A Family Business
Russell Bobo is a second generation owner of Bobo Engineering Incorporated, a contract manufacturer that specializes in cable assemblies, wire harnesses, and electromechanical assemblies. The business started with his father back in 1977 and employees about 25 people. Bobo Engineering does manufacturing work for a variety of different businesses including medical, fire, and defense industries. Working with a variety of different industries means that Russell and his team need to have a constant supply of machinery and inventory on hand.
You have to accommodate what you’re working with, and you have to make it beneficial for both parties, but you have to make it work. There’s no such thing as cut and dry any more, it doesn’t work that way and Fora Financial was able to do that and they are still able to do that today. I hope we can continue this relationship for years to come.
Funding For Projects:
Since most of the projects Bobo Engineering works on are large scale, they need plenty of working capital to complete projects, and pay employees before they ever see a check. Because of the nature of this business Russell needs to have large sums of cash easily accessible to the business as soon as a contract is handed over. That need for cash was exactly what made Russell start his search for financing. He needed a partner that was willing to work with him on a flexible payment schedule and also supply funds quickly. Russell found Fora Financial and found a true financing partner that understood his needs better than anyone else.
A Lender That Works:
In a time where lending was scarce or offering a program compatible for the manufacturing industry was unheard of, Fora Financial was able to fill the void. Bobo Engineering Incorporated has been a partner of Fora Financial’s for several years now. Using their small business loan program Russell has received funds on five different occasions to cover the costs of new work. The most recent round of funding was used for a defense project, which was one of the largest jobs Bobo Engineering has taken on.