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 needed a long payback period and there was really no immediate urgency for funding. So they decided an SBA loan was the best fit for them. And they both had great credit, 2 years of profitability and a strong business expansion plan so they thought they’d be a great candidate for approval.
They were right. Their application was eventually approved and they received funds in 90 days. They immediately set their expansion plans in motion and are now one of the busiest pharmacies in the state. They both say that it would never have been possible without their SBA loan.
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.
