Everyday we read headlines about the flat global economy asking ourselves when these hard times will improve. However, for those in the Canadian oil and gas sector, as well as those in manufacturing, the market is already looking up.
According to a report by The Calgary Sun, many companies in the oil and gas industry report they can’t hire enough workers to fill skilled and unskilled positions in areas such as administrative services, exploration, production, pipeline transport, oil sands, tar sands and more. The boom in oil and gas has had a ripple effect, and the Canadian manufacturing sector, specifically manufacturing linked to the oil and gas industry , has seen its own increase in production.
Account Receivable Factoring To Cover Costs of Rapid Growth
Hiring a large number of employees at once presents its own set of problems, such as covering the costs of payroll in a short period of time. This is where oil and gas financing and manufacturing factoring can help. The rapid pace of growth for these industries requires companies to obtain large amounts of capital quickly. Banks and standard financing companies generally aren’t equipped to move that fast. Fortunately oil and gas factoring companies are set up to handle bulk cash loans quickly so companies can cover payroll and related expenses in a matter of days.
Companies Can Purchase Equipment Fast with the Help of a Factoring Company
Along with the need to cover the cost of new personnel is the need to pay for new equipment, machinery, and facilities so that workers can carry out their job duties in an efficient manner. Business owners don’t want to explain to a client that the project was delayed due to not being able to purchase or rent the right equipment to get the job done.
Projects must be completed on time and having the right staff on hand as well as the right equipment is needed to do that. Oil and gas factoring and manufacturing factoring enables companies to keep an ample amount of cash flow so that they can pay for new equipment, facilities, and materials right away rather than having to delay.
Oil and Gas Financing Bolsters Cash Flow
Companies who want to take advantage of Canada’s once-in-a-lifetime oil and gas influx and related manufacturing growth need to consider an industry factoring company that works at the pace of the business. Business Factors is the ideal resource to get this done right! Oil and gas factoring with us will allow companies to quickly beef up cash flow so they can hire workers, purchase equipment and complete the project on time.