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MEMPHIS CROSSROADS: New Name, New Location, Same Mission: Supporting Entrepreneurs

The following is a feature in our spring issue of the Memphis Crossroads digital magazine. Click here to view the full magazine.

When Dudley Boyd says that “encouraging and supporting entrepreneurs is a noble cause,” he’s willing to back that up.

He even changed his company’s name to prove it: Enoble Business Capital

“We’ve been in business about 20 years under the name of National Bankers Trust,” Boyd said. “Our clients affectionately called us NBT,” he joked, “but it’s not very descriptive.”

The new name and branding not only reflect the philosophy of his growing business, but also its dynamism. “We finance about 500 companies in 38 states and we’re growing about 20 percent year over year,” Boyd said. The company didn’t want to get much larger with the old name they couldn’t trademark. In late 2013, the firm committed to major changes, including a new name and a new location in Memphis.

“We worked up value proposition,” Boyd said, “and it reflected our notion that people who risk everything to follow a dream, create jobs and build communities are doing a noble thing.”
Boyd’s wife came up with the name after reading the statement. “She said to me, ‘What about Enoble?’ and as it turns out, it’s a fantastic word,” he said. Ennoble means to make someone or something better and more worthy of admiration. And with a tweak to the spelling, the name was trademarked and ready for business. 

The company aims to fix one of the major vexations for any enterprise. “Every business operates on positive cash flow,” Boyd said. “For most, bills come due before they get paid for work already completed. This time delay puts a huge strain on any company.”

Enter Enoble: “We say if you can make a profitable sale, we can pretty much get you the money you need to grow your business.” When a client company completes a job, it transmits proof of delivery — a purchase order or accounts receivable for example — and in the same day (sometimes within an hour) it’s advanced up to 90 percent of the face amount of the project. 

“Instead of you having to wait to get paid, we wait to get paid,” Boyd said.

Bobby Blanton, President of Regional Transport Service, LLC, said his trucking company had been in business for a long time and was told by his bank that, “we didn't need to factor our accounts receivable because they'd always take care of us when we needed it.” But, he says, when RTS needed extra cash, the bank failed him. “Enoble came through,” he says. “Since we began working with Enoble in 2010, we've grown our business 226 percent!"

Enoble’s target market is B2B companies with about $800,000 to $10 million in annual revenue.

“They’ve already taken the lead,” Boyd said. “We have companies that have grown 300 to 400 percent over the last five years.” 

Boyd’s own experience seeded the company. Years ago, he had a company that won a government contract. “I was building equipment, buying parts, hiring people and was nearly broke producing and shipping the product — and then I had to wait 90 days to get paid.”

Thus National Bankers Trust was born. Boyd and partners decided to build a service that ran, as he said, “on this new thing called the internet in the early 1990s.” Boyd’s previous business had brought him to Memphis and he’d stayed, but he and the partners were open to going elsewhere.

Several things came together, though, to win the day for Memphis. There was the favorable cost of living, access to the city and good labor, and the relationship with the investment community. There were positive experiences with Economic Development Growth Engine (EDGE) and the professionalism and availability of decision-makers. 

Also, Boyd recalls attending a celebration of the 175th anniversary of the Greater Memphis Chamber. “We have a good relationship with the Chamber. It goes all over the country recruiting businesses. I said be sure to tell them that we have money waiting.”

To seal the deal, Enoble purchased a building at 813 Ridge Lake Blvd. After a $10 million renovation, the company expects to move in during April and, Boyd said, “roll out a new chapter of our business.” 

A year ago, the company had 55 employees. Now it’s at 70 and it expects to hire 30 more over the next 12 to 18 months. “We’re looking for self-starters and continuous learners,” Boyd said. “It’s not a boring place, so you can’t hide in the corner and shuffle papers.”

When the new facility opens up, there will be plenty of amenities. Heather Wilson, Corporate Communications Manager, said, “The Enoble Business Capital Center will be a resource for our growing team — a fitness center, a company cafe and state-of-the-art meeting facilities. It’s an epicenter for everything entrepreneurial. We’re making a permanent commitment to Memphis.”

Boyd said the new building is set up to encourage other enterprises, including accelerators, incubators and anyone supporting small businesses to come in and use the facilities as a place to get information and education, exchange ideas and get access to people with money.

And it all fits in the Enoble’s mission of giving entrepreneurs a boost when they most need it. “It’s the quintessential American finance product,” Boyd said, “where you have the ability to lift yourself by your own bootstraps.”

Story by: Jon W. Sparks
Photo by: Troy Glasgow

Posted: 6/22/2015 9:36:34 AM | with 0 comments
Filed under: Business, Capital, Crossroads, Enoble, Entrepreneurship, Memphis, Small

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