MAKE MONEY ONLINE POSTS: St. Louis Bank Review

الثلاثاء، 3 سبتمبر 2019

St. Louis Bank Review

St. Louis Bank Facts

Services personal and business banking customers in the greater St. Louis area from a single physical location in the western suburb of Town and Country, Missouri
The impetus behind the bank’s origin was the acquisition of many local banks by larger institutions from outside the area
Founded in 2005 and is approaching its 15-year anniversary
Offers a variety of business loans, with a focus on small businesses
The institution prides itself on offering personalized service and guidance for all customers
Traditional banking hours of 9 am – 5 pm, Monday through Thursday, extended to 5:30 pm on Fridays, along with a drive-up window open from 8:30 am through 5:30 pm

St. Louse Bank Overview

St. Louis Bank was founded in 2005 as a response from a group of local businessmen to the acquisition of many local financial institutions by larger, out-of-town banks. The bank provides a variety of personal and business banking services, with a special focus on local small enterprises.

Business loan options include short-term working capital loans, commercial term loans, letters of credit, construction loans, homebuilder loans, and the U.S. Small Business Administration loans, among others. St. Louis Bank is accredited by the Better Business Bureau (BBB) and has an A+ rating.

St. Louis Bank History

St. Louis Bank, founded in 2005, is a small community bank servicing the greater St. Louis area.

It has a limited geographic reach, with just one physical location, and takes a traditional approach to banking in terms of hours and days of operation and limited online banking and financial tools and sources of information.

It balances those limitations with a strong commitment to customer service, the best possible BBB rating, an A+, as well as accreditation from that agency, and a variety of business loan options.

Business owners in the local area who want to partner with a locally-focused financial institution for a variety of business lending and financing needs

St. Louis Bank Loan Specifics

St. Louis Bank provides a number of different business loan options to companies operating in the greater St. Louis area. The bank emphasizes personalized customer service, which can help small-business owners find the loan option that best meets their financial and operational needs.

The bank provides a rundown of the various commercial loans it offers on its website, as well as detailing the first few steps of the process business owners and decision-makers should follow as they start to apply for a loan.

Company owners must complete the five-page personal financial statement. They can then reach out to one of the financial institution’s commercial banking specialists, by phone or in person.

More detailed information about applications, loan specifics, and other pertinent concerns can similarly be provided through a visit or call to the bank’s headquarters in Town and Country, Missouri.

Consider this information a starting point as you begin to make a decision about whether to pursue a business loan and which specific option provides the most benefits.

Short-term working capital loans

With loan options that address both the cash flow needs of single projects and ongoing business operations, short-term working capital loans can either be a contract line of credit financing or annually renewable facilities with floating interest rates, respectively.

Advantages include automated sweeps to reduce interest expenses and monthly payments that only address interest, with cash flow dictating reductions to the loan principal. Inventory and receivables can be used to secure these loans.

Commercial term loans

This loan can be used to acquire fixed assets and equipment, as well as help address the price associated with mergers and acquisitions. Fixed and floating interest rates are available from St. Louis Bank, with available terms of five and seven years.

These loans can help finance a major purchase that would otherwise be very difficult or impossible to pay for upfront without additional funding.

Commercial letters of credit

A common tool in international commerce, the financial institution provides letters of credit to address concerns such as vendor support, state sales tax, commercial import, and surety needs.

Commercial construction loans

With a loan option that can provide financing from the very beginning of finding the right piece of land through the completion of the construction process and until the property is occupied, business owners can fund a variety of projects.

Loans are available for distribution, retail, industrial, and office properties. St. Louis Bank also assists businesses through land acquisition and development loans intended for use with commercial and residential real estate.

Commercial real estate mini-perm loans

Providing permanent financing for a variety of different commercial, industrial and residential properties that are acquired with investment in mind. The loan period can fall between three and five years, with a fixed rate and an amortization period between 15 and 20 years.

Homebuilder loans

This umbrella category includes land acquisition, homesite development, and developed lot loans, as well as lines of credit financing for building pre-sold homes. St. Louis Bank also provides financing options for display and spec homes built by developers.

U.S. Small Business Administration loans

Options available through St. Louis Bank and backed by the SBA include equipment and working capital financing via the SBA 7a program, as well as the 504 program for fixed-asset loans.

St. Louis Bank Customer Experience

St. Louis Bank is a community bank, focused on serving customers in the St. Louis area from a single location in the city’s western suburbs. The bank makes several mentions of its personalized approach to customer service on its website.

It’s important to note that the inspiration for starting the bank came when a group of local businessmen decided to fund a community-focused financial institution after others in the area were bought by larger banks with few connections to the city.

As a smaller, single-location bank, it doesn’t have robust sources of information online or extended hours at its headquarters, but encourages potential and current customers to reach out by phone or in person.

St. Louis Bank Lender Reputation

St. Louis Bank enjoys accreditation and an A+ rating from the BBB. While the lack of any customer reviews is partially due to the small overall size of the bank, it also indicates that no customers had a negative enough experience to share that information with the BBB.

There is a lack of reviews in many other trustworthy sources on the internet, again likely reflecting the small market size of the bank compared with regional and national lenders in dozens or hundreds of locations.

Bankrate noted the company could perform better in terms of safety and soundness, mentioning below-average availability of capital to protect against losses. Many of these concerns may be tied to the bank’s relatively new nature, in contrast to the large coffers developed by more established banks over time.

Information collected on Feb. 26, 2019

St. Louis Bank Loan Qualifications

Business loan qualifications for the options provided by St. Louis Bank aren’t listed publicly. All companies have to complete a five-page personal financial statement and certification of beneficial ownership, as well as get in contact with a commercial banking specialist as they begin the application process.

Considerations such as equipment, inventory and other assets owned by the company, as well as the personal property of the business owner in some cases, are important because they can be used to secure loans and lines of credit.

Business credit scores, which serve a similar purpose to personal credit scores, but are formatted differently and in a less consistent fashion from one bureau to the next, are also important.

Spending the money to access your business credit score from the three major bureaus, Dun & Bradstreet, Equifax, and Experian may be worth it to help you understand your company’s financial position. Typically, standard credit scores in relation to ease of approval are as follows: