Many local businesses finally feel they weathered the storm of the Great Recession and are looking to invest again in their company. Expansion of a company means different things to different businesses.
Chances are First Commonwealth has recently financed your type of business. We have helped other businesses expand and are ready to help your business grow.
Purchase a new commercial space
Some of our business members have outgrown their current location and have decided to purchase a new commercial space to relocate their business. The process of selecting the right location at the right price can certainly be daunting. The assistance of a knowledgeable, local commercial-realtor is essential to making the process less complicated. It is important to introduce your realtor and relationship manager at First Commonwealth to each other. By doing so, you’ll ensure each one has accurate and timely information to move the transaction along as smoothly as possible.
Renovate or add onto an existing location
For other businesses, we have found it is more advantageous, for them to renovate or add on to their existing location. Many businesses with a retail presence are able to renovate or add a small addition to create a more functional space for the business. Even small additions will require you to get engineering help, permits and a construction plan. It is important to engage with your First Commonwealth relationship manager early in the process to gauge what we might be able to provide in the way of financing. The size of the loan requested will likely determine how involved First Commonwealth will need to be in the construction process.
Recently we had a small manufacturing member who financed the purchase of a new, much larger location. In addition to financing the property, it was also important to purchase new equipment to make the new space productive. First Commonwealth’s equipment financing was convenient and the terms allowed this local business to add more profit to their bottom line.
If your business is looking to grow and expand; whether it’s for new equipment, a new location, renovations or a new vehicle; contact First Commonwealth Business Services – we're here for you.