Some cities and regions across the country have suffered worse than others as a result of the economic recession. Of course some regions such as the Rust Belt (the areas of Ohio, Pennsylvania, and upstate New York) were hit hard prior to the recession as a result of manufacturing. The Southeast region was also hit especially hard by the loss of manufacturing, factoring in jobs, supporting businesses, construction and more.
Oil and Gas Project Financing Helps Plains Region, Texas Flourish
On the bright side of things, other cities and regions have fared quite well. Many of these more prosperous places are in regions experiencing a shale oil and gas boom. For instance, the largely rural state of North Dakota has seen dramatic growth in recent years due to such finds as the Bakken Shale Oil Formation, one of the largest findings of shale oil reserves in the U.S. Such projects, supported by oil and gas funding, have created hundreds of jobs. As a result of financing oil and gas projects, the local economy and small businesses have felt the positive, ripple effect of this growth.
Other states such as Texas, no novice to experiencing oil and fas financing and growth, have seen a new sort of boom due to finding these shale oil formations. The West Texas region, especially cities such as Midland and Odessa, has experienced considerable development, providing numerous jobs to the region.
Oil and Gas Factoring Can Help Launch Shale Drilling Projects
Though oil and gas procurement can be quite profitable, its startup can be quite costly which is why securing oil and gas project financing is so important. Oil and gas loans from the bank can take a lot of time, involve an extensive credit check, and require collateral. The energy industry is fast-moving and having to wait on an exploration could cause you to miss out. That’s why other financing options such as oil and gas factoring are popular for the sector. Invoice factoring or factoring receivables can occur in less than 48 hours and does not require lengthy processing time. By taking advantage of the more flexible terms of invoice factoring, oil and gas companies can get the drilling going in no time.
About the Author: Peter Amundson
Since 1991 I specialize in Invoice Factoring, PO financing and ABL facilities. I currently work internationally with companies in the US and Canada via our internet marketing division. Specialties: Accounts Receivable Factoring and Payroll Funding for Manufacturing, Oil & Gas, Telecommunications, Wholesale Trade Distribution, Staffing and Transportation. I always enjoy helping companies rise to the next level of success.
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