Quebec is the largest of Canada’s ten provinces and is second in population only to its neighbor to the west in Ontario. With its rich history of immigration from France, it is also the country’s only French-speaking province. As a result, the majority of its residents speak French as their first language. Tourists flock to the beautiful and historic Quebec City perched above the St. Lawrence River, for French-Canadian cuisine and immersion in French culture and traditions. More English speakers and English businesses can be found in its largest city, Montreal, on the Saint Lawrence River across from New York state. There are many industries that can benefit from using factoring companies in Quebec.
The province has a strong and diversified economy with a large services industry and a growing presence in biotechnology, pharmaceuticals, aerospace development and production, telecommunications, and other information technologies. Tech startups in particular have been flourishing in Montreal and other areas. When new businesses in Quebec encounter cash flow challenges, many turn to invoice factoring, an alternative funding method that is growing in popularity. Factoring works for companies in a variety of situations, whether they are startups with no track record of success, companies with immediate cash flow needs, or successful companies poised for growth with low cash reserves.
Factoring enables all those types of companies to get paid right away for work they have completed without having to wait 30, 60, or even 90 days for customers to pay. Because factoring companies evaluate applicants on the creditworthiness of their customers, not the applicant’s own credit history or collateral, new startups or firms with few assets can qualify for factoring. Invoice factoring gives growing companies a cash infusion to spend on hiring staff, buying more inventory, trying new sales and marketing strategies, and expanding facilities. Factoring has become a popular cash flow solution in Quebec as more companies discover its benefits.
Quebec Factoring by Industry
- Services industry
- High tech research and development, especially information technologies
- Natural resources, especially timber and mining
- Food processing