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Receivables factoring in New Mexico
New Mexico is a major source of petroleum and natural gas deposits located in the Permian Basin in southeast New Mexico and in the San Juan Basin in the northwest. The state has passed Colorado and Oklahoma to become the third-largest oil producer in the country. Texas remains the number one oil producer due to the huge reserves in West Texas.
The U.S. has become the world’s biggest oil producer with most of the oil coming from Texas and New Mexico. In fact, the U.S. has become a net exporter of crude and petroleum products. Factoring companies in surrounding cities like Midland – Odessa have helped small businesses keep up with the huge demand of oilfield services in the region.
Oilfield factoring services
Oilfield factoring companies are an attractive option to bank financing for oilfield related businesses. These small businesses can obtain the financial resources necessary to provide growing services to large oilfield contractors. Rather than sinking into debt and making loan payments, invoice factoring is like a bank line of credit. You also get to enjoy the many benefits of receivables factoring that banks don’t offer.
Invoice factoring improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables. You get the cash quicker so you can pay for supplies, payroll and other operating expenses.
Factoring companies can approve your factoring application within several business days. Often, you can get your first funding within 5 to 10 days, making invoice factoring a quick and easy process.