A standby letter of credit is given to guarantee payment to a third party. Standby letters of credit are created as a sign of good faith in business transactions - the line of credit acts as a reference, since it guarantees the third party payment.
Features of a Standby Letter of Credit
- Variable rate only - tied to Wall Street Journal Prime
Apply in person at any of our convenient locations in the Saint Paul & the surrounding Twin Cities area.
Contact us for current rates.