Every pharmacist dreams of starting a pharmacy. And, lenders are giving wings to this dream. They have made financing so simple that a recent pharmacy graduate or even an associate can start his / her pharmacy without any trouble.
Why Should I Get a Pharmacy Loan?
The main objective of a pharmacy loan is to ensure growth of your business. You can use it for a number of purposes. I have listed a few of them here:
>> Buy your start-up pharmacy practice
>> Acquire another pharmacy practice
>> Expand/remodel your existing pharmacy practice
>> Purchase equipment for your pharmacy practice, including fit outs
>> Refinance your existing pharmacy practice loan
Eligibility Criteria for Pharmacy Loans
Specialist lenders/credit providers offer Pharmacy loans to:
>> Recent graduate
>> Associate, and
>> A seasoned pharmacist
Understanding your Financial Situation
Buying a new or existing pharmacy premises or even pharmacy equipment is not a simple task. You need to consider several aspects and then make a profitable decision. Here is the list of things that you should consider before applying for a pharmacy loan:
>> Business opportunities
>> Your overheads and running expenses
>> Amount and term of the pharmacy loan
>> Structure of the loan (Fixed / Variable / Combination / Interest only content)
>> Expected interest rate
>> Redraws, and
>> Early repayment provisions (i.e. Exit Strategy)
Importance of Using a Finance Broker when getting your Pharmacy Loan
Every financial decision is considered only after meticulous planning. Most pharmacists don’t have adequate finance knowledge. So, it is wise to work out your business plan with a professionally qualified and experienced finance broker. You should sit down with a finance broker and:
>> Look at your overall financial position
>> Establish a suitable Due Diligence/Business Plan, and
>> Create a Budget
A professionally qualified finance broker will advise you and provide you with financial knowledge of pharmacy businesses. The finance broker will help you in eliminating options that are beyond your budget and save your valuable time. If you employ a brokerage firm, you won’t have to run around from lender to lender trying to arrange finance. The finance broker will understand your needs and present you with a number of loan options. He/she will also help you in choosing the best loan package.
Truly, having a loan specialist will make pharmacy loans simpler for you. The finance broker will turn your pharmacy dream into a reality. So, next time, you want finance for your pharmacy business; don’t forget to employ the services of a professionally qualified finance broker.