All three types of loans require collateral, and personal guarantees are almost always required. Your Commercial Lender will be pleased to discuss these programs with you. Because of the tax-free nature of the interest earned on these loans, they are generally available at a favorable interest rate. Commonwealth Business Bankers are familiar with these loans and, if appropriate, will work with you and your Industrial Development Authority to help you achieve your goals. Credit A letter of credit is a Bank's promise to pay, in the event your company defaults on its obligation.
Many suppliers require a letter of credit before a contract can be initiated.
We can help you obtain domestic or international letters of credit. Your Commercial Lender will be pleased to discuss this program with you.