Commercial Debt Collection in Minneapolis
Minneapolis is the largest city in Minnesota, which located in the upper midwestern region of the United States and 12th largest state in the country. As the largest city in the state, Minnesota is made up of 3.5 square miles of water and 54 square miles of land.
With more than 3 miles of surrounding water, Minneapolis is a great source of nature for the almost 430,000 residents. Within its proximity to water are several lakes, wetlands, creeks, waterfalls, and the Mississippi River.
Founding of Minneapolis
The Dakota Sioux were the only people occupying the area of modern-day Minneapolis. Between 1680 and 1818, the area was passed around between the French and British. In 1819, the US Army built Fort Snelling in the southern edge of the Minneapolis area to direct the Native American occupiers outside of city area limits and deter conflict between competing tribes.
Minneapolis was officially incorporated as a US city in 1867 and was developed around a tall waterfall on the Mississippi River, to be a source of energy. In its incorporated adolescence, Minneapolis was a major city for the lumber industry and 17 sawmills were operated from energy powered by the waterfall (Saint Anthony Falls).
As of 2020, the Minneapolis-St. Paul metro area contributes $273 billion to the state’s GDP and is the second largest economic center in the American Midwest behind Chicago. Employment in the metro area, which includes almost 3.4 million residents, is primarily in trade, transportation, utilities, education, health services, and business services.
Top Minneapolis employers (2020) include:
- Target Corporation
- Hennepin Healthcare
- Wells Fargo
- Hennepin County
- S. Bancorp
- Ameriprise Financial
- Xcel Energy
- City of Minneapolis
- RBC Wealth Management
- Strategic Education
B2B Debt Collection Laws
For businesses struggling with commercial debt issues, whether they owe money or money is owed to them, there are necessary laws in place to deal with collection efforts. The interest rate for legal cases is 6%, for judgments is 5%, and for business or agricultural loans is 4.5% over the federal discount rate.
The statute of limitations for debts in Minneapolis are as follows:
- Goods Sold & Delivered (UCC): 4 years
- Open Accounts: 6 years
- Written Contracts: 6 years
- Transportation Service: 3 years
- Domestic Judgment: 10 years
- Foreign Judgment: 10 years
Contact Prestige Services, Inc. Today
For more details on commercial debt collection laws in Minneapolis and other cities in Minnesota, visit our Minnesota collection laws page.
If your business is struggling to collect debt owed to it by other company, Prestige Services, Inc., can help you with your collection efforts. Our B2B collection agency has been awarded the best B2B collection agency for 3 years in a row and have exceptional collection practices.