Newfoundland and Labrador Factoring Companies

If you’re looking for Newfoundland and Labrador factoring companies with physical locations near you, you’re unfortunately likely to come up short. However, there are many providers who serve the area and can provide you with lightning-fast service remotely. To be matched with the best Newfoundland and Labrador factoring companies for your needs, start with a complimentary rate quote.

Our Invoice Factoring Guide is also available to answer most questions about how factoring works, costs, and getting started, and you’ll find general information about invoice factoring in Newfoundland and Labrador below.

Your invoices can be turned into immediate cash through financing or factoring. Whereas financing uses your invoices as collateral on a loan you have to pay back, factoring involves selling the invoices at a discount, so there’s nothing for your business to pay back. The process is simple.

Businesses across Newfoundland and Labrador leverage factoring because it offers many advantages over traditional funding methods.

Because businesses choose how to spend their money, Newfoundland and Labrador businesses leverage factoring for a variety of reasons.

Many fishing, tourism, transportation, oil and gas, and shipbuilding businesses rely on factoring. However, it works for most B2B businesses that invoice their clients, so it’s also commonly leveraged in other industries such as:

When you partner with an experienced A/R funding company, you’ll also receive access to a variety of additional services and perks to help your business thrive, such as:

Banks don’t always want to bet on businesses in Newfoundland and Labrador, so it can be difficult for some to qualify for traditional small business loans. However, factoring also isn’t always the ideal solution for businesses sometimes. Because of this, your factoring company may offer other forms of funding in addition to factoring, such as:

There are over 15,000 businesses in Newfoundland and Labrador, government statistics show. Naturally, many of these rely on the province’s natural resources or directly serve the residents. The province offers some supportive services for businesses. Individual cities such as St. John’s and Corner Brook also have dedicated resources to support entrepreneurs.

Much of Newfoundland and Labrador’s economy derives from seasonal industries, which sets it apart from other provinces quite a bit in terms of output and activities. For instance, about one-third of Newfoundland and Labrador’s GDP comes from the extraction and processing of crude oil, minerals, fish and forest resources, government sources show. With more than 29,000 kilometres of Atlantic coastline, industries such as fishing, offshore oil and gas, tourism, transportation, and shipbuilding also play a crucial role.

Starting and growing a business in Newfoundland and Labrador can be challenging. Guides on the official province website and the St. John’s and Corner Brook websites can walk you through permitting and licensing requirements. 

However, as your company grows, you’re likely to require additional working capital injections to help cope with seasonality, expansion, and other concerns. Invoice factoring can help. Tap the button below for a free rate quote to ensure your business is prepared.