New Brunswick is the largest of Canada’s three Maritime Provinces and home to several busy cities – Saint John, Moncton, and Fredericton, the provincial capital — as well as extensive rural areas. Its beautiful forests and long shoreline make it a popular destination for outdoor enthusiasts, many of whom visit the Bay of Fundy National Park to observe the dramatic tides that leave boats high and dry once a day. The province has two official languages: English and French. There are many industries that can benefit from using factoring companies in New Brunswick.
Companies in the metropolitan areas serve a variety of industries, including health care, finance, and transportation. Some companies are small startups; others are long-established firms employing large numbers of people. Regardless of size or longevity, any business can run into financial challenges from time to time. When those challenges revolve around waiting weeks and months for customers to pay their invoices, companies in New Brunswick can turn to a proven cash flow solution: invoice factoring. The companies can receive payment upfront on their invoices and use those funds for overhead expenses or whatever is needed.
New Brunswick companies find that speeding up their cash flow in this way enables them to grow their business by hiring more staff, purchasing more inventory, expanding their facilities, or spending more on advertising. Companies without long credit histories or significant collateral may not qualify for traditional bank loans, so factoring can be attractive to those businesses. A factoring company looks at a company’s customers’ creditworthiness, rather than the client’s credit report. The good thing for companies throughout the province is that factoring provides them dependable funding when they need it, without incurring debt.
New Brunswick Factoring by Industry
- Service-based businesses
- Oil and natural gas
- Timber and wood products
- Commercial fishing