Unsecured funding for mining
Secure the capital you need to grow your mining business.
All we need from you? 6 months bank statements to assess your application!
Loan Conditions
Loan Term: From 2 month to 6 months options
Minimum Loan: R 50 000
Maximum Loan: R 6 000 000
Interest: 25 % for 6 months term
Business Age: Minimum 1 year old
Business Turnover: R 1 million per annum or more
Premises: If leased, then leased for minimum of 1 year. If owned, then at least one year old
Start Ups: NO START UP business applications will be considered
Cost Schedule
- Minimum Term – 6 months
- Maximum Term – 6 months
- Minimum APR – 50 %
- Maximum APR – 50 %
Example :
- Loan R 100 000
- Term 6 months
- APR 25 %
- Repayment R 125 000
Subject to lenders Terms and Conditions at time of quote
Boost your mining business with our quick business loans
Need fast access to capital for your mining operations in South Africa? Explore unsecured business loans designed for the mining industry, offering up to R6 million in funding. Our easy online application process means you could get approval in as little as 24 hours, helping you seize opportunities without delay.
These unsecured business loans provide a vital mining funding option without requiring you to put up physical assets like mining equipment or property as collateral. Approval is typically based on the financial health and cash flow of your mining business. The online application streamlines the process, allowing for a much faster assessment and disbursement of funds compared to traditional secured loans.
Use your business loan for…
Bridging short-term cash flow gaps
Covering immediate operational expenses like payroll, fuel, or maintenance during fluctuations in production or sales cycles.
Purchasing equipment or spares
Acquiring critical components or machinery needed to maintain operations and prevent downtime without a lengthy procurement process.
Funding exploration activities
Financing initial surveys, mapping, or drilling programs to assess the viability of new deposits.
Taking advantage of limited-time opportunities
Quickly securing funds for advantageous input purchases or urgent repairs that can significantly impact productivity.
You qualify for funding if…
Your business has been trading for 12 months
You have made over R1 million in sales over the past year
You've got 6 months bank statements ready to submit
You are NOT a start-up - in other words you have a proven track record and order book older than 1 year.
How does a business loan work?
When a mining company needs quick access to mining funding in South Africa without tying up valuable assets, an unsecured business loan can be an effective solution. Unlike traditional loans that demand substantial collateral like property or heavy machinery, these loans are approved primarily based on your business’s financial health and ability to repay.
The process is designed for speed and convenience, starting with a simple online application.
How repayments work
Business loan repayments typically involve making regular installments over a specified period. These installments are designed to pay off both the principal amount borrowed and the interest accrued on the loan.
Repayment Schedules:
- Fixed Installments: The most common repayment schedule involves fixed weekly payments over 26 weeks. This means you’ll pay the same amount each time. See cost schedule above for more information.
Early Settlement:
You can opt to pay off the loan balance in full before the scheduled maturity date. There is NO peanlty fee for early settlement.
Late Payments:
If you miss a loan payment or make a late payment, you may be subject to late fees and penalties. These can increase the overall cost of the loan.
Default:
If you fail to make your loan payments for an extended period, you may be considered in default. This can have serious consequences, including legal action, damage to your credit score, and potential loss of business assets.
It’s important to understand the repayment terms of your loan and plan accordingly. Consider factors like your business’s cash flow, expected income, and any potential fluctuations in your industry when budgeting for loan repayments. If you’re having trouble making payments, it’s advisable to contact your lender as soon as possible to discuss possible solutions, such as restructuring the loan.
FAQs
What makes an unsecured business loan different for a mining company compared to a traditional loan?
Unlike traditional loans that typically require significant assets like mining equipment or property as collateral, unsecured business loans for mining companies are approved primarily based on the business’s financial performance, cash flow, and creditworthiness. This allows mining companies to access funding without encumbering their core operational assets.
How quickly can a mining company access funds through an unsecured business loan?
One of the key advantages is speed. With streamlined online applications and rapid assessment processes, approval can be granted in as little as 24 hours, allowing mining companies to quickly address urgent funding needs or capitalize on time-sensitive opportunities.
What can a mining company use unsecured business loan funding for?
Unsecured loans offer flexibility. Mining companies can utilize the funds for various purposes, including bridging short-term operational costs, purchasing essential smaller equipment or spares, funding initial exploration activities, or taking advantage of immediate, beneficial procurement opportunities.
What documentation is typically required when applying for this type of mining funding?
While the process is designed to be efficient, you will generally need to provide supporting documents such as recent financial statements, bank statements, and potentially other relevant business information to allow the lender to assess your company’s financial health and repayment capability.
How much is available through unsecured mining funding in South Africa?
While amounts can vary depending on the lender and the mining company’s profile, unsecured business loans in this context can often provide funding up to R6 million, offering a significant capital injection for various short to medium-term needs.
Is an unsecured business loan suitable for large-scale mining projects?
Unsecured business loans are generally better suited for short-term funding needs, working capital, or smaller capital expenditures. Large-scale mining projects requiring substantial, long-term investment would typically necessitate different financing structures, such as secured project finance or equity funding.
Apply Now
Please select how much your business has turned over in sales in the last 12 months.
