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Import Bill Advance

This refers to the short-term loan SRCB grants to importer in the situation whereby the importer, as applicant of the L/C, is not able to redeem the bill of lading due to funds constrains, and pledge the B/L to SRCB as collateral that SRCB for financing.

Features

It improves the importers utilization of funds, whose funding cost is lower than that of working capital loan.

It helps the importer to seize market opportunities, and can proceed with sales without making actual payment.

Target customers

Companies with sound settlement history and credit record with SRCB, and must use L/C for settlement.

Application process

1.    Once the Bill of Lading arrived, customer to apply for import bill advance and fill in the application form.

2.    Customer to submit trust receipt and supporting trade documents to SRCB.

3.    SRCB to review the application, and sign legal contract with the customer.

4.    SRCB grants import bill advance to customer.

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