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Invoice Factoring and the Oil and Gas Boom

invoice factoring and the oil and gas industry

Opportunity for Invoice Factoring and the Oil and Gas Boom

The Oil and Gas Boom continues to stimulate growth, and that’s where funding solutions such as invoice factoring become so important.  New 2013 census information shows that 6 of the ten fastest-growing metropolitan areas and eight of the ten fastest-growing counties in the country are located in or near the oil- and gas-rich fields of the Great Plains and Mountain West.

Neighboring cities Odessa and Midland, Texas, show up as the second and third fastest-growing metro areas in the country.  Energy production is one of the fastest-growing industries in the United States, the Census Bureau said. The boom in the U.S. follows the use of new technologies, such as hydraulic fracturing and horizontal drilling, to tap oil and gas reserves.

According to its data, revenue for mining, quarrying, and oil and gas extraction grew 34.2 percent to $555.2 billion from 2007 to 2012. It also was among the fastest growers in employment as the number of employees rose 23.3 percent to 903,641.

With this growth comes funding needs for small to medium businesses in all kinds of industries. It’s peripheral industries that are growing as well as construction, janitorial services, medical, food service, and more. Don’t think you can’t take advantage of this growth if the bank isn’t approving your business for a loan. Invoice factoring works for startups, client concentration issues, tax lien IRS issues, and many more. Factoring looks at the credit of your client, not your own. This opens up incredible opportunities not previously realized.

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