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Equipment Financing

Slowing down isn't an option for your business. You rely on the right equipment to do the job right, every time. 

Our equipment finance experts deliver speed, service, and efficiency that keep you moving forward, always.  

Contact an Equipment Financing Expert

Looking for resources as an equipment dealer, vendor, or manufacturer? We have just what you need. Find them here.

Woodworkers in their shop in front of woodworking equipment

Customized Payments

Your business is custom. Your equipment finance payments should be, too. We'll help you to build a payment plan that makes sense for you. View our list of custom payment solutions (PDF).

Contact an Equipment Financing Expert

Delayed Payments

Widen your repayment timeline to build your cash flow.

Seasonal Payments

Align payments with the fluctuations of your industry. 

Step Payments

Reduce payments at the beginning or end of the term.

Semi-Annual Payments

Make payments every four or six months to fit your cash flow.

Industries We Serve

See how Stearns Bank helps customers across many industries grow and thrive with innovative financing.

The Stearns Bank Difference

  • Check markOne of the nation's top equipment finance lenders
  • Check markCommitted to answering calls on the first ring
  • Check markFast financing with decisions made within hours
  • Check markMany lenders are Certified Lease Finance Professionals
  • Check markCustomized term and payment options
  • Check markDocument submission options

Small Business Matters

The Basic Process To Apply For Equipment Financing

Learn the steps of the equipment financing application process. We explain key details lenders request, documents to supply, and credit score impacts.

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The Basic Process To Apply For Equipment Financing
Timeworn Wood LLC

Equipment Finance Customer Stories

Timeworn Wood LLC

Jared & Amanda Groebner
Atwater, Minnesota

Jared and Amanda Groebner own and operate TimeWorn Wood, a custom woodworking company based in Atwater, Minnesota. With their team of woodworkers and craftsmen, the Groebners create dinner tables (and much more!) for the masses. Stearns Bank is proud to partner with TimeWorn Wood as they continue their creative evolution!

See Full Story More Customer Success Stories
Male business owner shaking hands with someone.

Banking That Pays

Checking and savings accounts

Reach your business checking and savings goals faster with simple, smart and rewarding BusinessSmart™ accounts. Earn interest and cash back with the convenience of online and mobile banking.

