Square 1 Bank, a division of Pacific Western Bank, provided an $8 million credit facility to new client, Schweiger Dermatology Group, a leading provider of medical, cosmetic and surgical dermatology services in the New York metro area. Proceeds from the facility will be used to fund the group’s expansion and acquisition of new practices.
Founded by board-certified Manhattan dermatologist Eric S. Schweiger, M.D., Schweiger Dermatology Group serves clients in multiple offices throughout New York, Brooklyn, Westchester, Rockland County, Long Island and New Jersey. The comprehensive dermatology practice uses leading-edge medical technology and procedures to treat numerous skin conditions, including acne, moles, eczema, rashes, hair loss, psoriasis, rosacea, skin cancer and warts. Cosmetic services address scars, stretch marks and aging concerns, among others. Schweiger Dermatology Group is backed by leading international life sciences venture capital firm, SV Life Sciences.
Joe Luceri, chief financial officer of Schweiger Dermatology, said, “Throughout the process of evaluating financing options, Square 1 Bank showed us that they understand our business, support our growth strategy and are flexible in meeting our financing needs. We are very pleased to be partnering with Square 1, and look forward to a long relationship as our business evolves.”
Mara Huntington, managing director in Square 1 Bank’s life sciences practice, added, “Dr. Schweiger has a growth-oriented vision for his practice, anchored by a desire to provide all patients with the highest level of service and access to the latest and greatest dermatologic treatments and technologies. Square 1 is excited to support the group’s upcoming expansion and continued growth for years to come.”
Schweiger Dermatology Group is a dermatology services firm based in the greater New York City area and Northern New Jersey. Founded in 2010 by Dr. Eric Schweiger, the company’s 45 Medical Providers see over 125,000 patient visits per year. The Company offers a broad range of medical and cosmetic dermatology services throughout its 19 office locations.
Square 1 Bank, a division of Pacific Western Bank, is a full-service financial services partner to entrepreneurs and their investors. Founded in 2005 by a group of seasoned venture bankers, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington.