Pharmacy owner Trent Moore with Sav-Mor Pharmacy in Neoga Illinois joins First Financial Bank's Pharmacy Division Loan Officer Mr. Bo Garmon for our 3rd part of the series on strategic planning, expansion, and lending.
Pharmacy ownership is a big step that commonly requires gathering large sums of money in the form of bank loans. It can be difficult for prospective pharmacy owners to secure commercial loans because most banks are asset-based lenders.
One of an existing pharmacy’s biggest assets is the prescription files. Without understanding how pharmacies operate, commercial banks can place little value on these “blue sky” assets, despite their worth of potentially many hundreds of thousands of dollars.
First Financial Bank (FFB) is a customer-oriented community bank headquartered in El Dorado, Arkansas, and a national lender that specializes in industry-specific loans to pharmacists and veterinarians. Their pharmacy lending team includes current and past pharmacy owners with more than 75 years of combined pharmacy experience. Their expertise in working with independent pharmacies allows them to offer a range of flexible terms tailored to the unique situation of pharmacy ownership.
Schedule a time to plan your pharmacy expansion:
https://www.ffb1.com/loans/pharmacy-loans/our-pharmacy-lenders.html
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