COMMONWEALTH CAPITAL FUNDS START-UP AUTO DETAILING COMPANY
Minneapolis, MN, December 4, 2012: 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 $25,000 factoring facility to an auto detailing company. The financing will provide the working capital the Company needs to take on new clients and grow.
Based in a St Paul suburb, the Company provides auto detailing services for luxury auto dealers. Some dealers are slow paying, taking up to 60 days to pay their invoices. Unfortunately, the owners didn’t have the money to fund payroll and make payments to suppliers while waiting for the invoices to get paid. As a start-up company with few assets, traditional bank financing was not an option.
“We fund businesses in all stages, from startups to mature companies,” said Ben Van Zee, President of Commonwealth Capital. “We take the time to understand our client’s industry and business plan. We met the owner and it was clear he was committed to growing the business. He needed a capital partner to help his business get to the next level and take advantage of growth opportunities. We are pleased that they selected Commonwealth to be that partner.”
With Commonwealth’s factoring facility in place, the Company has the peace of mind knowing that they are financially able to seek out new clients to grow their business.
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.