Stifel is known for its high-performing flexibility, customer service, and entrepreneurial approach towards banking.
The Business Bank of St. Louis was established in 2002. Later, on August 31, 2018, it changed its name to Stifel Bank. Stifel Bank, headquartered in Clayton, Missouri, provides a full range of services.
Ranging from private banking services, treasury, deposit, and lending services to developing and middle-market firms and their founders, Stifel can be your one-stop destination.
Are you in two minds about getting a loan for your modest business? You can clear all your doubts with this comprehensive article!
Here, you will find everything, from the types of loans, the lending criteria, and interest rates to the application process.
An Overview of Stifel Bank Loans
Stifel is a premier Wealth Management and Investment Banking institution founded in St. Louis around 1890. The firm has the resources and flexibility to provide its clients with the lending and banking services they appreciate most.
Stifel Financial Corp is a financial services holding corporation based in St. Louis, Missouri. It operates via multiple fully owned subsidiaries in the financial services, and banking, securities industries.
Stifel Nicolaus Europe Limited, a subsidiary of the corporation, has over 400 branches throughout the country. Stifel is a key member of the NY Stock Exchange and all major exchanges.
Moreover, it is also a part of the "Financial Industry Regulatory Authority" (FINRA) and SIPC. The financial institute's success is based on the positive intimate relations they form with their customers.
Their extensive knowledge of the financial markets, businesses, financial markets, and accessibility to a diverse range of loan and liquidity options also plays a role. Stifel provides an extensive range of commercial and consumer lending solutions.
Throughouits's existence, Stifel has provided tailored business solutions and reliable business advice to its clients. The firm strives to maintain that dedication as they expand their reach.
Moreover, they hope to successfully serve more of their customers' personal and commercial financial requirements.
Types of Loans Offered by Stifel Bank
Stifel is a full-service commercial lender specializing in industrial, commercial, industrial, and real estate financing.
The firm's in-house decision-making skills enable it to provide the responsiveness and personalized service customers expect. The company depends on our extensive experience in business loans and industry knowledge to offer solid business advice.
There are multiple loans specially provided for small business operators. Let us have a look at them:
Small Business Administration
The SBA's 7(a) loan program is by far the most versatile option available. This flexible lending solution can assist firms with the following:
- • Get working capital
- • Finance equipment purchases
- • Fund start-up costs
- • Purchase a business' finance inventory
- • Buy owner-occupied business real-estate
Having sufficient funds to fulfill the needed down payments is a challenge that several businesses experience during the financing procedure. The SBA 7(a) loan product might be able to assist you if you have less money.
Even if you desire to utilize your funds for different business reasons, this loan is for you. A bank normally needs a borrower to put down 20% to 25% on commercial real estate or equipment to secure a loan.
The client can buy commercial real estate with only 10% down if they opt for a 7(a) loan (or less in some cases.) The property must be at least 51 percent owner-occupied to qualify.
Note that an SBA 7(a) loan product asks for higher interest rates.
Stifel Pledged Asset (SPA) securities-based Lending
This specialized lending program provides flexible lines of credit ranging from $100,000-$10,000,000 and even more. Moreover, the lending rates are pretty low.
The SPA Line of Credit happens to be a demand loan secured by the assets in your account. If the account owner fails to keep the minimal needed value of the collateral, they will be compelled to:
- • Post extra qualified collateral
- • Repay a portion or the entirety of the loan, or
- • Stifel Bank & Trust may receive the deficit in the worth of pledged assets
Commercial Real Estate Lending
Any real estate unit that earns money and is utilized for business reasons is classified as "commercial real estate." It may include offices, retail stores, apartments, hotels, and many more.
Stifel contains a range of business loans that can improve, refinance, or buy a property. They want to aid you in making your aspirations into reality by providing you with financing knowledge.
What Lending Criteria Does Stifel Bank Have?
There are multiple factors that any bank takes into account before approving any sort of loan. These requirements are known as lending criteria.
Stifel Bank's lending requirements are comparable to most other banks in the States. Thus, before trying to get a loan anywhere, check if you meet their qualifying criteria. Or else, you might find yourself in a tough spot.
