Letters of Credit
You have dreams for your business. Whether they're big or small, you deserve the chance to make your dreams come true. With a Letter of Credit, Machias Savings Bank has your back so you can keep turning dreams into reality. That's our promise to you.
- Guarantee of payment where the bank promises to pay a third party if requested or required
- Bank's backing allows you to transact business with a third party requiring guarantee of payment
- Can be used for bonding purposes
- Costs less than some insurance bonds
- Is normally irrevocable for the term
- No interest paid if not used
- Can be used for construction projects or snow plow contracts
Our Business Banking professionals provide personalized service and expert advice, matching your business needs to the right products and services. Contact one of our Business Bankers today to learn more about our customized products, services, and solutions for your business!