What to Do When More Financing is Needed


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.

Deciding on the Right Financing

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.

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