The relationship between the veteran business professional and budding entrepreneur paid off for Dewayne. During their follow-up meetings, Buck helped him fine-tune the business plan for Security Credit, and provided advice about how to approach potential investors. He also helped Dewayne gauge whether the plan and its projections were realistic. "Buck definitely provided me with a lot of encouragement," Dewayne says. "He made sure my ideas were well thoughtout, because receivable financing is not a business one enters without careful planning."
Buck also provided something else just as valuable—connections in the finance industry. After meeting with his SCORE counselor several times during the winter of 1997-98, Dewayne had lined up $250,000 worth of venture capital, plus a loan commitment from a local bank.
Although Security Credit Corporation had no customers when Dewayne officially launched the company in July 1998, he had targeted several key locations and industries. His company's services were particularly attractive to small and medium-sized companies that have cash tied up in invoices. These businesses sell their accounts receivables to Security Credit in return for an upfront percentage of the invoice. The balance, less financier fees, is paid to the business after Security Credit receives and clears the invoice. Dewayne's company makes money, and the business has the cash needed to reduce debt, meet a payroll or pay taxes.
Today's Security Credit Corporation has more than 40 clients in 20 states with three full-time employees. More staff members will be added as the company continues to grow. While enjoying the success of his business, Dewayne is not content to sit back and wait for new opportunities. "I've learned that to be competitive, you must be willing to change to meet the needs of a growing and evolving market," he says.
Dewayne has also learned that there's no substitute for experience in business. "Whichever court my business takes, I'll seek advice from Buck Moore and SCORE," he says. "I used a lot of planning tools to get my business started, but the best advice always came from SCORE."
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