Small business is the life blood of the Lehigh Valley economy. In a recent article, Don Cunningham, Lehigh Valley Economic Development Corporation (LVEDC) President, stated that according to the standards set by the Small Business Administration, 99.2% of people employed in the Lehigh Valley are employed by small businesses. LVEDC defines small business as 20 employees or less. By that standard, 84% of employers in the Lehigh Valley are small businesses. These statics illuminate the reason the health and growth of small business is so important to our area. What happens to small businesses directly affects the Valley’s employees, our neighbors, and fellow members.
To ensure their growth, small businesses have identified four areas that are important to them financially:
- Help with everyday money management
- Managing receivables and payables
- Access to capital for equipment or to hire
- Value added benefits for their employees
First Commonwealth works with small businesses to fund their growth. We recently financed a small excavating company which needed additional equipment to fulfill contracts they were awarded. They hired two additional employees to meet demand and purchased a new truck, all with financing through First Commonwealth. We are focused on helping small businesses by providing solutions that fit your company and help you succeed. We can provide stability to your business financial operations, which has probably seen an unprecedented level of disruption over the past eight years. Whether its business loans and lines of credit or your everyday banking and cash management, First Commonwealth is here for you.