When independent pharmacy owners require additional working capital for their businesses, they will likely visit their banker to discuss their financing options. As with any other business owner looking to borrow money, banks will need to assess their current creditworthiness including specific data about the pharmacy. This data will include their financial records, both personal and business. It will be scrutinized and their FICO must also be high to qualify for funding. If the owner has had issues with late payments to suppliers, for example, their application may be rejected.
Sometimes business owners are not satisfied with the options available to them when they are seeking pharmacy business loans at one bank. They may be looking for additional working capital purchase inventory from a new supplier, to renovate their existing location, expand to another, change signage and even upgrade their POS terminals. Financing to cover all these contingencies may not be readily available to them under one pharmacy business loan so they may try again at another traditional financing company. The process may have only just begun.
The need for faster, more industry-specific funding sources has contributed over the last decade, to the development of alternative financing industry. National Business Capital is a well-regarded industry leader. Pharmacy owners who want to expand or to upgrade their businesses would benefit from a discussion with one of our Business Consultants. When seeking a pharmacy business loan, these business owners may not be aware that they can also qualify for financing through a specialized Loans for Doctors program as well.
This financing is available to healthcare industry professionals as well as to physicians. The application process and financing process is swift, and financing decisions are made using underwriting criteria that does not consider FICO alone. If you have questions regarding business financing for your pharmacy, please contact us at (888) 888-9124.
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