Flying to new heights
AVTECH INTERNATIONAL | DENVER COLORADO
Avtech International continues to expand its worldwide service of supplying and distributing aircraft spare parts, lubricants, ground support equipment and more through a beneficial relationship with Commerce Bank.
“Before I got in touch with Commerce Bank, my international sales were around half a million dollars,” explains Avtech International CEO Yonas Solomon. “I couldn’t go above that, because I didn’t have enough working capital. With the help of Commerce, my international sales grew to $1 million, and up from there. That’s because of Commerce Bank’s approach, using export working capital funding and the experience of the international banking team, which alleviated a lot of my problems.”
Through its relationship with Commerce, Avtech was able to acquire the funds they needed to grow and expand — growth so rapid, in fact, that the company no longer needs working capital loans. Avtech International is flying to another level of success with the continued support of Commerce Bank.
“It was exciting to meet Yonas because he is so good at doing what he does,” shares Commerce Bank Relationship Manager Alex Dempster. “With modest financing, Yonas was able to leverage additional sales that grew his business by two times the first year, another two times the next year and three times the year after that. It has been very impressive to see what Yonas has been able to accomplish.”
“The different loans helped us grow… so much that now we’re self-sustaining,” Solomon explains. Today, Avtech reaches higher with international banking services, PPP financing, commercial purchasing cards and deposit accounts at Commerce Bank.
Because of the company’s growth, Avtech International has added several entities to its portfolio that also use Commerce‘s banking services. Through these global endeavors, Commerce has leveraged its knowledge and client-focused approach to smoothly facilitate business transactions around the world.
Amidst the challenges of 2020, Avtech International was able to find support from Commerce yet again. When Avtech International applied for a PPP loan, Commerce was there to help them through and get everything processed quickly and accurately. “Commerce Bank has been very good at answering any questions within just a day or two,” Yonas adds. “They are quick to reply and find any answers we need.”
As the professional relationship between Avtech International and Commerce grew, so did a personal relationship. When Yonas and his wife recently purchased a new home, they secured their home loan through Commerce Bank.
“I want to say thank you to the Commerce Bank team for getting me where I am right now,” Yonas says. “Commerce Bank did a lot to help me grow my business, and I just want to say thank you.”
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