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Equipment Finance Team

Get in touch with Isaac Flenner
Isaac Flenner
Director of Equipment Finance and Small Business Lending
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Get in touch with Michelle Fuchs
Michelle Fuchs
VP, Business Development Manager
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Get in touch with Craig Kern
Craig Kern
Associate Director of Equipment Finance
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Get in touch with Ariel Stich
Ariel Stich
Broker Supervisor
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Get in touch with Brooks Anderson
Brooks Anderson
Vendor Relations Supervisor
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Get in touch with Ellen Boquist
Ellen Boquist
Account Manager Lead
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Get in touch with Ryan Anderson
Ryan Anderson
Vendor Relations Lead
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Get in touch with Adam Denny
Adam Denny
Business Development Supervisor
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Get in touch with Jen Rakotz
Jen Rakotz
Client Relations Manager
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Get in touch with Jared Christensen
Jared Christensen
Senior Broker Account Manager
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Get in touch with Kayla Quistorff
Kayla Quistorff
Senior Broker Account Manager
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Get in touch with Pam Schlangen
Pam Schlangen
Senior Broker Account Manager
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Get in touch with Tasha Fischer
Tasha Fischer
Senior Account Manager
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Get in touch with Dominic Bonacci
Dominic Bonacci
Senior Account Manager
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Get in touch with Kaitlyn Barten
Kaitlyn Barten
Senior Broker Account Manager
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Get in touch with Laurie Gill
Laurie Gill
Business Development Account Manager Lead
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Get in touch with Sherri Sandelin
Sherri Sandelin
Senior Account Manager
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Get in touch with Eric Miller
Eric Miller
Senior Broker Account Manager
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Get in touch with Amanda Nytes
Amanda Nytes
Broker Account Manager Lead
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Get in touch with Korey Laudenbach
Korey Laudenbach
Client Relations Lead
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Get in touch with Nancy Stoermann
Nancy Stoermann
Client Relations Lead
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Get in touch with Hunter Wohletz
Hunter Wohletz
Senior Client Relations Representative
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Get in touch with Hailey Thill
Hailey Thill
Senior Client Relations Representative
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Get in touch with Chuck Parker
Chuck Parker
Account Manager
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Get in touch with Jacob Vekich
Jacob Vekich
Broker Account Manager
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Get in touch with Pat Schad
Pat Schad
Account Manager
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Get in touch with Stan Harvey
Stan Harvey
Account Manager
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Get in touch with Amanda Hiltner
Amanda Hiltner
Broker Account Manager
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Get in touch with Gretchen Kiess
Gretchen Kiess
Client Relations Representative
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Get in touch with Lana Klaphake
Lana Klaphake
Client Relations Representative
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Get in touch with Austin Johnson
Austin Johnson
Broker Account Manager
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Get in touch with Courtney Olsen
Courtney Olsen
Broker Account Manager
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Get in touch with Sam Sadlowsky
Sam Sadlowsky
Broker Account Manager
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Get in touch with Lindsay Jarve
Lindsay Jarve
Broker Account Manager
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Get in touch with Melanie Hamann
Melanie Hamann
Client Relations Representative
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Get in touch with Ryan Lanoux
Ryan Lanoux
Client Relations Representative
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Get in touch with Jeremy Stallings
Jeremy Stallings
Client Relations Representative
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Get in touch with Elyse Secord
Elyse Secord
Client Relations Representative
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Get in touch with Dylan Finken
Dylan Finken
Client Relations Representative
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Get in touch with Nick Pfeffer
Nick Pfeffer
Client Relations Representative
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Get in touch with Kayla Thielen
Kayla Thielen
Client Relations Representative
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Get in touch with Kathy Eischens
Kathy Eischens
Client Relations Representative
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Get in touch with Alex Knochenmus
Alex Knochenmus
Client Relations Representative
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Get in touch with Brittany Davidson
Brittany Davidson
Account Manager
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Get in touch with Joshua Eastman
Joshua Eastman
Account Manager
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Get in touch with Cassandra Edelbrock
Cassandra Edelbrock
Broker Account Manager
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Get in touch with Lisa Ross
Lisa Ross
Account Manager
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Get in touch with Ron Pearson
Ron Pearson
Account Manager
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Get in touch with Ryan Schumann
Ryan Schumann
Broker Account Manager
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Get in touch with Deborah Paine
Deborah Paine
Account Manager
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Get in touch with Danielle Prehn
Danielle Prehn
Broker Account Manager
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Get in touch with Alisha Peterson
Alisha Peterson
Account Manager, Business Development
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Get in touch with Jack Gauerke
Jack Gauerke
Account Manager, Business Development
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Frequently Asked Questions (FAQ)

What is a conditional sales contract?

Under a conditional sales contract, you agree to buy the equipment over time and make all the installment payments over the term of the contract. You have full right to possession and use of the property while you’re making payments, and legal ownership of the equipment transfers to you upon full and final payment under the contract. It’s a “conditional” sales contract because the sale of the equipment to you is conditioned upon you paying the full purchase price over the term of the contract and performing the other conditions within the contract.

How is the payment amount under a conditional sales contract determined?

Your total purchase price for the equipment under the conditional sales contract combines the equipment cost, sales/use taxes, third party expenses, finance charges and other costs related to purchasing the equipment. This total purchase price is spread over the term of your contract to create a stream of payments that determines your installment plan. A conditional sales contract is NOT a simple interest loan, like an auto loan, where a daily or annual interest rate is charged on the “principal” (i.e., the amount owed on the loan) during the time (or for the number of days/months/years) you have had the loan.

How is a lease different from a conditional sales contract?

A lease is essentially a long-term rental agreement. You are the “lessee” and you get to use the equipment in exchange for making periodic payments to Stearns Bank (the “lessor” or “owner” of the equipment) for the term of the lease. Under a lease, you agree to make a stream of periodic payments for the full term of the lease. Because lease payments are calculated as a stream of payments, they are not broken down into principal and interest like a business or auto loan or home mortgage.

