Minneapolis, MN, April 24, 2013: Commonwealth Capital, LLC (“Commonwealth”), a leading provider of accounts receivable financing to businesses in the Upper Midwestern United States, today announced that it has provided a $50,000 factoring facility to a Minnesota call center. The financing will provide the working capital the Company needs to pay its employees.
Based in rural Minnesota, the Company provides inbound and outbound telemarketing services. The Company’s customers tend to be slow at paying, taking 45 to 60 days to pay their invoices. The Company needed working capital to fund payroll while waiting for the invoices to be paid. With few assets outside their accounts receivable, traditional bank financing was not an option.
“The Company was looking for a factoring company in Minnesota that they could rely on,” said Ben Van Zee, President of Commonwealth Capital. “They typically work for one company at a time, so they did not have the rolling cash flow that many businesses have. We were able to put our factoring facility in place so the Company would generate cash as they invoice. I’m glad that they chose Commonwealth to be their partner.”
With Commonwealth’s factoring facility in place, the Company is easily able to meet the payroll needs of their business while having the ability to take on new 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.