After eight years of dedicated service as a pharmacist, Mark Holland felt a strong entrepreneurial calling to open his own pharmacy. Looking around his community in Little Rock, Arkansas, Holland noticed a void: many healthcare providers were relying on out-of-state pharmacies to provide specific brand name medication to their patients. Holland wanted to create a local, trusted pharmacy that specialized in providing hard-to-access medications for his community.
Recognizing the challenges of starting from the ground up, Holland initially sought to acquire an existing pharmacy—a path he believed would be more straightforward and less daunting.
“Pharmacy businesses are unique, especially when it comes to accounts receivable, which can complicate financing options,” Holland explained. “Not every bank has the knowledge or experience to underwrite deals like these.”
Industry consultants recommended that he work with Byline Bank, citing its proven track record with SBA loans in pharmacy acquisitions. After a series of almost-acquisitions, Holland decided to shift his approach and start his own pharmacy, with Byline’s unwavering support.
“Byline was the most responsive financial partner I encountered,” he said. “They supported us through every step of the process, even as we shifted our plans to start from scratch.”
With Byline Bank’s help, Holland secured an SBA working capital loan that enabled him to build out his new pharmacy in Little Rock, stock initial inventory, set up essential technology, and purchase delivery vehicles. Thanks to Byline’s flexible financing, Holland’s River Valley Specialty Pharmacy now boasts a five-star rating and a reputation as Arkansas’s go-to pharmacy for hard-to-access medications.
“Dan, our main contact at Byline, was invaluable,” he said. “He walked us through the various financing products, helping us discern what would work best for a startup versus an acquisition. His insights were crucial in choosing the best path at every stage of our journey.”
Since opening the Little Rock location, Holland has continued to work with Byline to grow the River Valley business. With Byline Bank’s continued support and strategic guidance, Holland expanded his footprint in April 2024 by acquiring an established pharmacy in Virginia.
“Our model gives doctors and patients access to medications they otherwise couldn’t find locally,” he said. “Byline’s understanding of the unique cash flow dynamics within pharmacies has been essential helping us scale smartly, ensuring we have the financing to grow without overextending.”
As a top SBA lender nationwide, Byline Bank has deep expertise in how to tailor SBA financing to support ventures like River Valley Specialty Pharmacy. Learn more about how Byline can help bring your business aspirations to fruition.
