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Your Essential Guide to Pharmacy Loans

  • Apply in under 2 minutes
  • Get funds as fast as 24 hours

Loan Amount

Up to $500,000

Estimated Repayment Terms

1-5 Years

Interest Rate

Starting at 7%

Speed of Funding

As fast as 1 day

    The U.S. pharmacies and drug stores industry is expected to keep growing in 2020, with a projected total annual revenue of more than $300 billion, according to global market research company IBISWorld. Keep up with demand and grow your drug store with the right pharmacy loan for your business. Let’s take a look at pharmacy finance options that you can use to successfully fund your operations.

    Financing Your Pharmacy for Success 

    Whether you’re looking to expand your client base, stock your shelves with new products, hire staff or get working capital, financing can help you make your vision become reality. Here are a few cases in which you might obtain a pharmacy business loan. 

    Purchase Inventory

    Consider financing if you’re short on funds and need to stock your pharmacy or purchase additional over-the-counter items that are in demand. Use a pharmacy loan to:

    • Order medications in bulk from your wholesaler 
    • Stock medical supplies and equipment
    • Purchase nutritional supplements
    • Add a greeting card and gift aisle

    Buy Specialized Equipment

    Do you have a compounding pharmacy and need specialized equipment, such as a sterilizer, incubator or convection oven? Need to replace your pharmacy refrigerator? Whatever the case, pharmacy equipment financing can help you access the funds you need when you need them.

    Pay for Rent

    According to a 2019 article by the Houston Chronicle, on the less expensive side of things, you could spend $150,000 to nearly $200,000 a year to rent 800+ square feet of pharmacy space, assuming approximately $15-$20 per square foot. That’s certainly not a small amount. If your revenue fluctuates throughout the year, you might find it difficult to cover your overhead without financial assistance.

    Cover Payroll

    According to recent data from the U.S. Bureau of Labor Statistics, the median annual wage for pharmacists is $126,120, while pharmacy technicians annually earn $32,700. When some months are slower than others, finding the funds to pay your workers can be challenging. However, maintaining your staff is essential to keep your business running. 

    Advertise Your Pharmacy

    Are you finding it tough to compete with the national pharmacy and drug-store chains? If business is waning, putting an effort into marketing your pharmacy may be an effective way to increase traffic. However, frequency, placement and method of advertising can cause expenses to add up quickly. Consider if applying for a loan for your pharmacy shop can help.

    5 Best Pharmacy Loans and Financing

    Here are some of the best small business loans for pharmacy owners.

    1. Business Lines of Credit

    If you’re looking for flexible pharmacy funding, a business line of credit could be your go-to. How does it work? A lender approves you for a certain credit limit, let’s say $10,000. You can tap into that $10,000 at any moment throughout your approved term. If you need $5,000 to cover an emergency expense, use your credit line to do so. You still have another $5,000 at your disposal, and you pay interest only on the amount you borrowed. As you pay down your debt, your credit line is restored up to your original approval amount.

    2. Term Loans

    A business term loan provides you with one lump sum of funds. Repayment can range from 1-5 years. A term loan is an option to consider if you’re funding a long-term investment, such as debt refinancing. 

    Longer term loans are also available. In contrast, short-term loans typically have repayment periods ranging from a few months to 1.5 years, but usually have higher interest rates than longer term loans. Depending on your lender and specific loan type repayment installments can be daily, weekly or monthly.

    3. SBA Loans

    Lenders throughout the nation partner with the U.S. Small Business Administration (SBA) to offer affordable financing to small business owners. The SBA guarantees a portion of each loan — up to 85% in some cases — offered by a participating lender. Because of this, lenders have more incentive to fund borrowers. Loan terms can range from 5-25 years depending on the SBA loan type and use of funds. While the application process is extensive, SBA loans offer some of the most competitive terms on loans. 

    4. Equipment Financing

    Use pharmacy equipment financing to purchase or lease the costly items you need to keep your drug store up to standards. With an equipment loan, the equipment you purchase serves as collateral, securing the loan. If you fail to repay your loan, your lender can collect by seizing the equipment. Lenders might allow you to finance the equipment up to its total value.

    5. Merchant Cash Advances 

    If you’ve been turned down for other financing, have been in business only a few months and need fast access to funds, a merchant cash advance might be a viable financing option for your pharmacy. With this type of funding, you get an advance of funds based on your business’s expected revenue. Repayment terms range from 3-18 months, and you’ll likely be set up on a daily repayment schedule until your advance and fees are paid.

    Where to Find Pharmacy Loans 

    Just as pharmacy finance options vary, so do lenders. Here’s an overview of what you might find with banks as well as alternative online lenders. 


    Whether a small regional bank or large commercial bank, you have your fair share of establishments to consider. Banks are known to offer competitive interest rates and repayment terms. However, qualification requirements can be stringent.

    To have your application considered, you may need:

    • Minimum credit score of 650
    • Assets to offer as collateral, such as invoices, equipment or real estate
    • Financial documentation, such as bank statements, income statements, tax returns, business plan (1-3 years could be required in some cases)

    Online Lenders

    If you’ve been turned down for a bank loan, you might engage an online lender for the pharmacy loan you need. They’re known to offer fast financing to borrowers with poor credit history and minimal time in business. Because these alternative lenders are taking on more risk, you’ll see shorter repayment windows and increased rates compared to bank loans.

    What You Need to Apply for a Pharmacy Loan or Financing

    While different lenders have different requirements, at Fast Capital 360, we have financing available for business owners who meet the following criteria:

    • 4 months in business
    • FICO score of 500 or higher
    • Annual revenue of $100,000 

    To get started, you’ll need to provide:

    • Basic details about yourself and your company 
    • 4 most recent monthly bank statements 

    Apply With Fast Capital 360 

    Ready to apply for your pharmacy loan? Take advantage of these benefits.

    Save Time

    Complete a 2-minute paperless application to see if you qualify. 

    Get Several Financing Offers

    Because we partner with lenders throughout the country, you’ll get to compare several offers. Choose the best pharmacy finance option for your business.

    Receive Expert Advice 

    Our knowledgeable advisors are here to answer your questions and walk you through the funding process.

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