This manufacturing company is a leader in metal components and assemblies. With stay-at-home orders in all of their locations, they saw an almost-immediate decline in sales of more than 80% when the shutdown hit.
This company applied for government relief via the SBA Paycheck Protection Program but the timing on receiving those funds was a concern. They have over $1.5 million available on their credit line but are concerned about the likely drop in availability due to the huge drop in sales.
With only one of their direct customers still in operation during the crisis, they furloughed 65-employees in the United States and more than double that in Mexico.
We were able to step in and offer a significant reduction of payments for the coming 90-days. The savings this customer has received from our CRP program will help them weather this storm.
*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.