BUSINESS BANKING - Loans - Standby Letter of Credit

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BUSINESS BANKING - Loans - Standby Letter of Credit

Standby Letter of Credit - A Standby Letter of Credit can be just the tool needed to help a business finalize an important project.

    Normal Uses:     Support bonding and project completion.

    Terms:     Established on a 12-month basis and are renewable on an annual basis.

    Rates:     Floating.

    Fee:     1-2% with a minimum fee of $500.

    Collateral:     Typically cash secured.

    Support:     Personal guarantees are generally required.

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Oxford, MI 48371
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