Letters of Credit

A letter of credit is a guarantee from your bank that other companies you do business with will receive the goods or services you promised. Letters of credit are frequently used in international trade deals.

Applying for a letter of credit is similar to the process of applying for a business loan. There is an application fee based on the amount of the guarantee. However, interest only accrues if payment is made to the beneficiary of your letter of credit. As long as the transaction goes through as planned, you won’t have to pay anything beyond the application fee. The letter of credit gives your business partners more confidence in your ability to follow through on the deal. 

West Shore Bank has been Making a Difference Since 1898. For over a century, West Shore Bank has remained committed to helping the people and businesses along the lakeshore to improve their financial well-being. Visit one of our ten Michigan locations in Ludington, Muskegon, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.

Inquire now for a business letter of credit from the local bank that works hard to support your business!