Such an Easy Process-Case Study of AAECON General Contractors
What a great time for AAECON, a commercial general contractor, founded in 2005. It starts with emails and a call from the business development team to set an appointment. As the owner shares his frustrations with his current bank, BD Rep hears an opportunity to help. “Within in 48 hours, me on a flight back from Florida, emails and some phone calls, AFB got us an approval and the terms we wanted,” says Troy Ansert, part owner of the company.
AAECON is an 8(a) certified, disabled American veterans, minority owned business specializing in projects for federal government. Founded on 2005 by Michael Lathan & Troy Ansert, AAECON is poised to grow substantially within the next 9 years, specifically with the SBA certification they acquired. While their bank was unable and uninterested in helping them take advantage of this unlimited growth potential, AFB was excited to make the connection. With the 8(a) certification, AAECON has the ability to bid projects and allows them to successfully acquire new projects under and around 4 million dollars. In AFB they found a partner, we looked at this situation from every angle, they were happy to be offered a refinance on their building to create more working capital. AFB understands their accounting, how their business works and what their business needs to grow.
AAECON landed approximately $11,000,000 worth of contracts on October of 2016, changing a business with around $5,000,000 in revenue a year to over $15,000,000 in the span of several months. “Other banks weren’t willing to give us funds that we needed to continue this enormous growth strategy,” Mr. Ansert said. “Instead of just looking at our numbers, they looked at our entire business story. I’ve never had a banker and a CEO actually take the time learn that we are a disabled American Veteran owned company, a HUB zone certified company and with the 8(a) cert, that helps is with backing of projects from the SBA.” AFB provided the additional capital needed at an opportune time for AAECON, so they didn’t lose out on all these new opportunities.