It’s a gamble like no other for the Telsa automotive manufacturer and the state best known for financial deals involving casinos, gaming, and slot-pull windfalls. The Silver State recently landed a competitive agreement to build the
nation’s world’s largest lithium-ion battery factory. Though not known for its manufacturing, the State of Nevada hooked the auto maker with a somewhat controversial $1.3 billion tax break to take place over two decades. Nevada Governor Brian Sandoval argues that the plant itself and surrounding support businesses will have a local economic impact of $80-$100 billion. Dry, arid conditions are required for this type of battery manufacturing, which is also why the northern Nevada desert region was selected.
Factoring Receivables Available for Plant Construction
The plant, which will be located outside of Reno, will require massive manufacturing financing for its construction, not to mention transportation and equipment financing. Roads themselves will literally have to be marked, paved and set to enable transportation to the new facility, which is currently nothing but a large vast desert space. The factory is expected to directly employ more than 6,000 workers itself and even more people will be hired by regional vendors and support businesses. Nevada state residents will receive hiring preference as part of the tax incentive. Local business owners and residents expect to feel an economic bump from the project as construction workers, contractors, truck drivers, inspectors, land surveyors, and others venture to the region to do their part.
Fast-moving Invoice Factoring Ideal for Project of This Scope
During the plant construction phase itself, Telsa will be looking to source numerous small businesses from the region and elsewhere to get the aggressive project going. Commercial financing and invoice factoring companies are looking to earmark financing for the building of the plant. Construction, freight, machine shop, and payroll factoring will have to come from somewhere. Many invoice factoring companies are eager to work with contractors, suppliers, and other small businesses to provide needed financial services.
Factoring companies like ours provide financing much faster than a bank and can work with most any company regardless of its credit rating. For these reasons and more, factoring receivables is an ideal form of financing for these types of colossal, once-in-a-lifetime business opportunities.