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The pharmacy’s growth is already evident – as the population continues to grow, the demand for pharmacies also increases. So if you’re ready to keep up with the inevitable demand for medicines, no need to look further, here are the top 8 banks ready to assist you with your SBA pharmacy loan:
1) Live Oak Banking Company — Wilmington, NC
2017: 92 loans, $1,305,883 average loan, average interest rate of 6.4%
Live Oak Bank knows pharmacy, and in fact, you could argue that they’re the largest investor in community pharmacies. They already approved close to $825 million loans (and counting) to the pharmacy industry since 2010. No doubt working with a lender who understands your business results in a smoother, efficient, and quicker process. Live Oak Bank also has a dedicated Pharmacy Lending Team focused only on pharmacy loans – no surprise they’re #1 in our list!
2) First Financial Bank — El Dorado, AR
2017: 49 loans, $1,016,224 average loan, average interest rate of 6.4%
With First Financial Bank’s customer service, financial strength, and expertise in working with independent pharmacies nationwide, choosing them is a sound business decision. As one of the nation’s leading small business lenders, they are equipped with the resources and pharmacy-specific expertise you need to help you reach your goals. Being a full-service lender, First Financial Bank offers financing solutions to help practicing pharmacists meet a wide range of business needs.
3) JP Morgan Chase Bank — Columbus, OH
2017: 29 loans, $338,255 average loan, average interest rate of 7.1%
Small business owners may not understand how the SBA relationship work – and JPMorgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. Just like Wells Fargo, JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.
4) Wells Fargo Bank — Sioux Falls, SD
2017: 16 loans, $582,094 average loan, average interest rate of 7.3%
Wells Fargo is one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, including pharmacy owners, they can offer a deep understanding of business needs, with benefits you won’t find anywhere else. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable.
5) TD Bank — Wilmington, DE
2017: 16 loans, $53,750 average loan, average interest rate of 9.0%
TD Bank takes pride in offering a simple and hassle-free SBA loan experience. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and auto repair shop. As a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals.
Still haven’t found the right company? Don’t worry, here’s our complete top 10 banks to help you on your SBA Loan journey:
|Rank||Bank||City||State||# of Loans||Avg Loan $||Avg Int|
|1||First Financial Bank||El Dorado||AR||30||$1,257,667||7.5%|
|3||The Huntington National Bank||Columbus||OH||19||$268,411||7.4%|
|6||Wells Fargo||Sioux Falls||SD||11||$360,973||8.8%|
|7||First-Citizens Bank & Trust||Raleigh||NC||10||$495,860||7.1%|
|9||JPMorgan Chase Bank||Columbus||OH||8||$321,550||7.5%|