First Commonwealth Federal Credit Union now offering two new solutions for small business financing
ALLENTOWN, PA (April 28, 2022) — First Commonwealth Federal Credit Union, the #1 ranked credit union in PA by Forbes (2019 & 2020), is now offering special financing and enhanced business solutions for small business owners. Through its partnership with the Small Business Administration (SBA), First Commonwealth FCU can now administer commercial loan options through the SBA 7(a) and SBA 504 programs.
As the SBA’s most versatile loan program, the 7(a) offers financial assistance of (up to) $5 million for small businesses with special requirements including: short and long-term working capital; refinancing of current business debt; purchasing furniture, fixtures, equipment or inventory; construction of new building or renovation of existing building; establishing a new business; or assisting in the acquisition, operation or expansion of an existing business.
The 504-loan program provides long-term, fixed-rate financing of (up to) $5.5 million for (up to) 25 years, and is an affordable lending option that can puts owner-occupied commercial real estate and other fixed-asset purchases within reach. Eligible uses include: purchasing owner-occupied commercial real-estate such as an office, manufacturing facility, mixed-use property, etc.; purchasing land and constructing a business location; renovations or improvements to new or existing facilities; or purchasing heavy machinery or equipment.
First Commonwealths SBA program will be managed by Ray Porambo, Vice President SBA Relationship Manager. Porambo brings extensive experience in originating and overseeing small business loan programs to the First Commonwealth Business Solutions team. He has a strong background working with the U.S. Small Business Administration, proven success in guiding entrepreneurs and offering small business owners with personalized business solutions.
First Commonwealth first launched its Business First by First Commonwealth FCU program in 2021, bringing an unmatched level of personalized business solutions and concierge banking to businesses throughout the Greater Lehigh Valley. Business First by First Commonwealth FCU offers business members personalized service, access to a dedicated business solutions advisor and a package of solutions with lower costs, faster service and better value than ever, making comprehensive business solutions for small and mid-size businesses more inclusive and accessible. “Your business is our business, and it is our mission to empower our business owners to achieve their goals. Through our Business First program and partnership with the SBA, we offer a powerful combination for business owners by providing a trusted partner to help guide and provide comprehensive solutions to grow their business,” said Terry Grier, Chief Lending Officer at First Commonwealth.
The program is designed to help busy business owners easily and conveniently manage their business and personal financial needs by providing comprehensive business solutions all in one place. Business First by First Commonwealth also offers many other value-added features including access to free networking, education and financial wellness resources, and exclusive access to free membership in First Commonwealth for employees through Work First by First Commonwealth FCU.
About First Commonwealth Federal Credit Union
First Commonwealth, headquartered in Allentown, PA, is one of the most accomplished and preeminent credit unions serving Lehigh, Northampton, and Carbon Counties in PA, and Warren County, NJ. With 12 locations and a top-tier digital banking experience, it serves 81,000 members and 2,400 companies. Since 1959, First Commonwealth has prioritized growth, innovation, technology, and friendly service. First Commonwealth has 235+ employees and over $1.2 billion in assets, operating as a member-owned, not-for-profit financial cooperative embodying purpose-driven values.
