First Commonwealth Federal Credit Union partners with SBA for small business financing

First Commonwealth Federal Credit Union 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, the credit union said in a press release.  

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 put 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 
• 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, the release said. 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. 

“Your business is our business, and it is our mission to empower our business owners to achieve their goals,” said Terry Grier, chief lending officer. “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.”