Live Oak Bank has provided more than $1 billion in loans to independent pharmacies in the country since 2010, according to a news release Wednesday.
“Providing financing to community pharmacists creates an economic impact that goes beyond the point of sale,” Mike Bollinger, head of Live Oak’s pharmacy lending team, said in the release. “In supporting these small businesses, we are also supporting the impact they have in keeping their communities in good health.”
Wilmington-based Live Oak Bank started lending to pharmacies in 2010, and since then, it has provided financing to 600 community pharmacists in urban and rural areas, stated the release.
Pharmacy financing by the bank can be made for acquisitions, real estate ownership, new construction, refinancing of current debt and renovations.
Pharmacy lending is one of Live Oak's original verticals and has been very successful, Claire Parker, vice president of corporate communications with the bank, said in an email.
Live Oak Bank has lent more than $9.9 billion since its inception, she said.
The bank has several community pharmacy customers in the state, including one in Wilmington, that have received more than $80 million combined in loans, Parker said.
“The volume of loans signifies Live Oak’s dedication to the industry and incorporates digital banking technology that streamlines the loan process,” stated the release.
A pre-approval for an acquisition loan by Live Oak Bank can take up to 48 hours after forms are received, then underwriting usually takes one to two weeks, and closing can take 45 to 90 days, according to the bank’s website.
There are 22,000 independent community pharmacies in the country with at least 10 in New Hanover, Pender and Brunswick counties, according to the National Community Pharmacists Association.
Live Oak Bank, founded in 2008, provides small business loans to a variety of industries including auto dealerships, fitness centers, franchise restaurants, accounting and tax firms, hotels, veterinaries and wine and craft beverage businesses, among other businesses.