Specifically, the much talked about Utica Shale project in eastern Ohio now has more than one thousand permits for drilling and exploration. Financing oil and gas projects of this magnitude and complexity isn’t cheap.
Los Angeles, CA (PRWEB) February 13, 2014
Business Factors & Finance, an alternative commercial financing company providing factoring accounts receivables, invoice factoring, and oil and gas funding to small and medium-sized businesses, is preparing for the expected rise in services demand due to the surge in shale oil and gas exploration starting in 2014.
Oil and gas financing, as well as manufacturing and freight factoring, already makes up a large portion of Business Factor & Finance’s business. It recently provided a $1 million line of credit for an oil field services company based outside McAllen, Texas and a line of credit for $250,000 for an Alberta, Canada-based company that hauls water to these shale oil fields. Such water transportation trucks and pumps are essential to the hydraulic fracking process.
As shale oil and gas exploration continues to expand, so will the need for oil and gas funding. Such oil and gas project financing often requires a large, up-front investment. Corporate banks are often unable to meet the financing needs of such projects in the required timeline. That’s why many companies turn to factoring. Business Factors & Finance has a track record of meeting the turnaround time & monetary requirements of this demanding industry, and as a result expects to secure even more oil and gas financing contracts in 2014.
“It was announced by CNN Money in October that the U.S. is expected to produce more than 11 million barrels a day of oil and natural gas liquids for 2014, outpacing Russia and all other non-OPEC nations,” says Robert Bernfeld, President of Business Factors & Finance. “Specifically, the much talked about Utica Shale project in eastern Ohio now has more than one thousand permits for drilling and exploration. Financing oil and gas projects of this magnitude and complexity isn’t cheap. At Business Factors & Finance, we have the expertise and financial depth to provide such oil and gas loans.”
About: Leveraging a customer-focused philosophy with more than 40 years of experience, BusinessFactors.com is the premier factoring financial services company. It provides accounts receivable factoring and small business financing to diverse industries, such as energy, transportation, freight, staffing, agriculture and so much more. Business Factors & Finance has the financial capital and backing to support both dramatic and sustainable growth to secure a business’s future success.