For Travis Anderson at All West Crane and Rigging, a BC based company that rents cranes to clients in a wide variety of industries including oil and gas, the timing was right. “The turning point really was when we won some large projects,” he says. “We needed the start up capital which we could only do by factoring our receivables. And being a new growing company, we didn’t have the equity to go to the bank and ask for the funds.” It takes creativity to address the many challenges faced in a challenging economic environment. A situation that is all too familiar for most companies operating in Western Canada’s oil and gas industry for the past few years. For All West Crane and Rigging it was financing growth at a time when banks were simply not there to partner up, despite a strong sales funnel in Mr. Anderson’s case. While it is true that the types of challenges that companies face are wide and many, not all challenges are created equal. Some for example, undoubtedly would have yet still occurred in a thriving economy. Imbalances between accounts receivable and payable in any economy are all too common. But when […]
