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. Bobo Engineering does manufacturing work for a variety of different businesses including medical, fire and defense industries. Working with diverse clientele means that Russell and his team need to have a constant supply of machinery and inventory on hand.
Finding an Engineering Loan
Since most of the projects Bobo Engineering works on are large scale, they need plenty of cash flow to complete projects and pay employees before they receive payments from their customers.
Because of the nature of this business, Russell needs to have large sums of cash easily accessible as soon as a contract is received. That need for cash was exactly what made Russell start his search for an engineering loan. He required a lender that was willing to work with him on a flexible payment schedule and supply funds quickly. Russell found Fora Financial and was impressed by the company’s ability to truly understand his business’s needs.
A Lender That Works
After receiving an engineering loan from Fora Financial, Russell could take on more projects without worrying about cash flow. 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. In 2014, Bobo Engineering merged with another engineering firm, adopting a new name.