Big projects and supply jobs usually require guarantees. A guarantee is a unilateral contract in which the bank (guarantor) undertakes to make a payment to a specified beneficiary within certain limits of a stated sum of money when the third party (contractor/supplier) fails to perform an obligation as per the terms of the contract.
Sumac Trade Finance is tailored to help our customers to facilitate various project and business transactions that may require bonds, LPOs, Import finance and temporary overdrafts.
Normally, such products would be for up to 90 days, but can be structured for up to 180 days depending on the customer’s need at the time.
Trade finance services can be both financial and non-financial including:
- Bid Bonds & Performance Bonds
- Advance Payment Guarantees
- LPO Financing
- Import Duty financing (e.g. payment for duty)
- National ID & KRA PIN
- 2 recent passport size photos (color). These can also be taken at the branch.
- Evidence of residence (Tenancy agreement/Rent receipts)..
- Opening balance, minimum Kshs 200.