Austin, Texas, October 17, 2018 – HealthGrowth Capital and Lendistry are proud to introduce the first revolving line of credit designed for independent pharmacies – the PharmLine™. Developed by pharmacy experts for pharmacy owners, PharmLine™ provides access to as much as $1 million to meet the challenges and opportunities pharmacy entrepreneurs face every day.
“After working with and advising hundreds of community pharmacy owners, we learned the key financial tool our customers needed most was revolving credit,” said HealthGrowth Capital CEO Karl Kipke. “PharmLine™ provides the financial flexibility only a revolving line of credit can deliver.”
“Many banks stopped offering lines of credit to healthcare businesses after the financial crisis 10-years ago,” Kipke added. “The professionals at Lendistry are innovative, smart and aggressive and made the perfect partners to help us create this product. PharmLine™ is quick and easy to obtain so pharmacy owners can focus on growing their businesses and stop worrying about being undercapitalized.”
PharmLine™ is a revolving line of credit that is designed to give pharmacy owners access to working capital within 10-days of applying. PharmLine™ is also available to businesses with SBA or other senior, secured debt. Now, DIR fees, unexpected reimbursement delays or new growth opportunities are easy to address with a trusted industry player that understands the pharmacy industry.
“Lendistry was established to offer financing alternatives to quality borrowers that are underserved by traditional lenders,” said Everett Sands, Chief Executive Officer of California-based Lendistry. “Our market data indicates 80% of the independent pharmacy owners in the US need additional working capital and PharmLine™ meets that need. Given HealthGrowth Capital’s expertise in community pharmacy-lending, we are excited to bring this transcendent product to this $80 billion industry.”
About HealthGrowth Capital, LLC
HealthGrowth Capital, LLC, based in Austin, Texas is a leading alternative specialty lender to healthcare companies and medical practices. For more information, please visit https://healthgrowth.com or call (512) 575-4500.
Lendistry is a CDFI, led by community and national bankers, that provides affordable small business and commercial real estate loans headquartered in Southern California with a mission to provide economic opportunities and progressive growth for small business owners and their underserved communities. Lendistry ranks 2nd in the nation among SBA Community Advantage lenders and was awarded Top Lender in its district in May 2018. Lendistry also offers unique opportunities to banks to help fulfill Community Development Lending, CRA Investment and Small Business Lending Test goals. For more information, please visit https://www.lendistry.com or call (844) 662-7297.