The biggest little city in the world is slated to host the biggest not-so-little battery factory in the world, and area residents, business owners, and government officials couldn’t be more charged. The construction of this mega factory is expected to have a rippling positive economic impact, directly and indirectly, for businesses in the Northwestern Nevada region and beyond.
Freight Factoring to Help Finance Factory Construction
The building of the facility itself will be a boom to local businesses and those institutions responsible for small business financing. Trucking and transportation is just one industry that is getting all revved up for the expected boost in business the factory will bring. Trucks and freight in the form of rail will be needed to transport manufacturing equipment, machinery and other gear for the construction of the factory. Big rigs will also be used to ship materials back and forth from warehouses, many of which will also be under construction themselves.
Those who own and operate trucking companies in the region are concerned about not having enough drivers to meet demand. Regional freight factoring companies are stepping up and earmarking capital to provide freight bill factoring so these massive scale transportation projects can be sufficiently financed.
Construction Funding Needed to Build Gigantic Factory
More than transportation and freight, local construction companies, which were hit hard by the recession and never fully recovered, are expected to benefit substantially from the Tesla deal. The factory will be colossal in size and construction companies, contractors, subcontractors and suppliers of every size and specialty imaginable will be required to complete the job. It goes without saying that significant construction loan financing will be needed, and factoring companies are stepping up to provide capital.
In addition to construction and transportation, the restaurant, hotel and hospitality sector is expected to see significant growth. The gaming industry is anticipating a lift in business as well as visitors, contractors, suppliers and tourists coming to the area will spend their money at local casinos.
Lack of small business financing could stall factory construction and transportation efforts, so many invoice factoring companies are lining up to provide needed capital. Factoring receivables can help business can the money they need in days rather than weeks and unlike small business loans, invoice factoring services are readily available to those in higher risk industries such as construction.