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NCPA Announces Partnership with Live Oak Bank to Help Finance Independent Community Pharmacy Purchases
Date:10/25/2010

PHILADELPHIA, Pa., Oct. 25 /PRNewswire/ -- The National Community Pharmacists Association (NCPA) is partnering with Live Oak Bank to facilitate the purchasing of independent community pharmacies, an agreement announced during NCPA's 112th Annual Convention and Trade Exposition. Prospective owners will be able to more easily apply for the large lump sum payments to make these purchases like publicly traded chain pharmacies (CVS Caremark, Walgreens, etc.), which have used their considerable resources to purchase many independent community pharmacies.

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Traditionally, lending institutions treat community pharmacies like any other small business and offer financial terms that can be a non-starter for prospective owners. By contrast, Live Oak Bank is a lender that recognizes the pharmacist's earning power and the value of resalable inventory and prescription files.

"Independent community pharmacies focus on patient care and a wide-array of services that their competitors cannot replicate, but it can be difficult for prospective owners to secure financing for these purchases," said Douglas Hoey, RPh, NCPA Acting Executive Vice President and CEO. "That's why this partnership between NCPA and Live Oak Bank is a game changer. While Live Oak Bank has been catering to healthcare providers for more than 20 years, now NCPA will use the full weight of its assets to alert potential buyers of this great lending resource."

"With Live Oak Bank, independent owners can have the potential satisfaction of a lump sum payment while preserving their pharmacy's legacy of years, even decades, of service to the community," Hoey added
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SOURCE National Community Pharmacists Association
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