A Conversation With Jen Rakotz - A Monitor 2022 Top 50 Women in Equipment Finance

Meet Jen Rakotz, a powerhouse in the equipment finance industry. For over a decade, she has been helping businesses grow with Stearns Bank — one of the nation’s leading providers of equipment financing solutions. Whether it’s healthcare, construction, or agriculture, Rakotz knows how to tailor financing options to meet the needs of her diverse customers. She delivers smooth and effortless financing experiences that keep customers coming back for more.

But Rakotz is not only a savvy financier. She is also a leader who values communication and genuine relationships. She stays on top of the latest trends and technologies in the industry — and she is here to share her insights with us. In this interview, Rakotz debunks some common myths about equipment financing and reveals how technology is transforming the industry.

What Inspired You To Pursue a Career in Equipment Finance? 

“After college, I applied for the reception position at Stearns Bank. When I went in for an interview, I actually interviewed with a team in Sales as they saw something else in me and I left that day with a position on the Client Relations Team. 

As soon as I started, I fell in love with the role and helping customers grow their businesses. I was a Client Relations Representative for four years and then moved into a supervisor position and now have been working in a management position for the last year. It is a joy leading a team who has the same passion I have to help others.”

What Unique Challenges Have You Faced as a Woman in the Equipment Finance World? 

“I can’t say I’ve personally faced many challenges as a woman in the equipment finance industry. I am inspired by other female leaders at Stearns Bank that have helped pave the way in this industry. 

I look to them for guidance, and they have contributed to my career growth. I am very fortunate that Stearns Bank prioritizes female leadership and our CEO, Kelly Skalicky, really sets the tone that everyone has a voice at the company.”

What Are Some of Your Favorite Projects, Client Success Stories, or Memorable Moments Over Your Time Working in the Equipment Financing Field?

“I have truly enjoyed the relationships I have built with many of my customers over the years. I have been working with some of my customers since I’ve been with Stearns Bank, over 12 years ago. It’s rewarding to know that I am their “go-to” person. 

My main goal is to always get their requests done quickly and make the process effortless for them. I also enjoy watching my team grow and witnessing everyone collaborate and work together to achieve both individual and team goals.”

What Do You Think Are Some Common Misconceptions About Equipment Financing?

“I think one common misconception about equipment financing is that all terms are the same. Speaking on behalf of Stearns Bank, terms can be customized to fit your business’s needs.

For example, for those in the landscaping or agricultural businesses, we can do seasonal or annual payments. We want to understand your business and create terms to accommodate your budget. 

Some customers also think that the financing process takes a long time. We can actually take an application over the phone which only takes a few minutes. For our existing customers, we already have everything on file making the process even easier. If we can get everything we need upfront, we have seen application turnaround in under 2 hours. 

Also, financing is not strictly transactional here at Stearns Bank — it’s so much more than that. We’re here to help people’s business dreams come true and to build relationships with our customers.”

How Has Technology Changed the Landscape of Equipment Financing Over the Past Decade?

“It’s so exciting how much technology has changed because everything is available at our fingertips! Customers can apply for financing right online and even sign their financing documents electronically. We even recently rolled out electronic notary which is saving time for our customers. 

For our current borrowers, they can now view everything on their accounts online including their payment history, invoices, balances, and can even make payments online. It has become so effortless and easy!”

What Do You Think Sets Stearns Bank Apart From Other Equipment Lenders? 

“To start, Stearns Bank stands apart from other equipment lenders because we answer on the first ring. If you call us, you will also always talk to a live person and never get a recording.

We are employee owners and we pride ourselves on our customer service and always make sure our customers get the assistance they need fast. 

Next, Stearns Bank truly lives by our Mission, Vision, and Values. One value that I am especially proud of is, “Sense of Urgency.” Time can be of the essence in some financing situations, and we work quickly to get the equipment in our customers’ hands. We also can work with almost any vendor and finance a wide array of equipment.”

How Do You Balance the Needs of Your Clients With the Financial Risks Involved in Equipment Financing? 

“As we always say at Stearns Bank, “Know Your Deal.” Before submitting an application, you should understand your customer, the industry they are in, the equipment they are purchasing, and the purpose behind the need. 

There are times we may need to take a deep dive into a customer and get additional information such as bank statements or financial statements to understand their global profile. This in turn also helps us assist with future transactions.”

What Advice Would You Give to a Small Business Owner Seeking Equipment Financing for Their Small Business? 

“Pick up the phone! We are only a call away to help answer any questions you may have. At Stearns Bank, we have people who are even experts in a wide variety of industries.  We will be happy to explain the benefits of financing, how our contracts are set up, and how easy the process is."

Stearns Bank: Your Partner in Equipment Financing and Business Success

When you partner with Jen Rakotz and the equipment finance team at Stearns Bank, you get more than just a reliable source of equipment financing. You get a lifelong ally who knows your business, supports your goals, and delivers on your needs. Don’t settle for less. Contact Stearns Bank today and take the next step towards your business success