Letters of
Credit (L/C)
A Letter of Credit is a commitment, usually by a
bank on behalf of a client (usually a buyer of goods), to pay a
beneficiary (usually a seller of goods) a stated amount of money under
specified conditions. Letters of credit are still commonly used in
international transactions between parties that are unknown to each
other. The L/C ensures the seller payment provided the documents
presented comply with the conditions of the L/C.
For more information about letters of credit:
JP Morgan Chase
http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/smallbusiness/credit_loans/page/bb_trade_finance_options
M&T Bank International Trade Financing is the
website of M&T Bank Corporate Finance division’s international trade
financing. The site offers links and contacts related to trade financing
and services, including letters of credit.
http://mandtbank.com/corporate/internat.cfm
HSBC trade services website, which offers links to
export and import services, including insurance.
http://www.us.hsbc.com/1/2/3/business/other/trade-services
Export Credit
Insurance
Export credit insurance protects against foreign
buyer default due to political and commercial risks. This insurance
allows a company to eliminate non-payment risk, increase cash flow and
borrowing, and increase sales by offering credit terms to foreign
buyers. More information about export credit insurance can be through
the following agencies:
The International Division of the ECIDA Erie County
Industrial Development Agency (ECIDA) brokers both private-sector
insurance as well as insurance through the Export-Import Bank of the
United States.
http://www.ecidany.com/international_trade.asp
M&T Bank International Trade Financing is the
website of M&T Bank Corporate Finance division’s international trade
financing. This site offers links and contacts related to trade
financing and services, including export insurance.
http://www.mandtbank.com/corporate/internat.cfm#prod
HSBC trade services website, which offers links to
export and import services, including insurance.
http://www.us.hsbc.com/1/2/3/business/other/trade-services
Private
Export/Import Lenders
Financing is available to qualified companies to
aid in the development of international projects.
For more information about financing international
projects or to contact international lending partners refer to the
following links:
Erie County Industrial Development Agency –
International Division (ECIDA)
http://www.ecidany.com/international_trade.asp
275 Oak Street
Buffalo, New York 14203
Phone: 716.856.6525 x111
Fax: 716.856.6754
ECIDA has the products, professional contacts and
expertise to reduce risk for any Western New York company doing business
overseas. The ECIDA is the only agency in the country that is an
approved Export-Import Bank (Ex-Im Bank) broker and Delegated Authority
Lender.
U.S. Small Business Administration (SBA) – Special
Purpose Loans offers a number of different financing options for
exporters.
http://www.sba.gov/financing/loanprog/ewcp.html
U.S.DOC Export Finance Matchmaker was created to
assist U.S. exporters and buyers of U.S. products and services find the
financial resources which best meet their individual needs. There is no
cost to the exporter to use this matching program.
http://web.ita.doc.gov/efm/efm.nsf
M&T Bank International Trade Financing is the
website of M&T Bank Corporate Finance division’s international trade
financing. The site offers links and contacts related to trade financing
and services, including export insurance and letters of credit.
http://www.mandtbank.com/corporate/internat.cfm#prod
HSBC trade services website, which offers links to
export and import services, including insurance.
http://www.us.hsbc.com/1/2/3/business/other/trade-services
Exchange
Rate Calculator
International exchange rates can be volatile.
Careful management of exchange rate risk should be undertaken by any
firm engaged in international business.
Exchange calculator
http://www.xe.com/ucc/ |
