A letter of credit is issued to business owners who want the assurance that transactions will take place as they have planned, especially when dealing with suppliers or vendors from outside the United States.


What’s in it for you:

  • Reduce the risk of buying and selling products-especially internationally
  • Disbursement made one-time, for the full or partial amount
  • Flexible and easy to meet one-time or unusual credit needs
  • Terms are normally one year or less and may be annually renewed
  • Collateral includes accounts receivable, business assets, equipment, real estate, cash and equivalents, and personal guaranty
  • Payable on demand in the event of a draw on the letter of credit
  • Conditional assurance of prompt payment for shipped goods and protection against buyers rejection of your shopped merchandise

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Contact a Business Banker

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FAQs

We offer business loans. Please call one of our Business Loan Officers at an office near you.

Find a North Shore Bank office, ATM or loan center near you.

View our Business Account Opening Checklist to find out what you'll need to provide prior to opening a Business Banking account.

North Shore Bank offers a Business Debit Card Reward program and when a Business signs up for the Easy Savings program, you will receive an automatic rebate posted to your card’s account when you use your North Shore Bank Debit Mastercard at any of the participating merchants.

The Corporate Transparency Act requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Learn more.

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