April 2, 2015

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

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Santa Fe College
Santa Fe College

Santa Fe College is the winner of the prestigious 2015 Aspen Prize for Community College Excellence and moves up to the top spot as the number one community college in the nation. Read the official announcement.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you support the U.S. entering a nuclear deal with Iran?

  • Yes - Iran is only seeking energy
  • Yes - I don't trust Iran, but a deal is preferable to more involved middle-east intervention
  • No - keep or expand the sanctions; if Iran walks, it's on them...
  • No - We need an immediate, direct, military solution to settle this

See Results

Ballot Box
Subscribe