Have a question? We have answers!
Q. What size companies do you work with?
A. Anywhere from $250,000 to $3 million in annual sales.
Q. What percent of my receivables will you advance against?
A. Up to 85 percent.
Q. How long does it take to get started?
A. Initial setup generally takes five to ten business days.
Q. What if you can’t help me?
A. We’ll tell you right away, and we’ll point you in the direction of someone who might be able to help. You’ll have a response to your initial inquiry in 48 hours –we won’t keep you in suspense waiting for an answer. We pride ourselves on a quick response to prospective and existing clients.
Q. How long does it take to get funding once I send you my invoices?
A. Depending on the method, funds can be in your account within 24 hours of submitting an invoice.
Q. How is factoring different from a loan?
A. There are a few key differences.
- Factoring involves three parties (you, your customer, and Commonwealth) not two as in banking.
- Factoring typically provides more money per invoice.
- Factoring typically generates cash within a day of invoicing.
- Factoring does not require covenants, unlike bank loans.
Q. How can you help me when a bank can’t?
A. We offer private capital, which means we can be flexible, and we are not constrained by banking regulations.
Q. Why should I choose Commonwealth?
A. We’ve worked with the Minnesota business community since 1975 and have earned a reputation for being straightforward, honest, and passionate about helping small businesses. And, as a family business, you get personal attention from decision makers.
