Letter of Credit

Let third parties know Cornerstone Community Bank is supporting your project with a letter of credit — giving you the validation necessary to build new business relationships.

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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
  • Fee is based on face value amount
  • Interest accrues only if we must make payment to beneficiary on your behalf
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