With the famous Banff National Park in the Rocky Mountains, one of the largest rodeos in the world, and the largest shopping mall in North America, Alberta draws visitors from all over the world. More than a million people attend the Calgary Stampede each year to get a glimpse of the Wild West in what has been billed “The Greatest Outdoor Show on Earth.” With its 800 stores spread over 5.3 million square feet and 24,000 employees, the West Edmonton Mall in the provincial capital of Edmonton brings in between 90,000 and 200,000 shoppers a day. Add to these attractions the wonderful skiing and hiking opportunities, and it is clear why tourism is a major employer in Alberta. There are many industries that can benefit from using factoring companies in Alberta.
Factoring in Alberta
However, the provincial economy is highly diverse, with a very large oil and natural gas production and refining industry, significant agricultural base, and growing high tech presence. Along with large multinational corporations, many small and medium-sized businesses thrive in Alberta. Many of those companies are looking to the future with plans for building their business: hiring more staff, increasing sales and marketing efforts, expanding their facilities, and other activities. They may have adequate revenue for fixed expenses, but no reserves to reach their growth goals. Some start-up firms may begin with a few strong customers, but need working capital to meet their overhead costs. Other companies can experience cash flow difficulties when their customers have long payment terms. An increasingly common solution in each of these scenarios is factoring.
Factoring provides companies the money they need without borrowing or incurring debt. Factoring companies purchase outstanding invoices and pay their clients the majority of those invoice amounts upfront. After collecting on those invoices, the factoring companies send their clients the balance, minus a small factoring fee. Many Alberta business owners find that factoring is an easy and affordable way to speed up their cash flow. It allows them to use the money that has been sitting in their accounts receivable for their future stability and growth.
Alberta Factoring by Industry
- Oil and natural gas
- Agriculture, especially wheat, canola oil, and cattle
- Timber and wood products
Some of the best Factoring Companies in Alberta
View the above list of factoring companies in Alberta for more information.