Build a foundation based on trust and respect with a letter of credit backed by First Citizens Community Bank.
Key Features
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Local Processing
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Quick Decisions
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
All loans subject to credit approval.