Mitch Rice: Finding Success During Unpredictable Times
by Markiesha Thompson Monitor 101 2022
Commercial Capital Company is dedicated to providing the best experience for small business owners and equipment vendors. Mitch Rice, CEO at Commercial Capital Company, shares with Monitor how he came into the industry and has consistently remained successful in his endeavors.
Mitch Rice, CEO, Commercial Capital Company
“I can’t picture myself doing anything else [and impacting other businesses] as I’m able to do financing the equipment they need to achieve their goals and grow their businesses.”
With a family background in equipment finance, Mitch Rice, CEO at Commercial Capital Company, started in equipment finance sales and learned all aspects of the business. With 22 years of experience in equipment financing, Rice is passionate about the industry, as well as Commercial Capital and its team, as he finds the job very rewarding. Customers are returning to purchase more equipment as their businesses continue to grow, and, according to Rice, with fast, easy access to equipment funding, small business owners see benefits from a long-term partnership with Commercial Capital.
After a major systems upgrade, Rice’s team was more prepared to navigate the change from in-office work to remote work during the height of the COVID-19 pandemic. Commercial Capital has been affected by the pandemic, Rice says, but not in any negative ways.
“We saw growth in 2020 over 2019. Then again in 2021 and once more in 2022. We worked through it, we came out stronger on the other side, that’s for sure,” Rice says.
Taking care of customers is the right thing to do, Rice says, so Commercial Capital deferred payments for those customers that needed it early in the pandemic. The company also moved to a new facility that gave its team the infrastructure to better manage end-of-lease and repossessions. The pandemic allowed Rice and Commercial Capital to utilize its warehouse facility as a showroom for used equipment. An up-to-date website actively markets the used equipment supported by email campaigns and social media.
With a clear strategy, Rice faces challenges head on with the flexibility to evolve as market conditions change. These real-time evaluations are informative, allowing the team to adjust to new conditions and stay on target. According to Rice, new technologies have allowed Commercial Capital to invest in systems and various tools that can help it compete with much larger companies.
Looking forward, Commercial Capital has been able to turn uncertainty into opportunity by listening to clients and providing them with flexible financing solutions that help their small businesses succeed.
With a 10-year plan in place, Rice has evaluated the equipment finance industry and chosen other funding companies to benchmark, allowing Commercial Capital to provide best-in-class products and services.
The willingness of established executives within the industry to share advice has been beneficial and greatly appreciated, and Rice knows what must be done and how the company will achieve its goals. With each piece of equipment sold, small business owners and Commercial Capital will continue to grow and prosper together.
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