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Letters of credit
Build confidence in your business
Establish good working relationships with your vendors by guaranteeing to pay them promptly.
A letter of credit helps you build stronger vendor relationships, because it assures your vendors that they’ll get paid in full and on time.
- First, you apply for a Global letter of credit using cash, real estate, or other business assets as collateral.
- Once you’re approved, we draw up an official letter of credit for a specific dollar amount that’s guaranteed to a specific vendor.
- We pay the vendor on your behalf if you need us to.
- You make payments directly to us until the full amount is paid off.
Credit to meet your needs
We offer two types of letters of credit:
- Standby letters of credit serve as a backup and assure your vendors that you can meet your contractual obligations.
- Commercial letters of credit provide a convenient payment method for you and your vendor.
If you’re looking for longer-term financing, we also offer business and commercial loans. If you need flexible, short-term financing, consider a line of credit.
1
Qualify for membership
Call us at 800-525-9094 to see if you qualify for membership.2
Submit your application
Once you collect your required documentation and complete your application, you can submit it in person or by email. Call us at 877-646-6670 if you need assistance.3
Get a decision
After you’re approved, you can set up automatic payments from checking or savings.In most cases, we can give you a decision on a letter of credit in just a few weeks. In some cases, we may need to ask you for more details, which may delay the approval.
Our letter of credit application lists all the information and documentation we need to get started. In some cases, we may ask for additional information after you submit your application.
Payment will only be required in the event the letter of credit is drawn on to pay the vendor. The minimum payment will be calculated based on the terms agreed upon in your promissory note.
No, you don’t have to be a member to apply, but you do need to apply and qualify to become a member if you want to accept the letter of credit. But don’t worry—it’s quick and easy to join Global
Always here when you need us.
Our business professionals are here to help. Get in touch with a member of our team for a complimentary, no-obligation consultation.