Success Stories

Durham’s clients have a variety of success stories. Below is one of them.

Our client had been operating for only 2 years when they came to Durham to finance their growth. They provide care for patients who have suffered traumatic brain injury (“TBI”) and are attempting rehabilitation outside of the hospital. There are many levels of TBI patients ranging from individuals only needing help for transportation to those needing 24-hour-a-day care. Our client had initially operated the company with her own money and loans from family members totaling over $500,000 in debt. It took two years of operating at a loss to allow New Beginnings to hire all the necessary staff and obtain all necessary government permits licenses and approvals for New Beginnings to become fully operational. New Beginnings had 2 years of losses reflected in their financial statements and consequently no bank would consider providing any type of loan. The money provided by the owner and her family had been consumed in the business and none of the Officers were taking salary.

Durham talked with the owner and she explained her background and how New Beginnings could help patients with TBI move out of the hospital and into their home with their family. Home healthcare is also far less expensive than institutional care, in some cases by a measure of 10 to 1. The owner also explained that all of her expenditures were now about to pay off because she had been awarded multiple contracts and the company was the only one in the region with the required licenses, permits and trained onboard staff to handle larger projects. The owner also believed that she would receive further large contracts upon her showing that these could be completed successfully. The owner estimated that she would need a credit line of between $50,000 – $150,000 to pay her employees while waiting to receive payments for her services. The transaction would need to start in a very short time because employees were already being assigned to the new contracts.

Durham provided the required capital with a credit line of $150,000 starting immediately. Our client expanded rapidly and became profitable. Durham reviewed their Profit and Loss Statement and communicated with the owner on a weekly basis at her request. More patients were cared for and the company grew rapidly. Within 18 months of the initial financing New Beginnings was so profitable that it was self funding for all new projects. Within 21 months New Beginnings no longer needed to factor its receivables for basic cash flow and paid off its line with Durham in full.

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Durham Commercial Capital is pleased announced that its Health care division closed and Fu... read more

Durham Commercial Capital is pleased announced that its Health care division closed and Fu... read more