Thursday, January 30, 2014 – Wilmington, NC – Live Oak Bank, headquartered in Wilmington and currently ranked second in the nation in Small Business Administration 7a loans recently provided financing to Southport, NC based Galloway Sands Pharmacy, allowing Southport residents the continued support of a locally owned, independent pharmacy.
Kerr Drug, Southport’s small-chain option that offered service and support similar to what independent pharmacy does, was recently acquired by Walgreens. Joey Galloway and Kevin Sands, owners of Galloway Sands Pharmacy founded in 2006 in Supply, NC, saw this as an opportunity to provide the citizens of Southport a friendly, locally owned pharmacy. They approached Kerr Pharmacist in Charge, Brad Narron, who left Kerr to join Galloway Sands. Narron, a fixture in the Southport community, offers continued service to customers in the area.
“Kerr was an active, supportive, local pharmacy,” stated Joey Galloway founder of Galloway Sands Pharmacy. “I didn’t want to see the end of the independent pharmacy in Southport. We knew there was a demand and need for this option in the area so we moved forward with starting the pharmacy with the help of Live Oak Bank.”
Since 2008, Live Oak Bank has strived to keep independent pharmacies independent, offering lending solutions for acquisitions, refinance, construction and expansion projects and new pharmacy development. A local bank with a national reach, Live Oak proudly supports North Carolina businesses, like Galloway Sands Pharmacy. In 2013 5% of the banks total loan portfolio went to North Carolina Businesses, one of the top 10 states in terms of lending.
“Keeping independents independent is the core intention of our pharmacy lending team,” says Ed Webman, registered pharmacist and senior loan officer at Live Oak. “Helping folks like Joey and Kevin keep these businesses as a viable option to the community is a resounding success to us at the bank.”
About Live Oak Bank
Live Oak Bank was founded to provide small business loans to professionals looking to start or expand their business. Aside from acquisitions and refinancing, Live Oak’s lenders specialize in real estate loans and ground-up construction projects. The bank originally began lending to veterinarians, and has since expanded to dentists, medical professionals, independent pharmacists, funeral home owners investment advisors, and most recently added – family entertainment centers – nationwide. Having such a keen industry focus and trade specialists on board, enables the bank to offer an unparalleled level of service to the client. To learn more about Live Oak Bank, please visit f4d.62b.myftpupload.com.
About Galloway Sands Pharmacy
Founded in 2006 in Supply, NC, Galloway Sands Pharmacy offers a friendly, locally owned independent pharmacy. The pharmacy offers MTM services, DME, vaccinations, and diabetic testing supplies. Joey Galloway, co-founder, received his degree in Pharmacy from the University of North Carolina in Chapel Hill and has over 29 years experience in pharmacy. He splits his time between the two pharmacy locations. Kevin Sands, co-founder, also received his degree in Pharmacy from Chapel Hill and has over 19 years experience. Kevin will work as on of the full-time pharmacist in Southport. The pharmacy operates Monday through Friday from 9 a.m. – 6 p.m. and Saturday from 9 a.m. – 3 p.m. For more information, please visit www.Gallowaysandspharmacy.com.
Laura Petty, Marketing Programs Manager, Live Oak Bank
Joey Galloway, Co-Owner, Galloway Sands Pharmacy
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