The two fastest booming industries in the United States right now are oil & gas and invoice factoring. The oil & gas industry has reaped “$290 billion in profits over the last four years,” according to CNN Money.
The sudden boom in the oil and gas industry is thanks to the development of a method to tap “the largest contiguous oil deposit in the lower 48 states. There are an estimated 4.3 billion barrels of recoverable oil in a deposit under parts of the Dakotas, Montana and Canada.
Accounts receivable factoring has also experienced a recent boom due to the down economy and the need for alternative business finance methods. The factoring industry has been in existence since ancient times but has become a common resolution to companies’ finance needs in the past few decades. Factoring companies offer debt-free financing for B2B companies, especially those experiencing dramatic increases in demand for their products and services, such as those currently working the North Dakota oil patch. Universal Funding Corporation is a trusted funding source that has been around since before the current boom in the factoring industry.
With high profits being enjoyed by many in the oil & gas industry, more businesses are scrambling to install crews of workers in North Dakota to get their piece of the pie. Starting a new operation or expanding into a new area requires a capital investment that many businesses don’t have access to on the turn of a dime. That’s where invoice factoring comes to their aid.
If your business plays a part in the oil boom whether it is in staffing, communications, hauling, IT, engineering, or manufacturing and you would benefit from a consistent cash flow, accounts receivable financing might be your best solutions. Call 1-800-405-6035 today!