Based in Cleveland Heights, Ohio, Lee Silsby Compounding Pharmacy is one of the largest and most respected compounding pharmacies in the country, resulting in such impressive growth it is renovating a new facility that will quadruple its size but require major energy efficiency improvements.
Lee Silsby is owned by the Israel family, which found a 20,620 square-foot bus garage the company could purchase and renovate. When they found it, they knew turning it into the perfect space would become a labor of love – and one that would require significant energy-efficiency upgrades.
"When it came to energy efficiency, we had nowhere to go but up,” said Rachael Israel, who serves as the company’s general counsel.
Teammates in energy efficiency
The company sought help with a comprehensive energy assessment through its membership in the Greater Cleveland Partnership (GCP), the largest chamber of commerce in the U.S. The company is also actively involved in the partnership’s Council of Smaller Enterprises (COSE), a supporter and advocate for the region’s small businesses.
COSE partners with KeyBank through its energy financing division, Key Equipment Finance Clean Energy. Together, they offer financing with reduced interest rates to GCP members for energy efficiency projects.
“We are so grateful to the Greater Cleveland Partnership team, who helped guide us through this entire process and, importantly, introduced us to Key Equipment Finance. Once we saw how helpful they were on the energy efficiency side, we moved our entire business banking relationship to Key.” - Rachael Israel, Lee Silsby
A solution for energy upgrades
With funding from Key and an interest rate reduction through COSE, extensive upgrades are currently being made to the building to accommodate the pharmacy, including energy efficient LED lighting and HVAC.
In addition to the equipment loan for the HVAC and lighting upgrades, Key also financed the property purchase and renovation. Lee Silsby also received a $700,000 interest-free loan from the City of Beachwood, as well as several tax incentives.
A new business space
In early 2019, Lee Silsby plans to move into its new space, which will include five laboratories with tightly-controlled air pressure, humidity and temperature controls and access, as well as plenty of room for its growing team. The company credits the Greater Cleveland Partnership, COSE and KeyBank for helping them realize their dreams for their growing business.
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