Short Term Facility

International Lines of Credit to Any Country in the World 

EXIM Bank provides trade financing facilities through several foreign Lines of Credit to facilitate the importation of raw materials, equipment, capital goods, technology and spare parts –up to 100% of the value of the invoice.  Lines are usually accessed via Documentary Letters of Credit.

Eligible Applicants

Business entities operating in Jamaica, engaged in manufacturing, distribution, agriculture and service providers.

Corresponding Banks*

• BLADEX - Banco Latino Americano De Exportaciones SA
• Bank of New York
• Sovereign Bank
• EXIM Bank of China

*Terms and conditions vary from Line to Line

Steps to Accessing the Line

• EXIM Bank does credit assessment and sets terms and conditions of financing after receiving the following:
  • Pro-forma invoice from foreign supplier
  • Letter of credit application, completed and signed by two authorized signatories, on which the company's seal is also required if applicant is a company, OR
  • Indemnity form, completed and signed by two authorized signatories. This is used when method of payment is not by Letter of Credit.
  • Guarantee or other negotiable instruments from a financial institution approved by EXIM Bank for amount specified by EXIM Bank.
  • Promissory note for the full amount to be financed
• On Approval, a Letter of Credit is issued in favour of the foreign supplier, who will be instructed to ship goods and send shipping documents to EXIM Bank.
• EXIM Bank advises importer on arrival of documents

Payment Methods

Payment to overseas suppliers of goods and services is usually done by way of a confirmed Irrevocable Letter of Credit drawn on an overseas bank. Where necessary, payments can also be done by wire transfer.

Credit Period

Loans are available for a period of up to 180 days. In exceptional circumstances, however, the borrower may be able to obtain financing for a maximum of 360 days.

Interest Rate

Interest charges under the Lines are determined by the particular facility being used. Generally, the rates are based on either the US Floating Prime or the 6 month LIBOR, plus a 2-3% risk premium.

Local Charges

EXIM Bank levies a service charge of 2.5% on each transaction. In addition applicants are required to pay pre-paid interest of 0.5%.

To Apply

Call or visit EXIM Bank. We will be happy to assist with your Letter of Credit application.

Schedule of fees