Speaker: More banks are eager to make loans

By Bill Bregar
Senior Staff Reporter

Published: March 12, 2014 1:14 pm ET
Updated: March 12, 2014 1:17 pm ET

Related to this story

Topics Plastics News Executive Forum

WESLEY CHAPEL, FLA. — Two Executive Forum speakers addressed the big-money issues of lending money from banks and the research and development tax credit.

Plastics companies can take advantage of low interest rates and banks more eager to make loans in the current financial environment, said George Muhoray, business development manager for the plastics and packaging group at EverBank Commercial Finance Inc. in Hampton, N.H.

“Gain an appreciation of the economic developments. What things are affecting [the banks] that are ultimately going to affect you?” he said during the Plastics News event in Wesley Chapel Feb. 23-26. “Armed with a strategy, armed with the information, take on the banker. Push him.”

The banking sector has changed. Muhoray said many small community banks have disappeared. Even so, big banks have lots of competition, from new sources of lending. And the big banks, now back on solid financial ground are loosening up credit terms. They have money to spend, he said.

“Every day we’re out there, we see lower rates and more flexible lending, Muhoray said.

One potential negative: Lower profits for banks could lead to higher-risk loan portfolios — the recipe that helped lead to the recession, he said.

“This is the time to challenge. This is the time to push them,” Muhoray said.

Michael Devereux II said many activities can fall under the federal R&D tax credit, including costs for prototyping and mold development and adjustments, new automation and specialized equipment and work cells.

“You guys are doing qualified research activities. It’s not just beakers and lab coats. It happens out on the plant floor, and it happens in the boardroom where you discussing ways you can go,” he said.

The credit covers qualified wages of people used for planning conferences, research, Production Part Approval Process (PPAP), quality improvements, shop floor experimentation and more, Devereux said.

Devereaux, an accountant, is director of manufacturing and distribution services at Mueller Prost PC in St. Louis.


Speaker: More banks are eager to make loans

By Bill Bregar
Senior Staff Reporter

Published: March 12, 2014 1:14 pm ET
Updated: March 12, 2014 1:17 pm ET

Post Your Comments

Back to story

More stories


Speaker: Take advantage while resin pricing is in your favor

February 20, 2015 6:00 am ET

Plastics processors can benefit by locking in fixed prices via options and futures.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events