After working in pharmacies, nursing homes, and hospitals for decades, a woman in California realized she wanted to do more. She’d always wanted to open her own pharmacy but had never figured out exactly how to turn that desire into reality. Rather than leaving her pharmacy dream in her head, she realized that she could make her dream a reality. It was just going to take a lot of work. After finding a deal on a property, the woman and a previous colleague went into business together.
The truth is that a pharmacy is a huge undertaking. This is especially true when the business is independent. Three years in and they had their first real need for financing. They wanted to expand to be able to compete with the national chains and were going to need about $400,000 to do it.
They preferred a long payback period, and there was no immediate urgency for funding. Therefore, they made the decision that an SBA loan would be the best fit for them. Both of them had great credit, achieved 2 years of profitability, and developed a strong business expansion plan. As a result, they believed they qualified as excellent candidates for approval.
They were correct. Eventually, they received approval for their application and obtained funds within 90 days. Without any delay, they took active steps to set their expansion plans in motion. As a result, their pharmacy thrived, becoming one of the busiest in the state. Both of them assert that their SBA loan is the sole reason for this remarkable success.
Valerie has over 16 years of experience as a professional writer of blogs, eBooks, articles and press releases, with a focus on finance and alternative lending. Valerie resides with her family in Texas and is passionate about her horses.
