This customer manufactures and supplies aluminum components to automobile parts manufacturing companies. Those clients then distribute those parts to Ford Motor Company – which has temporarily shut down production. In a chain reaction, that closure has forced our customer to halt production as well. Based in the state of Indiana, this company – deemed “non-essential” was forced to close doors for a time. Due to market uncertainty, company leadership furloughed 145 employees. They anticipate a profit and revenue-loss to exceed $5-million by year’s end. They contacted us for payment relief, which we provided. They have only been a client of ours since August 2019 and were provided 9 months of payment relief.
*These case studies are provided for informational purposes. The names of the customers and the specific details of their business and situation have been withheld. Qualification for Onset’s COVID-19 Relief Program is subject to review and approval by Onset and its underwriters.
60-Day Payment Deferral
7-Month Payment Reduction