When applying for a business loan, the bank looks at certain details about your business. It can show how your reputation is in the market, all your business references, your service, and your company's previous debt history.
Finally, when everything fits correctly, Stifel will lend you the funds that you need.
Stifel Bank's Interest Rates, Fees, and Loan Options
The loan rate and fees are dependent on certain factors like loan amount, repayment terms, and the loan you choose.
On average, Stifel Bank & Trust's interest rates were lower than other institutions (-0.13 percent). Its loan-related closing fees were likewise less expensive than those of rival lenders, by $398.
Stifel Bank & Trust bags a 4.5 on 5 star National Rate and Closing Costs Rating. When closing rates costs and interest rates are combined, you can estimate an inexpensive lender.
This has an excellent rating, putting it among the country's best 15% of lending institutions.
|Loan Type||Loan Size||Repayment term||Loan Rate|
|SBA 7(a) Loan||Under $25,000||Over 7 years||Prime + 4.75%|
|SBA 7(a) Loan||$25,000-$50,000||Over 7 years||Prime + 3.75%|
|SBA 7(a) Loan||Over $50,000||Over 7 years||Prime + 2.75%|
|SBA 7(a) Loan||Under $25,000||Under 7 years||Prime + 4.25%|
|SBA 7(a) Loan||$25,000-$50,000||Under 7 years||Prime + 3.25%|
|SBA 7(a) Loan||Over $50,000||Under 7 years||Prime + 2.25%|
|SBA express loan||Up to $350,000||Up to 7 years||Prime rate + 4.5% – 6.5%|
|SBA 504/CDC loan||Up to $5.5 million||10 years||2.23%|
|SBA 504/CDC loan||Up to $5.5 million||20 or 25 years||2.364% – 2.399%|
|SBA Microloan||Less than or equal to $10,000||Up to 6 years||Cost of funds + 8.50%|
|SBA Microloan||Over $10,000||Up to 6 years||Cost of funds + 7.75%|
Stifel Bank's Application Process
The application process at Stifel is hassle-free and simple.
Firstly, be completely truthful with the bank. With any disparities, you might have to face huge repercussions. Thus, be clear and firm about why you are applying for a loan.
If you are asking for a loan as a small business owner, here are a few steps you'd need to complete:
1. Check if You Qualify for the Business Loan
As we mentioned earlier, you need to confirm that you qualify for the loan first at Stifel. For this, you'd have to rely on their lending criteria.
The lending criteria will consist of multiple things, such as the duration of your business. It will ensure the legitimacy of your business. The ideal time should be around a year or two.
Another factor that will count is how much money your business makes. The credit score will also decide your loan rate. Check all of it before applying. You will understand what repayments you need to create and if you qualify.
2. Decide the Type of Loan
Now that you know you're qualifying, the next stage is to decide which kind of loan you need. This stage involves a lot of research as you should only go for the loan that serves you and your business' needs the best.
You can check their official website, multiple review sites and even ask the staff to know the best loan type for you. Be clear about the purpose of your loan; it will go a long way.
3. Collect All the Documents
Now is the time to finalize everything and connect with an expert at Stifel. Of course, you can talk to the staff before too. But it is mandatory now to get a list of all important documents that you need to submit.
It would be best if you get all the important documents handy at this stage. It will make the process a whole lot smoother and easier for you.
4. Apply for the Loan
Most of the work is done! We hope you know the bank's terms, rates, APR like the back of the hand by now. Get the best-suited APR for yourself. All you need to do now is apply, and well, you are done!
Summary of Stifel Bank's Loan Options
At Stifel, you won't be disappointed. There is a range of loan options for you to choose from. What is more, the rates are quite attractive for small business owners. Since they provide good deals, they are quite picky with their lending criteria.
Make sure you fit in. However, remember it is not the only way to get a loan. There are multiple ways to get loans. Your loans are not limited to Stifel. There are many unconventional ways you can follow.
When you get a loan, you make a huge decision. It is best to do your homework for such a huge decision. Thus, be informed and read up.
That is all! Take the loan, get the funds, and make your dreams come true!