Letters of Credit

Get the validation necessary to build new business relationships through Sonabank. A letter of credit is perfect for scenarios when you're embarking upon new large-scale or international business relations. Let third parties know we're supporting your project, and start off on the right foot with a foundation of trust and respect.

Details
  • Provides guarantee on payments of large purchases to third parties
  • Can replace need for costly insurance company performance bond
  • Can also be used to guarantee a service
  • Typically issued for 1-year term or less
  • Terms easily renewed
  • Interest accrues only if we must make payment to beneficiary on your behalf