1. Corporate
  2. Lending
  3. Import Letter of Credit

Import Letter of Credit

An Import Letter of Credit (ILC) is another tool that simplifies the process of buying products overseas. 

  • Doesn't tie up your cash flow – payment of goods is deferred until they are actually shipped
  • Helps your business establish credibility and financial integrity
  • Allows you to find international suppliers willing to do business with you
 

Benefits

  • Develop solid relationships
  • Defers payments of goods until shipped
  • Simplify the process
  • To simplify the process of ordering goods from overseas
  • To guarantee and demonstrate your ability to meet your contractual obligations to a third party
  • Assurance that your supplier has complied with his part of the agreement
  • To avoid down payments or advance payments as payment is deferred until shipment occurs

Once an ILC has been issued the bank has committed itself to pay out in case of a claim from the beneficiary.  As such it is considered a credit instrument and the same requirements apply as with loans and overdraft facilities.

Your Corporate Account Manager will explain what information to submit in your specific case.

  • Please see below a checklist of the most commonly requested documents:
  • Bank references certifying good credit standing and reputation
  • Recent financial statements (minimum 3 years)
  • Cash flow projections per project phase
  • An investment budget
  • Fair amount of own contribution to equity
  • Copy of construction offers
  • Appraisal reports of collateral required
  • A recent list of stock
  • Recent list of accounts receivable
  • Other as per checklist under Tab ‘General’*

*Depending on which is applicable in your specific case.

Sales & Customer Support

Account and service information are just a phone call away.
During business hours (8:00am to 4:30pm AST):
Aruba Bank Contact Center: (+297) 527-7777
 
For questions regarding the product features and to apply, please call:
Aruba Bank Corporate Account Manager: (+297) 527-7774

Useful Tips

Get our Aruba Bank App® and check your balance or make transfers on-the-go.

Do you have questions?

Contact our Contact Center during office hours and extended hours at (297)527 7777.

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