Thermedx is a medical device manufacturing company developing, manufacturing and selling Surgical Fluid Management products used in Gynecology and Urology. In 2018, Doug Carr, CEO and Nancy Jager, CFO, were referred to Jerry Krieg, SBA Business Development Officer, for a solution to change their debt structure. The solution recommended by Jerry and the SBA was expected to be a lengthy process but with the outcomes that Thermedx needed.
Jerry and his team took the time to understand our business and status. Although our situation was complicated, they were confident that we could work together to find an SBA solution. We had talked with a lot of banks, but with Jerry and his team at First Commonwealth, we truly felt that we had a strong advocate. - Nancy Jager, CFO
Thermedx worked closely with Jerry and First Commonwealth, while also keeping in regular contact with their regional SBA office in Ohio. The result was an SBA deal that enabled Thermedx to refinance existing debt and provide access to working capital, while allowing Thermedx to aggressively pursue new product development in support of its long-term plans.
What set First Commonwealth apart was their willingness to dig in, understand the business, and advocate for a creative SBA solution. We needed that as a tech company. We felt they were personally invested in our success. People make a lot of difference.