It's difficult to start, run and build a business without adequate working capital, but finding the right capital lender can also be difficult. This is the challenge that inspired Joshua Feinberg and partner Will Murphy to launch Everlasting Capital in 2012.
After high school, Feinberg decided to follow in the footsteps of his father, a 15-year lending veteran. He started in equipment financing, later shifting focus to capital lending. Disenchanted, Feinberg then joined his brother and a family friend at a local pawn shop they co-owned and began to debate the career path he'd chosen.
"I was making $267 a week at the pawn shop and I was having to ask friends to help me pay my rent for a room," Feinberg told alternative finance publication debanked in a March 2018 interview. "At that point, I realized that something needed to change."
Feinberg had a life-changing idea after he saw a Facebook post from a restaurateur needing equipment financing. If he could tap his network of lending contacts, perhaps he could help businesses find financing. He pitched the business plan to his bosses and they gave him $3,000 to start up. "They gave me a spot down in the basement of their shop, which was anywhere from 47 to 52 degrees," Feinberg said. "I had my jacket and my computer, and I was making 400 calls a day."
After a challenging few months with equipment lending, Feinberg turned his attention toward brokering working capital, instantly finding success. His first deal yielded $7,000 in commission and sparked a year-over-year growth streak that would eventually rank his company at 323 on the 2017 Inc. 5000 list of fastest growing U.S. companies.
Serving as Everlasting Capital's president and CEO, Feinberg works closely with co-owner and COO Will Murphy. The firm, based in Rochester, N.H., describes itself as a "national business finance solutions provider that is redefining lending and financing by consistently providing outstanding customer experiences and innovative, world-class services with creative financing options."
Feinberg described Everlasting Capital as a leading provider of working capital and equipment financing in the small to midsize business (SMB) market and a business finance company for everyone that owns, operates or works with SMBs across the United States. He feels Everlasting stands out because of its success in scaling from an idea into a recognizable brand. "We've been in the shoes of our clients and our partners," he said. "We know how hard it is to access capital and work with a company that you can trust to send your clients to."
According to Feinberg, Everlasting Capital's "sweet spot" landed the company in the right place at the right time. "Our average transaction is $60,000, while our minimum financed amount is $5,000, and we can go up to $1 million," he said.
Products and services offered by Everlasting Capital include short-term working capital loans, equipment financing and leasing, merchant cash advances, and cash advance consolidation. The company's website states applications take a few minutes, approvals can happen in days and funding occurs in weeks.
The company also runs an active partner and affiliate program featuring a 90 percent approval rate, one-on-one relationship with a funding advocate, automated email decision workflows, equipment and capital options, and same-day funding. In addition, Everlasting Capital clients and partners have access to the firm's proprietary funding portal, EverHub, to follow funding progression and loan details.
"We're a super broker, which is really hard at times, because there's a lot of companies out there making our industry look bad by back-dooring deals, claiming they are a direct lender, and more, making people wary," Feinberg stated. "That is why we created EverHub – to show our partners we are an honest company trying to grow along with them."
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President and CEO