Why finance vs. paying cash?

Whether you are adding a new piece of equipment, starting a new practice or acquiring new technology, the method used to acquire the equipment can have an impact on your balance sheet. Your options should be carefully reviewed before paying cash.

• Conserve your cash: Financing enables you to keep cash on hand to improve your company's cash flow. Paying cash reduces your cash asset and therefore has a negative impact on your balance sheet.
  
  
• Cash discounts: Save your cash for other business needs. You may be able to get discounts for paying cash on your frames, consumables, advertising, and other miscellaneous items.
  
  
• Benefit from use of equipment: Pay for the equipment as it produces revenue. You can have the equipment pay for itself as you use it. Financing should be used for depreciable assets such as equipment.
  
  
• Section 179: You can still take advantage of Section 179 if you finance.
  
  
  

Stearns Bank vs. local bank/other lenders

If you see yourself opening a new practice, purchasing an existing practice, or needing a loan to purchase new equipment or working capital, Stearns Bank is here to help make your vision a reality. As a preferred nationwide small business lender, we are able to provide fast and flexible financing. The Preferred Lender status allows us to approve and process your loan in-house, therefore reducing the turnaround time on your loan. Let our experienced lenders be your financial partner and assist you with your vision.

• Convenient: Stearns Bank representatives are readily available by phone to talk with your clients. Talk to a live person at all times. Our application process is simple and can be taken over the phone - no financials required. Turnaround time on application is typically within an hour.

• Preserve your existing local lines of credit: Expand your credit limits by developing a relationship with a secondary source for your equipment needs. Keep your local lines open for your day to day operating expenses.

• Flexible terms: Stearns Bank can create terms to accommodate your budget; perhaps you want just a short term 24 month note, or we can go as long as 60 months. You can also delay your first payment up to 90 days which allows you to generate revenue from the use of your equipment before a full payment is due.

• Direct Lender: Stearns Bank does not sell your paper. You stay a client of ours from start to finish.

• Credit Bureau reporting: Stearns Bank does not report your accounts with us to the credit bureau; therefore we will not show up as a line item on your credit report. We are only required to report delinquencies.
  
  
  
  

Equipment Finance & Leasing with a sense of URGENCY

• You have important priorities on your mind, so we make healthcare equipment financing quick and easy for you. Stearns Bank Equipment Finance Division offers a full line of financial services for healthcare professionals nationwide. Terms are structured to meet your capital and cash flow requirements. We evaluate the situation and provide you with the best fit for your financing needs. As employee owners we bring personal service and a sense of urgency that is apparent in every transaction. We retain you as a customer for life as we don't resell our loans.
  

     Convenience & Experience:

• Stearns Bank is knowledgeable in the healthcare industry and equipment, so we make for a seamless approach to financing. We've been financing equipment for over 35 years.
  

     Easy Application Process:

• Limited credit application with decisions made within an hour.

     Simple & Flexible Terms:

• We offer terms from 24-60 months, with as little as no money down. You can choose to delay your first payment up to 90 days. Our financing is made simple, no confusing terms or complicated contracts.

     Sense of Urgency in our Work:

• Stearns Bank prides itself as an employee owned organization, focusing on efficiency and sense of urgency. With personal contact throughout the entire process, you will enjoy the style of service Stearns Bank delivers.

• As a business owner, it makes more sense to finance your equipment purchase rather than pay cash.- Whether you are adding a new piece of equipment, starting a new practice or acquiring new technology, the method used to acquire the equipment can have an impact on your balance sheet. - Your options should be carefully reviewed before paying cash.

  • Conserve your cash: Financing enables you to keep cash on hand to improve your company's cash flow. Paying cash reduces your cash asset and therefore has a negative impact on your balance sheet.
    
    
  • Cash discounts: Save your cash for other business needs. You may be able to get discounts for paying cash on your consumables, advertising, and other miscellaneous items.
    
    
  • Benefit from use of equipment: Pay for the equipment as it produces revenue. You can have the equipment pay for itself as you use it. Financing should be used for depreciable assets such as equipment.
    
    
  • Section 179: You can still take advantage of Section 179 if you finance

     SBA 7A Loan

• Loan amounts from $25,000 to $5 million

• Repayment terms as long as 20 years

• Start-up, acquisition, expansion, refinance, real estate purchase, contract payoff,
  equipment purchases, renovation, inventory, & working capital.
  

• Loan amounts from $500,000 to 12.5 million
• Repayment terms of 10-20 years
• Acquisition, expansion, renovation, refinance, & construction purposes.