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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.

Stop by or call our Finance Center for more information.

Finance Center
64 S. Washington Street
Oxford, MI 48371
248-693-7473 phone

Business Banking Resources

Learn the Basics of Credit Reports and Scoring