The village of Fairchance was incorporated as a borough on March 7, 1889, with a population of a little over 1,000.  The town itself goes back to the late 1780's.  According to Ellis' History of Fayette County published in 1882, Fairchance received its name in this manner.  Fidelus Oliphant was operating several furnaces in this area, but was getting low on funds so he went to a bank in Uniontown to obtain a loan.  They were somewhat reluctant to grant the loan, but Mr. Oliphant assured them with a "fair chance" he would be able to repay the loan and he did.  That is how "Fairchance" got its name.