Posted at 11:40 AM
Created on June 24, 2016
Founded more than 15 years ago, a fast-growing supply company seated in the suburbs of Atlanta, Ga., started selling aircraft parts to commercial airlines and military air forces. The small company of only 35 is now considered one of the best spare parts providers in the world.
Aventure Aviation, nicknamed the ‘AutoZone for airplane supplies’ by its founder and president Zaheer Faruqi, found its humble beginnings in the basement of Zaheer’s home in Peachtree City, Atlanta.
The concept of providing a "customer driven first rate" aviation parts supplier service was the goal for this business venture. The idea originated from Zaheer’s previous work experience with a local part supplier company when he started noticing that similar companies lacked customer service and were solely profit oriented.
Zaheer visualized something greater and wanted to provide a service tailored to its individual customers overseas.
In the beginning stages, Aventure ended up with a foreign customer that went out of business before paying its bill, leaving the company nearly $90,000 in the hole and unsure about expanding overseas sales. That’s when Zaheer turned to The Export-Import Bank of the United States (EXIM Bank) for trade credit insurance. Not only does EXIM Bank insurance protect Aventure against the risk of non-payment, it also allows Aventure to extend terms to its customers, giving them up to 30, 60, or even 90 days to pay, resulting in an attractive selling point and a great way to build customer loyalty.
With EXIM’s support and a unique customer service strategy, Aventure excelled and became a model for success. The company expanded its reach from the U.S. to markets in Kenya, the Maldives, and Pakistan.
Today over 80 percent of Aventure’s revenues are generated by export sales and the company has plans to boost hiring by 50 percent and substantially expand its facilities. With global air passenger traffic anticipated to grow dramatically as middle classes take to the sky, and with EXIM Bank insurance beneath its wings, Aventure’s international growth is set to propel the company toward new heights.
“Instead of circulating the same money within the USA between domestic buyers and domestic sellers, we are bringing fresh revenues to the U.S. and to the State of Georgia thanks to EXIM Bank’s backing,” said President of Aventure Aviation Zaheer Faruqi. “With the continued support of EXIM, our plans are to expand our facilities substantially with a new campus that will triple our capacity and increase manpower.”
EXIM Bank has a business development team devoted to minority and woman-owned businesses (MWOB) which works exclusively with these businesses. They provide hands-on guidance to small businesses and MWOB’s that wish to export and learn how to qualify for and access EXIM financing.
To find out more about EXIM Bank financing and its Minority-owned and Women-owned Business Group click here.
ABOUT EXIM BANK:
EXIM is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost ninety percent of its transactions directly serve American small businesses.
In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These authorizations supported an estimated $17 billion in U.S. export sales, as well as approximately 109,000 American jobs in communities across the country.