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Equipment Finance

When you invest in equipment or technology, you're growing your business and improving your product and your bottom line. It's time to work with financing experts that put you and your goals first. 

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Equipment finance with Stearns Bank

Simple, Real-Time Documentation

Submitting financing documents and signatures is secure, transparent and convenient with the Customized Portal. Real-time technology is matched with live, personal support, keeping you informed of approvals, disbursements and more.

Easy documentation through the Stearns Bank portal
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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 markOver 40 Certified Lease Finance Professionals (CLFP) on staff
  • Check markCustomized term and payment options
  • Check markDocument submission options

Industries We Serve

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

Agriculture
Chiropractic
Construction
Dental
Franchise
Medical
Manufacturing
Optometry
Renewable Energy
Restaurants
Transportation
Veterinary

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).

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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.

Arizona Fire & Land Management Business Finds Go-To Lender

Arizona Fire & Land Management Business Finds Go-To Lender

Vennie and David Bowden
Prescott, AZ

When Vennie and David Bowden found a financial institution that believed in their business, they knew they found the right equipment financing relationship for them.

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BusinessSmart checking and market savings from Stearns Bank

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 New Market 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 Mindy Lund
Mindy Lund
Sales Manager
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Get in touch with Mandy Eiynck
Mandy Eiynck
Vendor Relations Supervisor
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Get in touch with Craig Kern
Craig Kern
Vendor Relations Supervisor
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Get in touch with Terilynn Palmer
Terilynn Palmer
Account Manager - Team Lead
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Get in touch with Cathy Reis
Cathy Reis
Account Manager - Equipment Financing
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Get in touch with Ellen Boquist
Ellen Boquist
Account Manager Lead - Equipment Financing
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Get in touch with Jaclyn Vogel
Jaclyn Vogel
Account Manager - Equipment Financing
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Get in touch with Kelli Bergen
Kelli Bergen
Account Manager - Equipment Financing
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Get in touch with Kris Kelm
Kris Kelm
Account Manager - Equipment Financing
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Get in touch with Tabitha Renneker
Tabitha Renneker
Account Manager - Equipment Financing
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Get in touch with Carrie Rausch
Carrie Rausch
Account Manager - Equipment Financing
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Get in touch with Chris Sorenson
Chris Sorenson
Broker Relations - Equipment Financing
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Get in touch with Tasha Fischer
Tasha Fischer
Account Manager - Equipment Financing
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Get in touch with Jenny Wood
Jenny Wood
Account Manager - Equipment Financing
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Get in touch with Jennifer Beach
Jennifer Beach
Account Manager - Equipment Financing
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Get in touch with Pam Ruhoff
Pam Ruhoff
Account Manager - Equipment Financing
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Get in touch with Ryan Anderson
Ryan Anderson
Account Manager - Equipment Financing
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Get in touch with Carrie Jaenicke
Carrie Jaenicke
Account Manager - Equipment Financing
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Get in touch with Sherri Sandelin
Sherri Sandelin
Account Manager - Equipment Financing
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Get in touch with Markus Denny
Markus Denny
Account Manager - Equipment Financing
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Get in touch with Ben Ettle
Ben Ettle
Account Manager - Equipment Financing
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Get in touch with Bret Anderson
Bret Anderson
Account Manager - Equipment Financing
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Get in touch with Greg Lessard
Greg Lessard
Broker Relations - Equipment Financing
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Get in touch with Zach Noreen
Zach Noreen
Account Manager - Equipment Financing
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Get in touch with Dominic Bonacci
Dominic Bonacci
Account Manager - Equipment Financing
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Get in touch with Matt Arkfeld
Matt Arkfeld
Account Manager - Equipment Financing
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Get in touch with Brooks Anderson
Brooks Anderson
Account Manager - Equipment Financing
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Get in touch with Jacob Vekich
Jacob Vekich
Account Manager - Equipment Financing
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Get in touch with Kaitlyn Barten
Kaitlyn Barten
Broker Relations - Equipment Financing
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Get in touch with Stan Harvey
Stan Harvey
Account Manager - Equipment Financing
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Get in touch with Jared Christensen
Jared Christensen
Account Manager - Equipment Financing
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Get in touch with Cody Schaaf
Cody Schaaf
Account Manager - Equipment Financing
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Get in touch with Laurie Rodenwald
Laurie Rodenwald
Account Manager - Equipment Financing
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Get in touch with Pat Schad
Pat Schad
Account Manager - Equipment Financing
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Get in touch with Chuck Parker
Chuck Parker
Account Manager - Equipment Financing
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Get in touch with Pam Schlangen
Pam Schlangen
Broker Relations - Equipment Financing
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Get in touch with Kayla Quistorff
Kayla Quistorff
Broker Relations - Equipment Financing
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Get in touch with Lou Meyers
Lou Meyers
Account Manager - Equipment Financing
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Get in touch with Ariel Stich
Ariel Stich
Broker Relations - Equipment Financing
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Get in touch with Missy Koltes
Missy Koltes
Broker Relations Supervisor
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Get in touch with Paige Luethmers
Paige Luethmers
Broker Relations Lead
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Get in touch with Adam Denny
Adam Denny
Account Manager - Equipment Financing
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Get in touch with Amanda Hiltner
Amanda Hiltner
Broker Relations - Equipment Financing
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Get in touch with Amanda Nytes
Amanda Nytes
Broker Relations - Equipment Financing
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Get in touch with Sara Finken
Sara Finken
Broker Relations - Equipment Financing
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Get in touch with Eric Miller
Eric Miller
Broker Relations - Equipment Financing
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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, check or wire.
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 Customized 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

Used Equipment Offers Advantages For Diligent Buyers

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01/31/2019
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Year-End Business Planning Should Include Section 179

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10/25/2018
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Optometrist Uses Section 179 Tax Deduction To Enhance Practice

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10/12/2018
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The Differences Between Equipment Finance Agreements And Simple Interest Loans

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10/05/2018
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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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