Import Letter of Credit

• To simplify the process of ordering goods from overseas
• To guarantee and demonstrate your ability to meet your contractual obligations to a third party
• Assurance that your supplier has complied with his part of the agreement
• To avoid down payments or advance payments as payment is deferred until shipment occurs

Once an ILC has been issued the bank has committed itself to pay out in case of a claim from the beneficiary. As such it is considered a credit instrument and the same requirements apply as with loans and overdraft facilities.

Your Corporate Account Manager will explain what information to submit in your specific case.

• Please see below a checklist of the most commonly requested documents:
• Bank references certifying good credit standing and reputation
• Recent financial statements (minimum 3 years)
• Cash flow projections per project phase
• An investment budget
• Fair amount of own contribution to equity
• Copy of construction offers
• Appraisal reports of collateral required
• A recent list of stock
• Recent list of accounts receivable
• Other as per checklist under Tab ‘General’*

*Depending on which is applicable in your specific case.