A letter of credit (LC), also known as a Documentary Credit Letter or (DCL) or Bankers Commercial Credit, or a Letter of Undertaking (LOU), are business financing products that provide a secure payment mechanism used in international trade, to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used for the most part in the financing of international trade, where the reliability of all of the parties involved cannot be readily and easily guaranteed. The purpose of a Letter of Credit is to introduce a bank as an underwriter, where that bank will assume the credit risk of the buyer paying the seller for goods.Does your business export or import goods? Letters of Credit can facilitate or guarantee payment in domestic and international transactions. Troy Business Group provides access to this business financing product.
FOR YEARS TROY GROUP HAS HELPED OVER 1,000 BUSINESSES GROW AND FUNDED OVER $250,000,000.