Pump some cash into your business from oil and gas factoring companies
The oil and gas energy section defines the boom and bust business cycle. One day your wells are running dry and the next, they are overflowing. As such there’s no time to sit and wait for oil and gas financing from traditional bank loans.
Alternative financing enables production, transportation, piping, drilling and all other companies related to oil and gas to get the capital they need right away to handle all their business needs. Financing oil & gas projects is a higher risk undertaking that many banks are reluctant to participate in. The costs of equipment, payroll for workers, pipe lines, transportation, drilling and more are costly. For these reasons, heavily backed and fast paced oil and gas factoring may be the best choice for financing oil & gas projects.
Oil and gas financing companies provide cash fast without the wait
Oil and gas factoring may be your best choice for funding because it is ideal for:
Peak-and-valley type businesses that lack a steady history of growth
Businesses whose clients tend to pay at or after a 30-day payment period
New businesses that haven’t been established for at least five years
Businesses that have out of sync payment terms with their suppliers, such as when the supplier must be paid immediately even though the business doesn’t collect until much later
Businesses that have high expenses and operational costs due to purchasing or leasing major equipment and machinery
Those industries that are deemed high risk just by the nature of their business
Oilfield factoring companies provide financing options to a range of industry enterprises even if they are high risk, unestablished, lack good credit scores, have cyclical business cycles, and more. So even if banks have turned your business down for a loan, you may still qualify for oil and gas financing. The main qualifier for funding is your customers. As long as they have good credit history, then you are a candidate for oil and gas financing.
Oilfield factoring companies partner with:
Excavating and drilling companies
Water hauling and trucking firms
Crude hauling and transportation companies
Pipe construction and laying companies
Rig builder and relocation entities
Site preparation and planning corporations
Tank, truck and pipeline cleaners
Staffing companies that supply workers for oil and gas sector, such as haulers, roughnecks, truck drivers, welders, riggers, roustabouts, and crane, drill and fracking operators
Your gear is as good as cash with oilfield equipment financing
In addition, your oilfield equipment can serve as collateral for oil loans in the form of oilfield equipment financing. This means that if you own dozens of drills and related gear that are sitting dormant but you have contractors that need to be paid, use the cash that’s locked up in that oilfield equipment to pay the contractors. Oilfield equipment financing is offered by many but not all oil and gas factoring companies.
So if your oil and gas firm needs financing in a hurry, don’t take your chances with the bank. Oil and gas factoring companies can offer capital in a few days so there is no delay in your drilling or pipeline project. Depending on the circumstances of your situation, oilfield factoring companies can offer 80 percent to more than 90 percent of the value of your invoices right away. Each oil and gas factoring company is different and offers different pricing structures, percentages and fees.
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