Letters of credit
Commercial customers or investors looking for a guaranty of financing from Bank of Akron to pay a third party should they go into default with that creditor (ie: utility companies installing their utility in a new development).
- You will be able to get work completed or receive goods to continue working with the guaranty from the bank will make the payment to that third party
- Letters have automatic renewal clauses or fixed maturity dates
- Letter amounts may be adjusted if required by the third parties
- Line of Credit is signed at issuance of Letter of Credit so that if payment is demanded it can be sent immediately and payments billed to borrower on a monthly payment schedule.