What types of loans can pharmacies apply for?

Pharmacies, like other businesses, often require financial support to manage operations, expand, or address specific needs. Below are the types of loans pharmacies can apply for, tailored to their unique business requirements:

• Term Loans: Longer-duration loans that pharmacies can use for major expenses like equipment purchases or store renovations. They often come with fixed repayment schedules.
• Lines of Credit: These provide accessible, on-demand funds up to a set limit that pharmacies can use as needed for working capital. You only pay interest on the amount used.
• Inventory Financing: Short-term loans tailored specifically to purchase pharmaceutical inventory. The inventory acts as collateral.
• Equipment Financing: It is funding to acquire essential pharmacy equipment, such as dispensing machines. The equipment itself often secures the loan.
• Small Business Loans: Administered by the government to help established pharmacies expand with favourable interest rates and terms.
• Merchant Cash Advances: Lump sum payments to pharmacies in return for a percentage of future sales. No fixed repayment schedule.
• Franchise Loans: For financing expenses involved in opening or operating a pharmacy franchise location.
• Commercial Real Estate Loans: Long-term financing secured by the property for purchasing or refinancing pharmacy building premises.
• Startup Loans: High-risk capital offered to entrepreneurs starting a new pharmacy business.
• Expansion Loans: Fund opening additional pharmacy locations or renovating existing stores.