This high-end carpet manufacturer began in 1920 but not as a carpet company. Instead, it specialized in mercerized cotton. Over time, the company continued to pivot into new markets and in 1999, began solely operating as a floorcovering company. When the global shutdown hit, the need for carpet drastically decreased – especially for high-end carpet, which is what this company has built its business on for more than 20-years.
Sales immediately dropped more than 50-percent. The company shut down operations in some locations and are running at one-third capacity in others. They requested payment relief from all of their suppliers, banks and lenders, including us. Even though they have only been a client since January 2020, we were able to give them a six-month payment reduction.
*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.
180-Day Payment Reduction