We offer mining equipment financing, leasing, loans, and sale leaseback solutions for business owners turned away from traditional bank lending options. Whether youre miningAluminum, Coal, Copper, Diamonds, Iron Ore, Gold, Lead, Silver, Stainless Steel Materials, Uranium Oxide, or Zinc, the professionals at Viking Equipment Finance have extensive knowledge of the equipment and machinery vital to the mining industry.
Mining equipment leasing is a great way for your business to get the new or used mining related equipment and machinery you need to be successful in this industry. We will work with to create the best financial solution for all of your mining equipment financing needs.
With years of experience financing mining equipment, our team of finance experts will put together a lease plan that fits your specific business needs. Whether you need one drill or an entire fleet, Trust Capital has the resources you need to grow your business.
Trust Capital has a dedicated corporate financing division that works with companies and large corporations in the mining industry. We facilitate transactions ranging from $250,000 to $50,000,000 for all types of mining vehicles and equipment.
We know that your time is valuable. The loan search can be long and difficult, so Trust Capital uses a simplified application process to get you the financing that you need when you need it. Compared to traditional lenders, our advantages to you include:
Our application process is easy. Simply fill out our quick, online application and start the process of securing financing for your business. Our knowledgeable finance experts are here to assist you in obtaining an equipment financing loan.
If you are in need of a mining equipment loan for your business, we invite you to contact us toll free at (866) 458-4777 and discuss your mining equipment needs with our equipment financing specialists.
We have utilized our years in business, experience with mining equipment vendors, and formal resources to weed out vendors that are not well suited for our customers. To that end, we have found some very reputable, strong, and successful mining equipment vendors we are happy to share with you.
Here at The MEC Group, we are solely dedicated to providing financing and equipment procurement solutions for the Mineral Mining Industry. MEC is the only equipment finance company that concentrates on underground, surface, open-pit and highwall mining operations and equipment. That is why we hold a best in class reputation in the mining industry and we would welcome the opportunity to show you why!
The MEC Group assists Mineral Mining Operators in obtaining the essential equipment and working capital they require to maintain their competitive edge. Our Group focuses on 3 predominate business areas to provide our customers with a broad range of benefits. These areas of concentration are:
Many of our customers are in high growth mode. They either need to upgrade their current equipment or are seeking an economic avenue to expand their operations. Subsequently, MEC has the capabilities and resources to procure equipment for our clients or sell their assets. We also have the resources to recover and remarket leased or financed collateral for other lenders and finance companies.
Through our group of capital partners, MEC is able to structure financial solutions that accommodate each customers specific financial requirement(s). MEC's Cost Per Ton Program allows mining operations to acquire the essential equipment and services they need. Our ability to create non-traditional and traditional financing structures, provides our customers with; increased production and safety, while reducing down time and their cost per ton.
Because of our relationship with a variety of investors and financial institutions, MEC can provide established mining companies with the needed capital to expand their operations for land and lease acquisitions.
The MEC Group is the leading Equipment Financing and Procurement Firm in the Mineral Mining Industry. We offer both mining equipment financing and mining equipment leasing. If youre starting a new project, or if your current project needs to upgrade or replace its current equipment, we can help find you the right tools for the job! We concentrate on underground, surface, open-pit, and highwall mining operations, and we hold the best in class reputation for our financing plans and equipment!
We provide a variety of traditional and non-traditional financing options that meet your budget and needs of the project sites. That means, no matter what equipment you need or budgetary constraints you have to work under, we can find the right plan to keep your site working. We also have had a strong relationship with our lenders since 2010, so were able to ensure your payment requirements are met, so you can concentrate on increasing your productions levels, enhance your mines safety, and reduce your cost per ton.
We are manufacturer neutral, so all the equipment we procure, sell, or lease are guaranteed to be the best available. We also offer a variety of used and rebuilt equipment which we can also finance to meet your budgetary needs.
With over 29 years of experience in the Leasing Industry, Ron Smith has acquired a deep understanding of the financial industry and what it takes to build strong partnerships. He has held business development and middle/senior management roles with such notable organizations as: IBM Financial Services, GE Capital, Dell Financial Services and Key Equipment Finance. He has alsoused his expertise to conduct Asset Valuation Projects for several mining operators
His ability to identify and manage strong sales teams coupled with a skill to forge strong and profitable relationships with customers and business partners, has led to successful start-up programs, for several major lending institutions.
