How to Fund Your Assisted Living Business: SBA Loans vs. Grants

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Starting an assisted living business can be incredibly rewarding, but securing funding is one of the biggest hurdles. Whether you're looking at grants or SBA loans, both options have their own processes, advantages, and challenges. In this guide, we'll break down the key differences and what you need to do to increase your chances of success with either option.

Check out this video too:  

Using Grants for Assisted Living

Are Grants Right for You?

Grants are often easier to obtain if you operate as a nonprofit. However, this is not a requirement. The key is persistence. Many granting organizations prefer businesses that have been operating for at least three years, as this establishes credibility and reliability.

Over time, you will develop a better understanding of where to find grants and how to apply for them efficiently. Some registries will even reach out to you with funding opportunities once you’re on their radar.

How to Find Grants

  1. Search regularly. Grants are cyclical, meaning new opportunities appear frequently. If you can’t find one today, check again next week or set up Google Alerts with relevant keywords.
  2. Be persistent. Many people give up too soon. Finding the right grant can take time, sometimes months, but consistent searching will yield results.
  3. Understand the requirements. Every grant has specific conditions. Make sure you meet them before applying to avoid wasting time.

Applying for Grants

Once you find a grant opportunity, carefully follow the application process. Most grants require you to:

  • Provide a detailed business plan.
  • Outline how you will use the funds.
  • Answer specific application questions.

To make the process easier, download our free Grant Writing Template. This will help you craft a solid grant proposal, which you can then adapt for different applications.

Important Grant Rules

  • Do NOT start spending grant money before approval. Many grants operate on a reimbursement basis, meaning you only receive funds after completing or paying for the approved project.
  • Expect delays. The review process can take months, and sometimes, there is no clear way to follow up on your application.
  • Use alternative funding if needed. If you need to start a project before grant funds arrive, consider unsecured funds or hard money loans as a temporary solution.

Getting an SBA Loan for Assisted Living

Building a Strong Foundation

Before applying for an SBA loan, you need a clear business plan and financial projections. Here’s how to prepare:

  1. Create a business plan. Download our FREE Business Plan Checklist.
  2. Do your underwriting. Understand your financials—expenses, revenue potential, and feasibility. The underwriting process helps you determine whether your business will be profitable.
  3. Find an opportunity. This could be:
    • Buying an existing assisted living facility.
    • Converting a home into a facility.
    • Leasing a home and modifying it for assisted living.
    • Building a facility from the ground up.
  4. Locate a lender. Once you have a solid plan and a viable opportunity, start talking to lenders.

The SBA Loan Process

  1. Prepare Your Loan Package: Include your business plan, underwriting details, financial statements, tax returns, and personal financial statement (explained in our YouTube video above).
  2. Find a lender. Expect to be told no many times before you find a lender who says yes.
  3. Pre-approval stage. If a lender is interested, they will issue a pre-approval before moving into the underwriting phase.
  4. Underwriting. The lender will thoroughly analyze your financials and business plan. If you’ve done your homework, this step should be relatively smooth.
  5. Closing. Once approved, expect to submit paperwork multiple times before finalizing the loan.

Common SBA Loan Challenges

  • Credit requirements. If your credit score is low, you may need a partner with better credit.
  • Paperwork overload. You will submit the same documents multiple times during the process.
  • Long wait times. Approvals and funding can take several months.

Which Option is Best for You?

  • If you need funds quickly → SBA loans are generally faster than grants.
  • If you don’t want debt → Grants are a great option, but they take time and effort to secure with no guarantee you'll find a grant.
  • If you qualify for both → Use both SBA loans and grants strategically. Get an SBA loan for immediate funding and apply for grants to help cover additional expenses later.

Get the Right Resources to Succeed

We’ve created an Assisted Living Launchpad Bundle to help you navigate this process. It includes:
✅ Business Foundations Workshop (how to write your business plan)
✅ Underwriting Course (learn financial analysis)
✅ Market Research Guide (where to start your business)
✅ Grant Funding Course (find and apply for grants)

📌 Pro Tip: Download any of our free resources first, and you’ll get a special discount on the Launchpad Bundle!

Final Thoughts

Starting an assisted living business requires planning, persistence, and the right funding strategy. Whether you pursue SBA loans, grants, or both, stay consistent, be prepared, and don’t give up. Your dream of running a successful assisted living facility is within reach!

🎯 Next Steps:

📥 Download the Business Plan Checklist to ensure your policies are aligned with your facility’s goals.
🔥 Apply to the Assisted Living Investing Mastermind for expert coaching on licensing, funding, and scaling your business!

🚀 Your policies can make or break your success—let’s get them right!

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