Whether for inventory, purchasing, expansion – or any other need that may arise – all businesses occasionally require financing or credit. First Commonwealth offers a diverse array of financial products and services geared specifically to meet the individual needs of our business clients. Our banking representatives can help you identify which of these products and services will be best for you.
|Demand and Time Loans
Need flexibility for a temporary cash outlay? Demand and Time loans can be a great financing solution. Demand and Time loans are easily restructured to meet your changing needs thus providing the flexibility demanded in today’s marketplace.
Time Loans usually feature a set, final maturity of less than one year and are the preferred option when relying on incoming cash by a certain date. If your incoming cash is less predictable, you may decide to choose the Demand Loan (Note) instead.
By utilizing the Total Solutions Financial Management approach, First Commonwealth will work with you to ensure that you choose the best product for your situation.
- Interest payments due monthly, with principal on demand or on the stated maturity date
- Fixed or variable rates
- Secured or unsecured loan structure
|Letters of Credit
A Letter of Credit is a bank's guarantee for payment, up to a set amount. The Letter simply promises the seller that First Commonwealth will assume responsibility for a debt or sale.
Documentary Letters are involved in international commercial transactions. The Letter ensures payment, provided that the terms and conditions of the credit have been met.
First Commonwealth can also provide Standby Letters of Credit, which guarantee contractual obligations for a third party. If an unseen development prevents the contract from being fulfilled, the Bank guarantees payment, thereby eliminating risk to the third party.
As your business partner, First Commonwealth works with you to determine your needs and objectives. And with a Letter of Credit, we’ll back up our faith in you with a guarantee of payment.
|Equipment and Working Capital Loans
At various points throughout the business cycle, every business occasionally requires term financing for equipment or working capital. Of course, one size does not fit all. That’s why First Commonwealth offers several different loan options, each tailored to meet specific situations.
Depending on your needs, you can select short, intermediate or long-term financing. We also offer both fixed and variable rate loans. Whatever is best for you. Of course, getting a great rate is just as important as flexibility, and you’ll find First Commonwealth is always competitive.
|Lines of Credit
For businesses with short-term working capital needs, First Commonwealth offers various Lines of Credit solutions. Credit Lines offer tremendous flexibility, which is a must for businesses with fluctuating financial needs.
Need more flexibility? You can also choose between revolving or non-revolving Lines of Credit. As you repay portions of the revolving line, you may borrow an amount equal to any repayment previously made again and again. Or, select the simpler non-revolving Line of Credit. In either case, your outstanding balance is priced at a floating rate and tied to a specified index.