Like many of their small business counterparts, the roughly 106,000 small mining firms in the U.S. rely on borrowed capital to purchase equipment, fund business initiatives, and otherwise fuel growth. And, like most small businesses in 2020 crawling out of the economic challenges caused by the coronavirus, it will be more challenging than it was in 2019 to access borrowed capital. Nevertheless, there are mining equipment financing options for 2020 that small business mining operations should know about.
While it might not be impossible to qualify for equipment financing with bad credit, it will be more challenging as lenders typically tighten their credit criteria after major negative financial events like what we have been experiencing through the first half of 2020. Although they might not describe it this way, lenders are looking for the answers to three very important questions when they evaluate a loan application:
If you can successfully answer these questions and demonstrate that your small mining firm can, and will, successfully service debt you will increase the odds of success with mining equipment financing. Lenders are basically trying to determine what you will do in the future based upon what you have done in the past.
Any equipment used to conduct business can be considered equipment. This could include things like computers, office furniture, and office equipment used by any business. It also includes many of the common pieces of heavy equipment associated specifically with the mining industry.
There are several options for capital equipment financing available to those mining businesses that qualify. In addition to traditional lenders like banks, the SBA offers loan guarantees to the mining sector and drilling industries who meet their requirements. Additionally there are a number of lenders that specialize in equipment financing or have divisions of their companies that specialize in equipment financing.
Viking offers mining equipment financing solutions, equipment leasing solutions, and sale leaseback solutions for small business owners that might not qualify at a traditional bank with loans from $1 million to $55 million. Their clients typically have $5 million to $250 million in annual revenue, or sufficient capital for an asset-based funding solution.
Trust Capital offers equipment financing that includes 100% purchase financing. You can borrow up to $300,000 by completing a simple one-page online application or up to $50 million with financial disclosure. They offer next-day funding with pre-funding available for approved equipment vendors. They also require no down payment and deferred payment options and terms up to seven years.
Nations Equipment Finance works on a case-by-case basis with businesses to finance the heavy-duty equipment used to mine for metals, coal, oil shale, stone, and gravel. The offer financing from $1 million to $50 million to businesses operating in the U.S. and Canada.
Balboa Capital offers equipment financing for many industries, including equipment loans for mining equipment. They are able to offer same-day funding in many cases, but the maximum loan amount is smaller than the lenders described above. An easy online application offers equipment financing up to $250,000 with no collateral requirement if youve been in business for at least a year, have $100,000 in annual revenue, and have what they characterize as a decent FICO credit score.
Time Payment offers both equipment financing and leasing options up to $250,000 with an answer to your credit application within a few minutes. They will even work with startups and borrowers with a less-than-perfect credit history. They also provide a calculator to help you estimate your monthly payment based upon the amount your company is borrowing and the term of the loanassuming you have a good credit.
Currency is a relatively new player in equipment financing that offers various funding options up to $500,000. The offer terms up to 72 months with no prepayment penalties. The also offer some 0% financing options.
OnDeck offers equipment financing up to $500,000 with terms between 2-5 years. They can give you an answer to your loan application within 24-48 hours. If youve got 3 years in business, a personal FICO score of at least 600, have annual revenues of $100,000 or more, and have a business bank account, you could qualify for an OnDeck loan.
Like most small business financing, individual rates and terms will vary depending on the lender you choose, your business credit history, and your personal credit history, but here are some averages to consider as you look for financing for your mining equipment.
Unlike other small business financing options available in a post financial crisis like COVID-19, equipment financing is often available when other financial solutions are not. Offering a loan to business purchasing equipment, when that equipment is considered collateral, is considered a lower risk than other unsecured working capital financing options. There are numerous mining equipment financing options available from traditional sources like banks, and even SBA-guaranteed loans to online lenders. The available capital will likely fit the financing needs of many mining operations with some lenders offering up to $50 million in mining equipment loans.
Ty Kiisel is a Main Street business advocate, author, and marketing veteran with over 30 years in the trenches writing about small business and small business financing. His mission at Nav is to make the maze of small business financing accessible by weaving personal experiences and other relevant anecdotes into a regular discussion of one of the biggest challenges facing small business owners today.
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