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Bancolombia Puerto Rico Import Factoring

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

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

Registry of authorized signatories

Seal registration (if applicable)

Signature registration

Corporate minutes certificate (if applicable)

Information related to Bancolombia Puerto Rico Import Factoring
  • Product Termination

    The termination of this product is subject to the termination of your contractual relation with Bancolombia Puerto Rico. 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 Puerto Rico.
    • 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 Puerto Rico allows you to manage your accounts payable, creates efficiencies upon financial statements and improve your relations with foreign suppliers as they obtain liquidity upon invoices thereof.


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

    Manage your company accounts payable.

    Your company may be searching for other alternatives for accounts payable; this is the reason why we will help you to choose the suitable Factoring modality.