Business Financing Options
Whether for inventory, purchasing, expansion - or any other need that may arise - all businesses occasionally require financing or credit through small business or commercial business loans. We have a diverse array of business loan options to meet your specific needs. Our team can help you identify the best business financing options.
Our Business Financing Solutions
We offer a range of business financing solutions to meet all our customers' needs.
Business Line of Credit
Credit lines offer tremendous flexibility, which is a must for businesses with fluctuating financial needs. Having a business line of credit means you're prepared for any hurdle or opportunity, whether it's an unexpected expense or a chance to take advantage of reduced inventory prices.
At First Commonwealth Bank, our business lines of credit start as low as $5,000. You can also link your line of credit to your First Commonwealth Bank checking or savings account for overdraft protection.
Letters of Credit
Our guarantee for payment, up to a set amount, that promises the seller that First Commonwealth will assume responsibility for a debt or sale. We offer two primary types of letters of credit:
- Documentary letters of credit: Documentary letters of credit are usually involved in international transactions. They ensure payment provided that credit terms and conditions have been met.
- Standby letters of credit: With a standby letter of credit, First Commonwealth Bank guarantees payment in the event contractual obligations can't be fulfilled, protecting third parties.
Commercial Construction Loans
Controlled financing you need to complete your construction and development projects. We offer numerous construction loan term options and loan amounts as low as $5,000 to meet all your needs. We also give you opportunities to save money with structured repayment plans and interest-only payment options.
Commercial Real Estate Loans
The strategic use of commercial real estate is a key component of a successful business for growth. We provide commercial real estate loans at fixed rates for specified terms to help make your project a success. We'll also give you a discount if your loan payment is automatically deducted from your First Commonwealth Bank checking account each month.
Choose from two types of commercial real estate loans:
- Owner-occupied loans: An owner-occupied loan is ideal for those purchasing a new space or retrofitting a building without the uncertainty of renting or leasing. We finance up to 80% of the purchase price or appraised value.
- Investment property loans: Investment property loans are ideal if you're ready to rent or lease property. We finance up to 80% of the purchase price or appraised value.
We offer financing so you can update your equipment inventory and create productivity and efficiency in your business. We provide loans for various equipment types, including:
- Office equipment
- Farm equipment
- Titled vehicles
- Medical equipment
- Construction equipment
- Machining equipment
Take advantage of fixed-term loan rates and a discount when your payment is automatically deducted from your First Commonwealth Bank business checking account.
Our asset-based loans and lines allow companies that are healthy, yet highly leveraged and undercapitalized, to tap into funds already tied up in company assets. With these financing options, you can borrow against equipment, receivables, property or inventory.
You'll retain control and ownership of the assets and your collection and credit procedures. You'll also maintain direct contact with your customers, so there's no need to notify them about the financing arrangements.
Solutions engineered to support government entities. The public sector requires a unique approach to financial management. We provide specific financing solutions for government entities, including:
- Short-term loans: These loans provide working capital until tax payments are received. Maturities of less than a year are available.
- Long-term loans: These loans are typically used to purchase real estate and refinance high bond rates.
- Leverage funding: This option is ideal for funding your construction project or purchasing or refinancing equipment.
Small Business Administration (SBA)
If your growth plans include expanding, acquiring or starting a business, purchasing an existing business, acquiring or renovating commercial real estate, or financing equipment, inventory or working capital, an SBA loan is the perfect choice.
First Commonwealth Bank has Preferred Lender status within the SBA, and we have more than 55 years of SBA lending experience. When you take out an SBA loan from us, you'll benefit from:
- Lower down payments
- Flexible prepayment terms
- Long-term loan options
Contact First Commonwealth Bank Today
First Commonwealth Bank is here to help your business secure the best financing terms. Whether you're looking for great rates on an investment property loan or the best term loans for refinancing your existing debt, we offer solutions to help your business save money and grow. Schedule an appointment with us today to learn more.