Twenty-three years ago, Shane Scott was fresh out of college when he started working in the lumber industry. At the time, like so many college graduates, Shane took the job because he needed one. Little did he know then that he found his career.
Over the years, Shane was involved in architectural drafting, truss design, and sales. The day eventually came when he saw an opportunity to go out and start his own small business. Fortunately for Shane, he had a partner ready to join him on the new venture – his wife, Angela.
Angela Scott had 21 years of experience in accounting and human resources. Her experience coupled with Shane’s industry know-how made their business idea for a truss manufacturing business reality.
‘An ideal combination’ led to starting Cobra Components
“It really was an ideal combination. Our professional backgrounds complement each other well,” says Angela. “But what motivated us even more was our desire to provide a better life for our two sons.”
Thus, Cobra Components LLC was launched.
The Scotts’ West Fargo-based business provides prefabricated wood components to small and medium sized commercial projects as well as residential homes. Cobra Components’ products include floor and roof trusses. The company’s process is modeled to improve efficiency and save time for builders.
“Our business has taken off. It has really exceeded our expectations. Today, we employ 30 full-time and part-time employees,” said Angela. “Demand is growing so we reached the point every business owner hopes to get to where we needed to invest in new equipment and space.”
A conversation with their lender, Mike Bannach with First International Bank & Trust, led the Scotts to LCD Group.
‘NDOF was designed with entrepreneurs like the Scotts in mind’
Together, with LCD Group, the couple was able to secure financing to purchase additional equipment and working capital through the North Dakota Opportunity Fund.
“Lewis and Clark made it easy for us. They worked with us and, along with First International Bank and Trust, made the process smooth,” Angela gratefully added.
LCD Group Commercial Lending Director Matt Burthold said the North Dakota Opportunity Fund was a perfect fit for the Scotts.
“The Fund was really designed with entrepreneurs like Shane and Angela in mind,” said Burthold.
The North Dakota Opportunity Fund provides financing to small businesses and manufacturers to finance construction, real estate, interim SBA 504 loans, and – in the Scotts’ case – working capital and the purchase of equipment.
Businesses located in a consortium of 38 North Dakota municipalities, which includes West Fargo, are eligible for the program.
“It is extremely satisfying to help any NDOF client. It’s especially rewarding to help a couple like the Scotts,” adds Burthold.
Future projections are strong for Cobra Components
The Scotts are involved with a number of local and regional industry groups, including the local Homebuilders Association, FM Builders Exchange, and the Fargo-Moorhead Human Resource Association (FMHRA). They’ve created a network and the connections are paying off.
Angela says Cobra Components is projecting to serve up to 30 contractors over the next five years, which is a lot considering how time consuming the process is from custom design through manufacturing to job site delivery.
But, while Angela and Shane are excited for the future, they never lose sight of what matters most or those who helped them along the way.
“Our two teenage sons, Evan and Tyler, are our motivation. Our friends encouraged us and our employees have made Cobra Components what it is,” said Angela.
Click here for more information about the North Dakota Opportunity Fund or contact Matt Burthold at matt@lcdgroup.org or at (701) 667-7601.