With some 100,000 beautiful lakes and rivers, Saskatchewan draws numerous visitors in the summers for fishing, boating, and camping. Indeed, its name comes from a Native American tribe’s term for “swift-flowing river.” However, exceptionally cold temperatures keep most tourists away in the winters! One of Canada’s three prairie provinces, Saskatchewan has historically had an economy driven by its agriculture production and the area is still full of wheat fields and cattle ranches. There are many industries that can benefit from using factoring companies in Saskatchewan.
Today the province has a more diversified economy with a growing number of small and medium-sized companies in different business sectors. Just as farmers face good years and bad years, al markets, companies in all industries in Saskatchewan can go through up and down cash flow cycles. Sometimes these firms could ease their financial challenges if they didn’t have so much of their cash tied up in their accounts receivables. Sometimes companies with adequate working capital are ready to expand but need an infusion of cash to purchase additional inventory, hire new staff, or expand their facility. Invoice factoring is an alternative funding solution that can help in both situations.
A growing number of companies in Saskatchewan choose factoring to increase their cash flow and maintain a more predictable revenue stream. The company can sell their invoices to a factoring company and receive payment right away instead of waiting 30, 60, or even 90 days for their customers to pay. Since factoring pays for work already completed, the factoring company’s client receives cash quickly without taking out loans or incurring debt. Factoring is becoming an increasingly popular funding source among farmers and all kinds of business owners in Saskatchewan.
Saskatchewan Factoring by Industry
- Service industries, such as finance, insurance, and real estate
- Agriculture, especially wheat and cattle
- Mining, especially uranium and potash
- Oil and natural gas