Top Banks for Assisted Living Investments: Who to Choose?

assisted living banking options assisted living investment banking best bank for assisted living business business banking for assisted living facilities credit unions for assisted living business local vs national bank assisted living Jan 07, 2025

Starting an assisted living business is exciting, but choosing the right bank? That’s a big step too! Your bank will be a major part of your business journey, helping you grow, manage cash flow, and handle everyday finances like paying vendors. So, picking a good bank is a key move toward future success.

But how do you know which bank to choose? Let’s go through some helpful tips!

Check out the video, too:

Local vs. National Banks: Which is Better?

One of the first choices is between local banks and national ones. Both have pros and cons.

Local Banks: Local banks are often better for small businesses because they offer more personal services. They usually have lower fees and sometimes provide special programs for small business owners. Plus, by banking locally, you’re supporting your community!
National Banks: Big banks, like Chase or U.S. Bank, are great for convenience. They have branches all over the country, so you can access your account or get help no matter where you are. This can be handy if you travel a lot or operate in multiple states.

Many people in the assisted living business like local banks for their personal touch. When you’re planning to grow, local banks can offer flexible terms because they know you and your business.

Bank vs. Credit Union: What’s the Difference?

Now, let’s talk about another option: banks versus credit unions. Here’s the difference:

Credit Unions: Credit unions are member-owned and not-for-profit. They’re known for lower loan rates and friendly service because they’re focused on members. If you’re looking for cost-saving accounts or good loan rates, a credit union might be a great fit.
Banks: Banks are for-profit businesses. While they don’t always have the same low rates as credit unions, they often have more options for business banking, especially with larger accounts.

For example, I use a local credit union, and so far, it’s been a fantastic experience. Credit unions now offer great online banking and mobile apps, just like big banks. They’re also more affordable for small business owners on a budget.

Building Strong Banking Relationships

One of the best things about local banks and credit unions is the relationships you can build. When your bank knows you well, they’re more likely to support your business growth. This can mean better loan options, refinancing help, or even extra funds when you need them.

In the assisted living business, this relationship can be invaluable. Your bank can become a partner in your success, which is a big deal in an industry where financing is often critical.

What to Look for in a Bank

When you’re choosing a bank, here are some key things to consider:

Do they offer online and mobile banking? Today, most banks and credit unions have these services, but make sure their platform is easy to use.
What are the fees? Some banks charge monthly fees, while others might offer fee-free options for small businesses.
ATM Access: If you’ll need cash often, check that they have ATMs near you.
Business Savings and Checking Accounts: Some banks offer sub-accounts to help organize your finances.
Extra Services: Look for perks like fraud protection, mobile deposit, or easy transfers.

Why Your Bank Choice Matters

Choosing the right bank is essential for running your assisted living business. From managing day-to-day expenses to securing loans, you’ll rely on this partner a lot. Local banks and credit unions often offer more personalized service, which is especially helpful for small businesses. National banks, on the other hand, might be more convenient if you’re on the move.

Whether you go with a local bank or a big one, make sure it’s the right fit for your business needs. And remember, a strong banking relationship is an investment in your business’s future!

Ready To Take The Next Steps?

To help you get started, download our Business Plan Checklist to ensure you have all the tools you need to create a successful business plan. This checklist will guide you through the essential elements to launch and grow your assisted living facility. Also, consider applying to our Assisted Living Investing Mastermind program. This 12-month program is designed to guide you step-by-step toward owning and operating your own assisted living facility. With the added benefit of personalized coaching support, the program ensures you have the resources and guidance needed to succeed in this rewarding industry.

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