Introducing Stearns Bank N.A.
- 100-year old financial services provider based in St. Cloud, MN.
- Independently-owned commercial bank.
- Employee-owned bank, with employees owning 30% of the company.
- Over $1 billion in assets with several affiliate banks.
- Nationwide Services Available:
- Affordable Housing Projects
- USDA Loans
- SBA Loans
- Equipment Financing
Stearns Bank N.A.
Equipment Finance Division
- We are located in Albany, MN
- Started with 1 employee over 35 years ago in the bank basement
- Grown to over 80 employees
- $220 million in generated lease business (2011)
Why Stearns Bank?
- Staff Serving You With The Latest Technology
- Decision notification by email, fax or phone.
- Our technology is adaptable to service your needs.
- Fast Response Time
- Expect approvals in less than 60 minutes.
- Flexible Programs
- We will create programs to fit you and your customers needs (such as buy downs, skip payments, low down payment and seasonal delayed programs).
- Same Day Funding
- Funds can be wired to your account or sent by FedEx or Mail.
- Personal Touch – Human Contact ALL the time
- You will always speak to a person, not a machine.
- Backup Support
- Everyone is cross trained so when someone is out of the office we have people in place to take your calls.
- Provide Tradeshow Support
- Personnel will be available for tradeshows.
- Programs can be created for show specials.
- Our roots are in agriculture
- Strong focus on the dairy market
- We know this equipment and what it can do for the customer
- One page application form
- Can take application over the phone
- Expect 1 hour turnaround
No credit scoring system in place. The following tools are used to reach a credit decision:
- Credit Bureau
- Local Trade References
- Dun & Bradstreet/PayNet
- One-page document
- Just need an invoice to prepare documents
- Email, fax or overnight to the dealer or customer
Requests can be handled within the hour.
- Same day as equipment delivery.
- Stearns will fund from fax documents. (Originals will need to be mailed to Stearns.)
- We will wire or send funds overnight/mail.
Designed to help you sell more
- Standard Programs
- Sales contracts
- Leases : $1.00 Purchase Option and 10% Purchase Option
- 24-60 month terms (in special cases we may go shorter or longer)
- Monthly, quarterly, semi-annual or annual payments
- Seasonal and Delayed Payments
- Seasonal payments allow the customer to skip payments during slow months. Delayed payments allow customers to use the equipment and generate income before payments are due.
- Low Down Payment
- Helps get your customer into equipment with little or no money down. Allows your customer to use the equipment and generate income without putting a large payment down.