Rochester company makes Inc. Magazine's 500By KIMBERLEY HAAS
Union Leader Correspondent
August 23. 2017 9:41PM
ROCHESTER — The men who run a commercial financial solutions company experiencing extreme growth on the Seacoast met at a pawn shop in Rochester. This year, their company made Inc. Magazine’s 500.
Josh Feinberg, the CEO of Everlasting Capital, says he met Will Murphy, the company’s chief operating officer, when Murphy owned We Buy Stuff located in downtown Rochester. Feinberg worked at the store for $267 a week.
“I had to borrow money for rent. One day, I saw on Facebook that a local restaurant needed equipment, and I got an idea,” Feinberg said.
Using skills he acquired working for Direct Capital in Portsmouth and Balboa Capital in Irvine, Calif., Feinberg came up with a business plan for Murphy. At its core is helping small to mid-size companies grow by giving them access to the money they need faster.
Murphy let Feinberg use the pawn shop basement and a computer, printer and phone. Wearing a jacket to stay warm during the winter months, Feinberg made 400 phone calls a day until his first deal was closed and Everlasting Capital was born.
“That first deal hit and I realized we were making money, and it all clicked,” Feinberg said.
From 2012, fast forward to 2017, and Everlasting Capital is the only Granite State company to place on Inc. Magazine’s list of the 500 fastest-growing companies in 2017. The commercial finance solutions provider has grown 1,360.9 percent over the past three years, and earned $2.1 million in annual revenue last year, landing them at No. 323 on the list.
Murphy said Monday the 10-person company is close to reaching the mark of funding $100 million to businesses.
He said their quick and easy application process is what keeps customers happy. Most borrowers are approved in 24 hours. Some applications take as little as four hours, Murphy said.
“We are disrupting the normal banking market,” Murphy said.
Murphy and Feinberg both attribute their success to a fighting attitude. Feinberg attended the alternative high school in Dover before switching to night classes at the age of 17. Murphy dropped out of Plymouth State University after moving to New Hampshire from Rhode Island.
“So many people throw in the towel after 2 1/2 months,” Murphy said of the business world.
“I really had nothing to lose and nothing to gain,” Feinberg added when talking about how they overcame the obstacles that normally cause small businesses to fail.
Twenty-one other New Hampshire companies were on Inc. Magazine’s list of the 5,000 fastest-growing firms in the United States. Urgent care clinic ConvenientMD in Portsmouth was the only other company in the top 1,000. Its three-year growth rate is 695 percent, and its 2016 revenue was $18.4 million.
Used car company Amati Auto Group is the highest-ranking company from Manchester. It is listed at 1,366 with a 298 percent three-year growth rate. Amati Auto Group reported $6.7 million in revenue for 2016.