Financing for mining companies

When you work in natural resources and extraction, if machinery breaks, weather delays halt operations, or payroll gets missed, it can devastate a project. That’s where our financing partners come in.  They specialize in providing business loans for mining companies so you can finance new and used equipment, cover monthly expenses like payroll and utilities, hire specialists and laborers, pay for equipment upgrades, and cover the gas to power them. You can even use financing to acquire a competitor.

With SBL, the process is simple. Click here and enter information about your funding needs and your business. From there, our platform can pair you with financial providers that specialize in extraction company financing and which can provide the best options for your current business needs. You’ll select the one that you like best and can apply directly with that partner. The best part? Our financing partners make it quick and easy to apply for financing and are dedicated to funding you fast.

No matter what type of funding you need, you can count on our partner lenders and financing providers to customize business loans for your mining company.

Your business is unique, and so are your needs. While one mining company may have a temporary gap in cash flow while waiting for payment, another could be shut down for a few weeks due to landslides, but they still have to cover payroll. That’s where financing customization becomes critical. Each situation calls for a different type of financing, and you can find the right type of solution for your needs with SBL.

Knowing the different types of business loans available for mining companies helps you apply for the right one. Here are a few of the financing options available from our partners for your mining businesses.

Equipment financing 

When you need to buy or lease used or new equipment, mining equipment financing is the right choice. It can be used for excavators, haul trucks, continuous miners, draglines, crushers, and mills. One of the advantages to this type of business loan is that you can use the equipment as collateral, keeping your other assets open in case you need more funding in the near future.  Unlike a short-term business loan, the financing can be spread over a few years, giving you time to pay it back and freeing up cash flow with the lower monthly payments.

Disaster recovery and emergency loans 

Disasters happen. When the weather does not want to cooperate, your team still needs to be paid and so do your bills. A disaster recovery and emergency loan is a type of short-term financing that can help your mining business cover these costs when operations are halted due to circumstances outside of your control, from landslides to continuous storms and rain.

Business bridge loans

If you’ve applied for long-term financing because you’re purchasing a building, found an expensive piece of equipment (like a continuous miner going) on auction, or have a bid on a competitor, business bridge loans can get you the deposit money to secure the deal. They’re used to bridge an immediate gap in cash flow, so you can secure time-sensitive opportunities while waiting for the larger amount of financing to clear.

Advertising loans

When you need to attract investors, bring in new talent and a workforce, or drum up brand awareness, advertising loans can be the way to go. You’ll keep dedicated resources focused on projects while having the ability to buy branded merchandise, invest in online advertising, and spend on traditional media like billboards. While business can be won from contracts, you may still need the marketing talent and investors to fund your operations, and an advertising loan can help you accomplish your goals. 

The financing you get from a mining business loan can be used to:

• Hire workers including laborers, specialists like geologists, and tech professionals. It can even be used to cover the costs of mine managers and office admins.
• Purchase, repair, or rent equipment for regular or special project needs.
• Cover expenses when there are gaps in cash flow from delays in accounts receivable.
• Fund operational expenses including travel to and from projects, software and computer upgrades, gas for vehicles, and even rent and utilities for your office.
• Acquire a competing business or purchase their equipment if they’re going under and liquidating.
• Attract talent, investors, and new contracts.

The requirements to qualify for a mining business loan vary by financing provider. Traditional lenders, credit unions, government agencies, and alternative online lenders are all going to have certain minimum requirements that applicants need to meet to get funded. These may include a minimum amount of time in business (i.e., six months to a year), a minimum amount in annual revenue, and an established credit score (from poor to excellent).

Regardless of the amount of time you’ve been in business, your annual revenue, and your FICO score, SmallBusinessLoans has solutions for you through our extensive network of trusted partners. Click here to see your matches now.

Virtually all types of mining companies and operations can get funding through our partners including:

• Major, junior, and other size companies
• Industries like gas and oil, coal, metals, and minerals
• Exploratory organizations
• Extraction and support companies that offer transportation
• Production facilities