Modalities
We offer two alternatives to contract these services according to your business model.
- Without supplier resource and with discount granted by the supplier.
- Without supplier resource and without discount (overdue interests assumed by the importer).
Benefits
If you are an importer (payer) you:
- Obtain financing for up to 180 days to pay for your import.
- Improve your business cycle and cash flow, optimizing payable accounts.
- Keep financial statements free from debt.
- Generate administrative and operational efficiency.
- Take advantage of prompt payment discounts offered by foreign suppliers.
- Receive support and advisory from a specialized sales team.
If you are an exporter (supplier) you:
- Obtain immediate liquidity, thus improving your business cycle.
- Improve financial indicators upon release of working capital.
- Create the opportunity to export larger volumes at longer terms.
- Negotiate directly with your import customers.
- Attain payment reliability and elimination of risk upon your foreign supplier.
Characteristics
- Maximum amount of disbursement: according to the Maximum Indebtedness Limit (MIL*) approved to the importer (payer).
- Minimum term: 30 days.
- Maximum term: 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 for interest amortization: in advance/due.
- Currency: applies to credit documents issued in US dollars.
- Disbursement: transfer to the exporter account (supplier) in US dollars or Euros.
- 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.
- Share the discount: the possibility to share the discount granted by your foreign suppliers upon Purchase without Funding of invoices derived from imports.
* 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
Consult fees
To learn more about the rate, please contact your commercial contact in Bancolombia Puerto Rico.
How to access Bancolombia Puerto Rico 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
Engagement
Bancolombia Puerto Rico Engagement Form |
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Registry of authorized signatories
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Seal registration (if applicable)
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Signature registration
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Corporate minutes certificate (if applicable)
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