Receivables factoring in Midland / Odessa / West Texas
Midland is home to many Permian Basin oilfield service companies. The Permian reaches from just south of Lubbock, down past Midland and Odessa, into southern West Central Texas, and extends westward into southeastern New Mexico.
The region generates as much as 4 million barrels of oil per day, approximately one-third of all U.S. oil production. Analysts believe that advances in hydraulic fracking will cause total U.S. oil production to equal the combined production of Russia and Saudi Arabia by 2025.
Towns like Midland, Odessa, and Hobbs, New Mexico have exploded with oil workers, having man-camps all over the place. Midland is the most prolific city impacted by the massive growth in oil companies that service the exploration and production of major oil companies.
Oilfield service companies need sufficient cash to keep up with growth and demand. Large oilfield service contractors can place a huge demand on a small company that gets a contract award. Business can ramp-up overnight and cause cash flow headaches quickly. Fortunately, invoice factoring is an excellent financial tool to help oilfield businesses take advantage of those growth opportunities.
Factoring companies in the area provide the cash flow that oilfield service companies need to thrive and grow. They buy your invoices and send you cash immediately, so you don’t have to wait for your customers to pay their invoices. Invoice factoring provides the funds your business needs to get rolling quickly, so you don’t waste valuable time and money.
Bank loans take months to get processed and often don’t get approved. Factoring companies in the West Texas area of Midland – Odessa can approve your factoring application within days, making it possible for you to get funded within a week. Contact a factoring company listed above or call FactoringClub at 866-748-7111 for assistance. FactoringClub services are completely free!