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Bancolombia Panama Import Factoring

Attain larger terms to pay your foreign purchases and/or the opportunity to share the discount granted by suppliers using Bancolombia Panama Import Factoring.

Modalities

We offer you two alternatives to contract these services according to your business model.

Discount supplier without resource: Granted by the supplier.

Non-discount supplier without resource: Overdue interests assumed by the importer.

Product Benefits

If you are an importer (payer):

  • You obtain financing for up to 180 days to pay for your import.
  • Improves your business cycle and cash flow, optimizing your payable accounts.
  • Keeps your financial statements free from debt.
  • Generates administrative and operational efficiency.
  • Takes advantage of prompt payment discounts offered by foreign suppliers.
  • You receive support and advisory from a specialized sales team.

If you are an exporter (supplier):

  • You obtain immediate liquidity, thus improving your business cycle.
  • Improves your financial indicators upon release of working capital.
  • Creates the opportunity to export larger volumes at longer terms.
  • Direct negotiation with your import customers.
  • Payment reliability and elimination of risk to your foreign supplier.

Characteristics

  • Maximum amount of disbursement: according to the Maximum Indebtedness Limit (MIL*) approved to the importer (payer).
  • Minimum term of the operation: 30 days.
  • Maximum term of the operation: 180 days maximum; the operation may be reviewed for a term below one year, according to the business cycle.
  • Principal payment: single payment upon expiration of the credit document and two options of interest amortization: in advance/due.
  • Currency: applies to credit documents issued in US dollars.
  • Disbursement: transfer to the exporter account (supplier) in US dollars. The discount obtained due to prompt payment granted by the exporter (supplier) to the the importer (payer) may be shared prior to disbursement.
  • Prepayment: prepayments do not generate a refund to the importer (payer) upon discount/interests in advance modality.
  • Extensions: prior assessment of the importer business cycle, provided that the maximum term of the operation is below 360 days.
  • Tax to financial transactions: exempted from lien on financial transactions (4X1000) payment for Colombian importers.
  • Related costs: does not generate costs for consultations upon account or product statement, issuance of certificates, good standing, clarification letters, or any type of communication requested by the customer.

* Maximum Indebtedness Limit: Bancolombia would be willing to make operations for up to the amount of the MIL, per the conditions agreed in the covenants and provided the agreed requirements and procedures are fulfilled for each one of the operations.

Rates and Fees

Operation Rates

Rates vary according to company purchases, the importer risk quality (supplier), the invoice term, the discount granted by the exporter (supplier), and the subject of negotiation.

The default rate is agreed on the negotiation support documents, corresponding usually to three additional points to the operation rate.

Fees

Fee consultation

How to access this product

How to access Bancolombia Panama Import Factoring

  • The importer (payer) shall submit the following information in order to request an operation:
  • Exporter assignment letter signed.
  • Copy of credit document.
  • Copy of the transportation document as evidence of the merchandise shipment.
  • Importer acceptance letter.
  • Certificate of incorporation and legal representation if the importer is a Colombian legal entity.
  • Trader certificate if it is an individual resident in Colombia.

*If you are an exporter resident outside Colombia, you shall submit the documentation indicated by your residence country.

Documents

 

Bancolombia Panama engagement form
Registry of authorized signatories
Seal registration (if applicable)
Signature registration
Corporate minutes certificate (if applicable)
Engagement documents and credit analysis according to that requested by the commercial manager.

Information related to Bancolombia Panama Import Factoring
  • Product Termination

    The termination of this product is subject to the termination of your contractual relation with Bancolombia Panama. Generally, the contractual relation term is indefinite, and each party may terminate it through written notice delivered to the other party.

    Grounds for Termination

    • Termination due the Maximum Indebtedness Limit (MIL)*:
    • The MIL that was approved must be renewed each year; contact your commercial contact in Bancolombia Panama.
    • The MIL may be blocked for expiration of the term, inactivity, default or administrative or commercial decision.
    • If the MIL has been inactive for 6 months or more, the request for reactivation should be made to the commercial contact.

    * Maximum Indebtedness Limit: Bancolombia would be willing to make operations for up to the amount of the MIL, per the conditions agreed in the covenants and provided the agreed requirements and procedures are fulfilled for each one of the operations.

    Import Factoring is what your company needs!

    Import Factoring Bancolombia Panama allows you to manage your payable accounts, create efficiencies upon financial statements and improve your relations with foreign suppliers as they obtain liquidity upon invoices thereof.

    Contact your commercial advisor in order to obtain detailed information about this product.

    Gestiona sus cuentas por pagar en su empresa.

    If you are looking for other alternatives in order to support your foreign suppliers and improve financial efficiency, learn more about other options to manage your import invoices.