Standby Letters of Credit

Credit Solutions > Standby Letters of Credit

Standby letters of credit are often used with or in lieu of bid bonds, performance or warranty bonds, or as assurance of down payment refund, loan repayment or payment for open-account purchases. First Bank Financial Centre may guarantee payment and performance on your behalf with a Standby Letter of Credit. 

  • Supports business contracts and purchase agreements
  • Often used as a substitute for collateral
  • Ensures your creditworthiness to vendors
  • Drawn upon only if a company does not meet its obligations