Minneapolis, MN, March 31, 2013: Commonwealth Capital, LLC (“Commonwealth”), a leading provider of accounts receivable financing to businesses in the Midwestern United States, today announced that it has provided a $75,000 factoring facility to a commercial property maintenance contractor. The financing will provide the working capital the Company needs to pay suppliers, subcontractors, and its employees.
Based in the outskirts of the Twin Cities, the Company provides maintenance, repair, and handyman services for apartment complexes and large companies. The Company’s customers tend to be slow at paying, taking up to 60 days to pay their invoices. Unfortunately, the Company did not have the money to fund payroll and make payments to suppliers while waiting for the invoices to be paid. With few assets outside their accounts receivable, traditional bank financing was not an option.
“When we met with the owner of the Company, he indicated that they needed a partner who could move quickly,” said Ben Van Zee, President of Commonwealth Capital. “Within a week, we had our facility in place and the Company had funds in their account. I’m glad that they chose Commonwealth to be their partner.”
With Commonwealth’s factoring facility in place, the Company has the peace of mind knowing that they are able to fund the growth of their business.
ABOUT COMMONWEALTH CAPITAL, LLC
Commonwealth Capital, LLC is a leading provider of accounts receivable financing for growing companies and businesses in transition in the upper Midwestern United States. Commonwealth serves small- and medium-sized companies across a wide variety of industries with financing needs between $10,000 and $500,000 per month.
For more information visit www.commonwealthmn.com.