This blog is written for businesses working in the oil and gas industry:
We all know how well the gas and oil industry has been performing. For many people, it’s been a spark of hope to push the economy forward. States that have oil sources (e.x. Pennsylvania, Ohio, Colorado), have seen an expansion in oil related industry growth and oil affiliated jobs. Most of all, this has lead to a significant increase in the amount of small businesses who provide for the oil and gas industry.
Many of these start-ups where created by individuals who have a lot of technical know how but usually not a lot of money. They start getting new business and their customers start growing. Many these start-ups in the oil and gas industry get into trouble once they realize that their company has weekly expenses however , Oil and Gas clients pay their invoices in 45 to 60 days. Sooner or later, they experience trouble paying expenses while they wait for slow paying customers to pay their bills. And that’s exactly where the factoring companies step in.
Quite a few factoring finance companies have noticed this and have started to finance oil field service businesses as an new extension of their existing factoring businesses. This area is become a powerful financing area and is going more mainstream. This makes the industry has strong customers and shows growth.
If your business is in the oil and gas industry and is in need of funding, give us a call 1-888-382-3766 or visit us online by clicking here