Letters of Credit
For more than 150 years, the team at JVB has striven to deliver an excellent banking experience for every business customer we serve. What does this look like? We start with friendly customer assistance, the kind of personalized service you rarely find outside of small towns and local businesses. Then we listen to make sure we understand a customer’s financial situation and banking needs. From there, we collaborate with you to identify the financial products that will best address your current situation, and help you reach your next financial goal. For certain business transactions that require them, JVB provides Letters of Credit. A Letter of Credit provides assurance to a seller that the purchaser has the backing of the bank and the seller can proceed with the transaction.
JVB commonly issues the following types of Letters of Credit:
- Commercial Letter of Credit: Also known as a documentary credit, this type of letter of credit is often used for international transactions. It guarantees payment by the bank to the seller as long as appropriate documentation is presented.
- Standby Letter of Credit: This type of letter of credit acts more like insurance than a payment itself. As the name suggests, the bank is the “standby” option for payment if something doesn’t happen as promised and the payee can prove it.
Is my company eligible for a letter of credit?
Before applying for a bank letter of credit, you will need to obtain a formal written request from the beneficiary detailing the terms and conditions that you have agreed upon for the letter of credit. A JVB relationship manager will be happy to review your request and guide you through the approval process.
Why choose JVB for a Letter of Credit?
JVB has been in community banking for over 150 years and is committed to helping local businesses succeed. We are right here in your back yard, and we have the experience, resources, and flexibility to create a letter of credit with terms to meet your needs. All decision-making happens locally and we use our local commercial expertise to create financing products that are tailor-made for local companies in Central and Northern Pennsylvania.
Use our easy Business Contact Request form to schedule a free consultation, and one of our business lending experts will contact you at a time and place convenient for you.
For phone calls to JVB about letters of credit we recommend requesting to speak with a member of our business lending team when you call JVB Customer Care at 1-855-582-5101.
Local branch phone numbers are on our Locations page. We are close by in the following communities: State College, Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, and Port Allegany on Main Street and West Mill Street. Visit us today to learn more about letters of credit and how to start the application process.