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Ontario Plastics Back in Growth Mode
From design to distribution, Ontario Plastics, Inc. (OPI) has found a way to weather the economic recession. With highly regarded products and services built over many years this Rochester-based company has entered a cycle of growth and offers more than 70 years of experience.
OPI was established in 1946 by Richard Hayes. His two nephews Leo and Mike Hayes assumed ownership in 1971. Leo’s son-in-laws Gerard Reynolds and Ralph Barnes took out a significant financial package and assumed majority ownership of the company in 2007. Later that year when the recession hit, Gerard and Ralph spent the next several years implementing a “get healthy” plan to balance the new debt with their reduced sales income.
After working on their plan, Gerard and Ralph were able to position themselves and obtain an SBA Small Loan Advantage loan through Five Star bank. Gerard credits the U.S. Small Business Administration (SBA) for providing Five Star Bank with the guarantees they needed to assist OPI in obtaining the investment cash needed to reinvest in their company.
“Five Star Bank was instrumental in working with us to help us achieve our success today. The bank believed in us and supported our vision for growth.” said Gerard.
“While being unique in the industry, OPI has demonstrated and achieved sustained growth and profitability through the commitment and success of their entire team. They care about taking care of their customers, their company and each other.” says, Lynn Ryan, vice president of commercial lending Five Star Bank.
OPI specializes in tight tolerance plastic injection molding. This includes design engineering, early supplier involvement, reverse engineering, prototypes, secondary services, and much more.
Small Loan Advantage is one of many initiatives the SBA has rolled out aimed at increasing the number of low-dollar loans in underserved communities. This initiative allows lenders to get a pre-qualification indicator from the SBA that the applying business has sufficient credit worthiness to warrant the applicant to receive full consideration for financing.
Franklin J. Sciortino, SBA Buffalo district director stated, “The SBA prides itself on opening more doors to more dollars in every community. Expanding access to capital and opportunity is critical to fulfilling SBA’s mission- especially in underserved communities. Knowing that we can do more, SBA is constantly working to remain responsive to the needs of small business owners and the lenders who serve them daily.”
Gerard and Ralph have survived the economy; they now have the confidence to face the future!
To learn more about SBA programs and services, please visit http://www.sba.gov/.