Using the SBA to Fund Your Assisted Living Business

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Embarking on the journey of starting an assisted living business can be both exhilarating and fulfilling, yet one of the most significant hurdles you may encounter is securing adequate funding. For many entrepreneurs, navigating the financial landscape can be daunting. Fortunately, the Small Business Administration (SBA) provides various loan programs designed specifically to assist individuals like you in obtaining the necessary capital to turn your vision into reality. 

In this comprehensive blog, we will delve deep into the mechanics of how SBA loans operate, guiding you through the intricacies involved in finding the right lender for your specific needs. Additionally, we’ll outline the steps to expect throughout the process, equipping you with the information and confidence to navigate the financial aspects of your assisted living venture successfully.

Check out the video, too:

Understanding SBA Loans

The Small Business Administration (SBA) is a federal program that helps small businesses obtain financing by guaranteeing a portion of the loan, making lenders more willing to lend. While an SBA guarantee increases your chances of securing a loan, you remain personally responsible. Defaulting on a loan can affect your credit and make future borrowing difficult. However, the SBA’s guarantee may provide more options than conventional loans.

Finding an SBA Lender

Not all banks and financial institutions offer SBA loans, so you’ll need to find a lender that does. Here are a few ways to do that:

  1. National and Local Banks –Large banks like Wells Fargo and Chase offer SBA programs, but smaller regional banks and credit unions often provide a more personalized experience.
  2. SBA Lender Search – A quick internet search for “SBA lenders near me” can provide a list of approved lenders in your area. Look for rankings of the top SBA lenders in your state to identify the most active institutions.
  3. Lending Brokers – A lending broker can help connect you with banks that fit your specific needs. These professionals already have relationships with multiple lenders and can match you with one that’s willing to fund your assisted living business.
  4. Direct Outreach – If you prefer a hands-on approach, reach out to banks directly with a concise introduction. Explain your business, funding needs, and whether you already have a business plan and underwriting completed.

Some well-known SBA lenders specializing in assisted living include Live Oak Bank and Celtic Bank. These institutions have a strong track record of funding senior care businesses and can be a great starting point for your search.

What to Expect in the SBA Loan Process

Once you’ve identified a lender, the next step is to start the application process. Here’s what you can expect:

  1. Pre-Approval – The bank will review your business plan, financial projections, and credit history to determine if they are interested in working with you. A pre-approval letter is not a guarantee but can be helpful if you need to approach other lenders later.
  2. Down Payment Requirements – While SBA loans advertise as requiring as little as 10% down, most assisted living acquisitions require 15-20% down. It’s crucial to have this capital available before applying.
  3. Paperwork Submission – Expect to provide detailed financial statements, business plans, and other documentation to support your loan request.
  4. Final Approval and Funding – Once all documents are reviewed and the lender is satisfied, the loan will be finalized, and you will receive funding to proceed with your business acquisition or expansion.

Tips for a Successful SBA Loan Application

  • Have a Strong Business Plan – Lenders want to see that you have a well-thought-out strategy for success.
  • Use an Underwriting Calculator – Tools like the free underwriting calculator on Assisted Living Investing can help you determine if your business will be profitable.
  • Build Relationships with Lenders – Developing connections with local banks and SBA lenders can improve your chances of securing funding.
  • Be Prepared with Financial Documents – Having your financials in order will streamline the process and demonstrate professionalism.

Final Thoughts

SBA loans can be an excellent way to fund your assisted living business, but understanding the process and preparing in advance is key. By finding the right lender, building relationships, and having a solid financial plan, you can increase your chances of securing the funding you need.

If you need help creating a business plan for your assisted living business, download our Business Plan Checklist to ensure you have a solid business plan to help launch your assisted living business. And, if you need help navigating the process of launching your assisted living business, apply to our Assisted Living Investing Mastermind program to get expert guidance and support throughout your journey.

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