Running an assisted living facility is both rewarding and expensive. You must manage a range of financial demands, from maintaining a safe and comfortable living environment to hiring and training qualified staff.
Many owners pursue SBA loans for assisted living facilities to grow their businesses. If you are an owner of a profitable assisted living business and want to expand, the Small Business Administration (SBA) loan program could help you.
Our SBA financing specialists at Business Funding Group LLC (BFG) simplify the loan process, helping you secure the funding you need without the guesswork. We do not charge a fee if your loan does not close!
How SBA Loans Help Assisted Living Businesses?
Your assisted living facilities must balance high-quality care with strict regulatory compliance, facility maintenance, staffing, and resident satisfaction. All of that takes capital. Unfortunately, traditional banks often hesitate to fund care-based businesses, even if they are profitable, due to these factors:
- The industry is heavily regulated
- The industry relies on people (rather than a product, for example), making profitability uncertain
- The assets are non-tangible
- There is a perceived risk
SBA lending options for elder care facilities offer you a competitive alternative. With partial backing from the federal government, lenders gain confidence to fund your businesses even if it is outside the standard commercial loan criteria.
With an SBA loan, you get:
- Lower or ZERO down payments
- Longer repayment terms
- Competitive interest rates
- Flexible use of funds
You can also borrow a significant amount for your business. Through the SBA 7(a) loan program, you can secure up to $5M, while the SBA 504 offers funding of $20M+.
What Can Assisted Living Businesses Use the Funds For?
The flexible use of funds is a significant advantage of SBA loans. You can use these funds to cover any legitimate expense that helps your business growth or improve operations, such as:
- Investing in specialized medical or accessibility equipment
- Purchasing a new facility
- Expanding an existing location
- Hiring or training staff
- Refinancing high-interest business debt
- Covering working capital needs during growth phases
SBA loans for senior care companies make it easier to invest in your facility, staff, and residents.
Eligibility and Benefits of SBA Loans
Because the federal government partially guarantees SBA loans, lenders require you to meet specific eligibility criteria.
The most important factors that lenders consider are cash flow and creditworthiness. Demonstrating a profitable assisted living facility and the ability to repay an SBA loan increases your chances of a successful application. Our team guides you through every step of the process, from gathering documents to structuring your loan application to ensure it meets all the requirements. You do not pay us anything unless your loan closes.
Speak With an Expert at BFG Today About an SBA Loan for Your Assisted Living Facility
We simplify, expedite, and enhance the success of the process. If you are serious about improving or expanding your business, SBA loans for assisted living facilities are a financial tool available to small business owners.
Our team at BFG could help you get a fully funded loan! We help match you with the lender, complete your application, and offer support from start to finish. Start today by contacting our firm or completing our fast and simple application. It takes minimal time to complete but gives us invaluable insight into your goals and needs.
(917) 593-5013