Accounts Receivable Factoring for Small Businesses in the Oil and Gas Industry
When a business owner considers the need for a loan, many times the initial thought process begins something like this: “I need money for ____. How much do I need? How fast do I need it? Can I qualify for the amount I need? Do I want to go through the process of finding out if I’m even approved, little less the time it takes to actually get the money? How much is it going to cost me?”
Securing working capital can be a challenge for any size business, especially if the business is new or doesn’t have the cash or credit history to support a traditional bank loan or line of credit.
Factoring brokers are independent commercial finance consultantsthat are able to offer different accounts receivable financing options to businesses through their unique network of providers.
A broker will typically work for himself or herself, under an assumed corporate name that separates the brokerage from the providers. His or her clients may or may not range in business size and type, and the broker acts as the conduit between the clients and providers.