Find Factoring Companies in Alberta
The Alberta province and western Canada in general is widely recognized as the nation’s hub for oil and gas. Yet financing oil and gas projects remains challenging because drilling and fracking are high risk undertakings. From an investment perspective, many banks won’t lend to these enterprises because of the risks involved. For this reason and others, accounts receivable factoring or invoice factoring is a popular choice for many small and large energy companies that are growing and looking to remain liquid.Read More
A Long History of Oil and Gas Accounts Receivable Financing in Alberta
Cities such as Calgary and Edmonton have a track record of producing, procuring and distributing oil and gas going back to the early 1900’s. Most recently the region has experienced a second energy explosion with fracking and exploration. Along with this growth and development, large groups of people from across the country have relocated to the Alberta province to work for the oil and gas sector. This has created a secondary hiring and staffing boom that often requires fast staffing financing for local businesses.
Choosing Invoice Factoring over Traditional Oil & Gas Funding in Alberta
Oil and gas factoring as well as staffing accounts receivable financing in Calgary and Edmonton offer many advantages to business that the banks just can’t match. Consider the following:
- Factoring receivables relies on the creditworthiness of your clients so if you are drilling or providing staffing for a major corporation or government entity, you more than likely qualify.
- Invoices factoring can provide financing to feast-and-famine cycle businesses like oil and gas and staffing and payroll. Many banks won’t touch businesses without a regular, incremental growth cycle.
- Fast funding is essential in oil and gas and staffing sectors. Factoring receivables can offer cash in 2-5 business days or less in some cases. Banks generally can’t offer funding in such a short period of time.
Use Invoice Factoring in Alberta, Canada to Get the Goods
Unlike bank loans that may limit how your spend “their” money, factoring companies can be used for any business purpose. Use oil and gas and staffing factoring to:
- Improve your company’s overall cash flow to stay on top of existing bills and expenses.
- Purchase or lease new drilling or fracking equipment and related gear.
- Cover the high costs and payroll of workers’ salaries as well as lodging, transportation, and other living expenses.
- Pay for various Alberta Province drilling permits and fees.
- Buy supplies and pay for the related trucking and transportation costs associated with drilling and fracking of oil and gas.
- Expand your business or move into previously untapped territories.
- Invest in a nation-wide promotion plan to recruit and hire quality workers for your oil and gas project.
Don’t Speculate: Alberta Invoice Factoring Companies Serve Oil & Gas
Though oil and gas and staffing are dominant industries, you can also find invoice factoring companies in Alberta Province that work with other leading sectors, such as trucking and transportation, freight, manufacturing, construction, technology, telecom and more.
So whether you are looking to maintain cash flow for your oil and gas or staffing business or to expand elsewhere in western Canada, invoice factoring companies can help your business get the cash it needs to do just that.