FACTORING FACILITY TO BE USED FOR GROWTH.
Minneapolis, MN, February 1, 2013: Commonwealth Capital, LLC (“Commonwealth”), a leading provider of accounts receivable factoring to businesses in the Midwestern U.S., today announced that it has provided a $50,000 factoring facility to a medical staffing company. The financing will provide the cash flow the Company needs to fund payroll and grow.
Based in a Minneapolis suburb, the Company provides temporary staffing solutions for clients in the healthcare industry. The Company had the opportunity to provide subcontract labor for a large medical provider. Unfortunately, the owners didn’t have the working capital to fund payroll while waiting for invoices to get paid. And with a leveraged balance sheet due to start-up costs, traditional bank financing was not an option.
“The Company was referred to us by both their banker and accountant,” said Ben Van Zee, President of Commonwealth Capital. “They selected Commonwealth because we were a local company and could meet with the owners face-to-face and discuss financing options. As a second generation family-owned business, we understand the challenges that start-up businesses face and they felt secure knowing our facility could grow with them as they took on new customer relationships.”
The Company’s existing lender was willing to subordinate their lien allowing Commonwealth to provide the immediate funding the Company needed to fund payroll. The Company is now able to book more business and seek out new and larger customers.
ABOUT COMMONWEALTH CAPITAL, LLC
Commonwealth Capital, LLC is a leading provider of accounts receivable financing for growing companies and business in transition in the upper Midwestern United States. They serve small and medium-sized companies across a wide variety of industries with financing needs between $10,000 to $500,000 per month.
For more information visit www.CommonwealthMN.com.