R & D Specialty Manco
R & D Specialty Manco has roots in the mid-60s: the original company, Manco, opened its doors in 1964. R & D Specialty, founded in 1984, made research and development parts. In 1992, the two companies merged and became R & D Specialty Manco. The company is a full service machine shop that manufactures high-quality, precision-machined parts for the aerospace, defense, automotive and electronics industries. Located in Phoenix, the company has 45 employees. John Bloom has been with the company since 1991 and serves as president.
R & D Specialty Manco has built its reputation on a straightforward philosophy: establish long-term relationships with clients through competitively-priced products, on-time delivery and superior quality. For the company, the phrase “standard of excellence” is more than mere words; it’s the way they do business.
Unfortunately, R&D Specialty Manco wasn’t finding that same standard of excellence in its bank of 15 years. “I was looking at growth opportunities, and I wanted to increase my credit lines,” says Bloom. “But the bank I was with had got caught up in the Arizona real estate arena, and they weren’t in a position to do the things that I needed to be done.”
Knowing he needed a change, Bloom began researching banks “from small to large,” paying extra attention to the banks’ financial strength and condition.
Bloom found the strength he was looking for in Alerus Bank & Trust, a $9.35 billion full-service financial organization. His decision to go with Alerus was based on two important factors. First, he wanted to have a personal relationship with his bank. “Knowing who I’m dealing with is very important to me,” he says.
Second, the bank needed the ability to help Bloom grow his business. He says that R&D Specialty Manco had grown every year through 2008, but in the economic downturn, lost about 30 percent of its business. “We’re back on a growth track, with many capital equipment and inventory needs,” he says. “I could see the growth coming and knew I needed to change banking relationships. You need to get a credit line before you need it.”
With his Alerus relationship – and credit lines – in place, Bloom is in a position to gain business. Additionally, the company may move to another location, with Alerus there for financing needs.
“Alerus has done well for me, and I’m looking forward to a long-term relationship with them,” concludes Bloom. “I’ve been very happy since I made the change.”
R & D Specialty Manco
Business Line of Credit
Business Credit Card