One-Million Dollar SBA Loan Key for Avani Technology Solutions Inc.
BUFFALO, NY – For Sameer Kumar Penakalapati, president and CEO of Avani Technology Solutions Inc., the transformation between big and small was turning to the U.S. Small Business Administration and SBA participating lender Chase Bank.
The certified minority-owned business enterprise and Rochester based Avani is a custom software development, software product development, testing, training, and project management training services company. Avani specializes in custom software solutions development in mobility, enterprise solutions (SAP, Oracle, SharePoint, Java, Mainframe, .NET and third party enterprise tools) and web applications security testing areas.
Sameer took advantage of the SBA’s lending product, sought out assistance and received his one-million dollar loan through Chase Bank. “The loan has helped us to hire technical talent to develop services and products in mobility and enterprise solutions,” said Sameer. “We have increased our ability to win IT contracts in private and government agencies, and the loan has ultimately helped us grow and hire more employees.”
Jon Malcolm Richards, former SBA Rochester Branch Manager said, “Avani Technology Solutions Inc. has that niche that sets this small business apart from its larger competitors. Sameer knows the goals of his business and continues to differentiate himself from his competition.”
Recently, Avani was honored by Inc. 500, earning the position of 238 on the 2014 Inc. 500. Avani was welcomed as one of the fastest-growing private companies in America into a very exclusive club. To earn this honor, Avani is considered as a company who has grown more than 942 percent from the start of 2011. And, on August 18, the firm was named to the 2014 Rochester Top 100.
Avani continues to thrive, expanding from New York and Michigan to over 14 states in 2014. The company has also established a supplier base in India and Brazil. Avani has over 90 employees and is expected to create more jobs in the upcoming New Year.
The SBA loan, Sameer says, has been a great stepping stone to the company’s continued business growth.
The SBA provides small business counseling and training through a variety of programs and resource partners. For more information, please contact your local SBA Buffalo district office at (716) 551-4301 or visit us online at sba.gov/ny/buffalo.