This large energy company is one of the most visible in the country. In the last three years, they have received numerous awards of excellence for safety and customer service. With $550-million in revenues, they are a force in their industry. In the first quarter of 2017, revenue was up nearly 20-percent. Their primary operation is serving energy needs to sites across the country.
When Onset Financial first contacted this customer, they were thrilled to learn that we could provide competitive terms and deliver funding within 10 to 14-days. This is one of the largest oil companies in the country. They needed critical equipment immediately and were able to get a $14-million operating lease on a 30-month term. That expands their ability to keep up with increased workflow. This transaction highlights the important role of Onset Financial in the equipment lease industry. With greater flexibility in looking at subjective considerations, Onset continues to have an advantage over traditional balance sheet lenders when it comes to storied credits.
We enjoyed working with Onset Financial and are impressed with their ability to quickly fund equipment critical to our business.