A business standby letter of credit is essentially a guarantee that your business is as good as its word. When you enter into a contract or agreement to pay for or provide goods and services, your clients and partners know they can trust you to follow through or they will be appropriately compensated. Therefore, a business standby letter of credit may give you a competitive edge when you bid for a project or negotiate a deal. When a letter of credit is provided, the recipient pays a commission rate at the time of issuance and then on each annual or other renewal date. As a locally owned bank, Vision Bank offers competitive rates and more flexibility with terms based on your business circumstances and the scope of your letter.