If I lease the equipment, will I have the option to “own” the equipment?

Yes! At the end of the lease term, you typically have the option to return the equipment, renew the lease or purchase the equipment for an amount set in the lease. If you exercise an option to purchase the equipment under a lease, you will become owner and title to the equipment will transfer to you.

If I have a credit approval, does it expire?

Your credit approval is good for 90 days from the day we review your credit report.

What is equipment protection?

The equipment we finance must be insured. If you add the equipment to your existing insurance policy, we will need proof of insurance listing Stearns Bank N.A. as the loss payee (and additional insured, in some cases). If you do not add the equipment to your existing policy or provide us with proof of insurance, we will insure the equipment under our own equipment protection insurance and pass the cost along to you. However, this insures only the equipment and our lender interest in the equipment – it does NOT provide liability coverage.

How can I make payments?

For your convenience, Stearns Bank offers a number of payment options, including: automatic payments, online, over the phone, credit card, bill pay, wire, or check (fee may apply).

Will my payment fluctuate during the term of my finance agreement?

Generally, no. Your payment schedule will remain the same and be part of your finance agreement. However, we offer a wide variety of customized payment options that provide for a fluctuation of payments for qualified customers who choose one of those methods.

Can I make larger payments?

Yes! The additional payment amount is applied to future payments.

Can I pay off early?

Yes! The amount you are responsible for paying is determined by the terms of your agreement.

Do you have prepayment penalties?

No. Stearns Bank’s conditional sales contracts and leases do not assess penalties for early payoff. Under the conditional sales contracts and leases, you agree to pay the entire amount of money identified in the stream of payments that are spread over the term of your agreement.

Why am I being billed for property taxes?

In a lease situation, you are the lessee and Stearns Bank is the owner, so we are billed for the property tax, the cost of which we pass along to you.

Will my business loan show up as a personal debt on my credit report because I am a guarantor?

No. Your business loan is not reported as a personal debt obligation.

Can I combine or add additional equipment to an existing contract?

Yes! We have a variety of options that allow you to combine existing agreements or add additional equipment. Please contact a Stearns Bank account representative to learn more.

Can I sign my documents remotely, without appearing in person to sign?

We offer the most advanced, secure technology for your convenience, and it takes as little as 3-5 minutes to receive, sign, and return your documents electronically. Using your email address or through the Stearns Bank Customer Portal, we can send documents to you electronically via DocuSign® to review, sign, and return with electronic signature.

Do all business owners have to sign a personal guaranty of the business debt?

An owner or officer with authority to contract for your business will sign for the business. As for a personal guaranty, we will review and evaluate the credit history and quality of the business and the personal credit of at least one majority owner(s) of the business. Typically, at least one owner (i.e., the majority owner) will guaranty the business debt.

Can I still apply if I am a sole-proprietorship?

Yes! This is business financing, and sole-proprietorships are eligible for business financing with Stearns Bank.

How can I apply?

Call Stearns Bank today at 1-800-247-1922. We’ll answer on the first ring!

Can I sell the equipment I am financing or transfer payment on my finance agreement to another business?

In selling or ownership transfer, you should call us immediately. According to a Stearns Bank finance agreement, you must get our prior written consent to make these types of changes. We have flexible options available to accommodate sales or transfers of the equipment we are financing. Please contact your account representative to discuss.

Equipment Finance Resources

The Basic Process To Apply For Equipment Financing

02/13/2024
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The Equipment Your Business Can Finance for Growth

12/12/2023
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How Small Business Owners Can Maximize Tax Savings With Section 179 Deduction

11/21/2023
Read More

How To Use Equipment Financing To Scale Your Business

11/07/2023
Read More

Business Debt Consolidation Calculator

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you.
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Enhanced Loan Calculator

Use this calculator to look at a variety of possible loans. Change your monthly payment, loan amount, interest rate or term.
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Break Even Analysis Calculator

The break even analysis calculator is designed to demonstrate how many units of your product must be sold to make a profit.
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Commercial Loan Calculator

Use this calculator to estimate your debt service coverage with a new commercial loan.
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