GREENVILLE, Miss., March 9, 2012 (GLOBE NEWSWIRE) -- David Brown was working for an independent pharmacy in Greenville, Mississippi, when the business was sold to a chain. After finishing the remainder of his contract with the chain, he decided it was time to go into business for himself.
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A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11984
"I realized I didn't want to work for a chain. I'd rather be an independent," he said. "My wife was nervous at first, but she knew I wasn't happy working for a big chain, so she was supportive of my decision."
With the help of a loan and grant from Planters Bank and Trust Company (Planters Bank) and the Federal Home Loan Bank of Dallas (FHLB Dallas), Mr. Brown was able to purchase a building and enough supplies to open his own pharmacy.
Brown's Main Street Pharmacy opened in 2011 at 1685 S. Main Street in Greenville.
The loan from Planters Bank was funded by an Economic Development Program (EDP) advance from FHLB Dallas. Mr. Brown also received a $25,000 EDPPlus grant from FHLB Dallas. EDP provides favorably priced advances to assist members in funding economic development projects and community revitalization in targeted communities. EDP funds are available throughout the year to support lending for economic development-related programs, qualified by location, income, or targeted services.
"David was able to use his experience working for both an independent and chain pharmacy to help formulate a business plan that would allow him to succeed. I am excited that Planters Bank was able to help him achieve his vision through both a business loan and EDPPlus grant," said Planters Bank President Andy Sanders.
Mr. Brown said the loan and EDPPlus grant have been key components to his business being successful in its first few months.
"With a pharmacy you have to have a pretty big line of credit because for the first six months you are spending a lot of money buying the pharmaceutical products. I used the grant toward drug purchases to stock the pharmacy," Mr. Brown said. "A $25,000 grant comes in handy when you are spending $15,000 to $20,000 a week on drug supplies. The loan put me above what I figured I would need to get through the first period, and the grant was a cushion."
Prior to opening his business, Mr. Brown had worked at pharmacies in Greenville for eight years.
"About half of my customers from my old store followed me over here and gave me a base to get started," he added.
Mr. Brown now employs one full-time employee and a part-time employee. His wife teaches during the day, but also comes into the pharmacy after work to help out. He plans to hire additional employees within the next year, and is looking forward to taking a day off.
"There is a lot more responsibility on your shoulders when you own your own business. When you work for someone else you just lock the door," Mr. Brown said. "But I am happier now."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $33.8 billion as of December 31, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress.
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