Equipment Finance

Name: Stearns Bank Equipment Finance Division
Address: 500 13th St., Albany, MN, 56307
Telephone: 800-247-1922

As you face today's business challenges, our team is ready to offer options and lend a helping hand. Stearns Bank has unmatched strength and stability. Our equipment finance staff has industry experience and is focused on your needs. We follow through with personal service and customized solutions.

Small Business Matters

Non-Contact Medical Equipment Expanding Care For Practices

The pandemic has forced medical practices to get creative, including turning to non-contact equipment that allows them to still care for their patients.

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

The Stearns Bank Difference

One of the nation's top equipment finance lenders
Committed to answering calls on the first ring
Fast financing with decisions made within hours
Over 30 Certified Lease Finance Professionals (CLFP) on staff
Customized term and payment options
Document submission options

Industries We Serve

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

Agriculture

Construction

Franchise

Medical

Manufacturing

Optometry

Renewable Energy

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).

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

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.

See Full Story More Customer Success Stories

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.

Equipment Finance Team

Isaac Flenner

Director of Equipment Finance and New Market Lending

800-247-1922

Get in Touch

Michelle Fuchs

VP/Business Development Manager

800-247-1922

Get in Touch

Mindy Lund

Business Development Support

800-247-1922

Get in Touch

Mandy Eiynck

Vendor Relations Supervisor

800-247-1922

Get in Touch

Craig Kern

Vendor Relations Supervisor

800-247-1922

Get in Touch

Ellen Boquist

Account Manager Lead - Equipment Financing

800-247-1922

Get in Touch

Kelli Bergen

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Kris Kelm

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Tabitha Renneker

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Tasha Fischer

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Ryan Anderson

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Sherri Sandelin

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Bret Anderson

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Dominic Bonacci

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Brooks Anderson

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Jacob Vekich

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Kaitlyn Barten

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Stan Harvey

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Jared Christensen

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Cody Schaaf

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Laurie Rodenwald

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Pat Schad

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Chuck Parker

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Pam Schlangen

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Kayla Quistorff

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Ariel Stich

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Missy Koltes

Broker Relations Supervisor

800-247-1922

Get in Touch

Paige Luethmers

Broker Relations Lead

800-247-1922

Get in Touch

Kyla Reis

Account Manager/Equipment Financing

800-247-1922

Get in Touch

Adam Denny

Account Manager - Equipment Financing

800-247-1922

Get in Touch

Amanda Hiltner

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Amanda Nytes

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Sara Finken

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Eric Miller

Broker Relations - Equipment Financing

800-247-1922

Get in Touch

Kaitlyn Raab

Client Relations Lead

800-247-1922

Get in Touch

Laure Engelke

Account Manager

800-247-1922

Get in Touch

Marissa Mollner

Client Relations Representative

800-247-1922

Get in Touch

Paige Winkelman

Client Relations Representative

800-247-1922

Get in Touch

Korey Laudenbach

Client Relations Representative

800-247-1922

Get in Touch

Nancy Stoermann

Client Relations Representative

800-247-1922

Get in Touch

Melanie Hamann

Client Relations Representative

800-247-1922

Get in Touch

Hunter Wohletz

Client Relations Representative

800-247-1922

Get in Touch

Megan Blenker

Client Relations Representative

800-247-1922

Get in Touch

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.