Ohio manufacturers are largely feeling upbeat about their future, according to a couple signs.
This week, the Small Business Administration announced that it’s made nearly 130 loans to northern Ohio manufacturers in this most current fiscal year, which looks to be on par with 2012. The total loans come to nearly 55-million dollars, well over twice the amount handed out in 2009 when the brunt of the recession came down on many regional companies and vendors.
Lisa Schaaf of the Ohio Manufacturers Association says she’s not surprised that the level of lending is “good and strong”. She says a recent report by the McGladrey accounting firm gives a favorable snapshot of where Buckeye manufacturers sit this year.
“31% of Ohio respondents said that their manufacturing or distribution company is thriving," says Schaaf. "And 63 percent said they’re holding steady. And only 6 percent said that their companies were in decline. So it doesn’t surprise me that the level of lending is good and strong.”
Schaaf says some manufacturers are wary about how government regulation, taxes, and implementing the Affordable Care Act may play into their long-term profits.
But a continued emphasis on exports is expected to help American manufacturers, including those in Ohio. Last year, U.S. exports reached a record rate at more than 2-trillion dollars. The Obama Administration wants to bring that up to 3-trillion by the end of 2014.