Bo-Lo was the brand name used by Cheerio for their paddleball line. The similarity to some of the Cheerio Yo-Yo patches from the era is very apparent. Much of the detailing is also exactly like some of the Cheerio yo-yo patches. This one is similar to both Cheerio's and Duncan's "I Can Yo-Yo Can You?" patches.
The red felt backing of this patch is a little faded, but the embroidered lettering and graphics are still sharp and new.