After 25 years of working in the manufacturing sector, veteran entrepreneur, Dwayne Evans, decided that it was time to create and deliver a contractor service force that he felt was lacking in most plants in North Carolina.
Dwayne decided to start Evans Electrical Services, LLC (EES). EES was set up as an electrical service contractor serving the industrial sector and quickly transformed into a full-service contractor, providing a full suite of services specializing in industrial manufacturing plants – offering electrical, mechanical, plumbing, HVAC, rigging, controls and maintenance support.
But before being able to expand EES, Dwayne needed capital to keep his employees and business running. Dwayne heard about the Accelerate 60 Program, a program launched by Carolina Small Business Development Fund (CSBDF) in July 2016.
“An engine cannot start or move forward without fuel. Our needed ‘fuel’ was cold, hard cash – to fuel paying our skilled workforce and purchasing needed supplies,” said Dwayne. “Most of our customers work on 30-60 day payment terms so without the needed up front injection of investment cash we could not progress. This is where CSBDF ‘flew in to the rescue’ and offered us a spot in the Accelerate 60 Program.”
The Accelerate 60 Program is an opportunity for start-ups and existing businesses to obtain capital in only 60 days. In this program, participants attend business lending seminars, receive consultation and have the opportunity to prepare a loan package that they will pitch to lenders to obtain capital.
After successfully graduating from this program and receiving capital from Carolina Small Business, EES was able to employ 20 people and landed two major clients and multiple projects – both in NC and five other states. EES is currently operating in five facilities and has also created a unique Industrial Plant Optimization Program (which includes a collaboration with Duke Energy), featuring the best industrial energy monitoring, diagnostics and optimization system on the market – AutoPilot iDOS.
“The Accelerate 60 program was exactly what we were looking for. The key word here is accelerate. The program is built for new and fledgling businesses to guide them through the stormy waters of finding and connecting the needed funding. Joe Battle from CSBDF immediately spotted our potential and advanced stage of planning and preparation, and facilitated the acceleration of our path to funding even quicker than the program promised,” said Dwayne Evans.
Aside from receiving capital, Dwayne now has ongoing, experienced business counselors he can refer back to whenever he needs the support and guidance. His plan is to fully utilize the services and future funding from CSBDF to expand his business even more.
Dwayne’s original plan was to grow his business to 100 employees and make between $10 to $12 million dollars in revenues, operate out of 3 locations, within 5 years. He now believes this is possible within 3-4 years.
“We envision building a business that will support manufacturing across North Carolina, but will also provide services that will stretch across the U.S. We also plan to use the success and profit we generate to be of service to all the communities in which we operate. This would not have been possible without Carolina Small Business,” said Dwayne.
To learn more about Dwayne’s business, click here.
The Accelerate 60 Program was hosted in partnership with the Thomas Family Center for Entrepreneurship at Pembroke. To learn more about the Program, click here. The application deadline is December 21, 2016.
“We envision building a business that will support manufacturing across North Carolina, but will also provide services that will stretch across the U.S. We also plan to use the success and profit we generate to be of service to all the communities in which we operate. This would not have been possible without Carolina Small Business ” - Dwayne Evans