April 24, 2014

CEO Sounding Board

Florida CEOs answer: Is credit available from lenders?

Mike Vogel | 10/4/2011
Juan Vega
[Photo: Daniel Portnoy]

Manufacturing
Juan Vega
President - Britt Metal Processing - Miami Gardens

"The consensus is that banks are no longer lending against inventory. There are no banks anywhere lending against receivables. So they force you to go to factoring. Prior to the meltdown in 2008, we had a credit line. They allowed you up to 75% of your receivables and up to 40% to 50% of inventory. Now they don't allow anything. In our industry, we have a very long conversion period — the time I acquire the material to the time I collect. Since I don't have enough credit to cover that span, it restrains me from growing."


Tags: Trendsetters, Banking & Finance

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