Healthcare Loans for Assisted Living Facilities
When a medical or assisted living facility needs a boost to restore or expand its operations, Ready Capital can provide flexible financing.
Overcome Financial Hurdles with an Assisted Living Business Loan
Declining resident numbers, personal protective equipment costs, and staffing issues have become widespread problems for assisted living facilities in recent years, making it difficult to stay in business. This period of instability is when facilities need the most assistance—otherwise, many are forced to close permanently. However, traditional banks are often unwilling to take a chance on struggling borrowers, leaving them with limited options.
At Ready Capital, we help assisted living facilities obtain healthcare business loans from the Small Business Administration (SBA) and the United States Department of Agriculture (USDA). Whether it’s working capital to cover daily expenses for a few months or a construction loan to upgrade a facility, our team can help navigate the application process and increase the chances of a successful loan closure.
SBA Healthcare Loan Options
If an assisted living facility qualifies as a small business, it may be eligible for the SBA 7(a) loan program.
SBA 7(a) Loans
SBA 7(a) loans can provide a financial safety net when cash flow and occupancy are at an all-time low. The program offers up to $5 million for nearly any purpose, including debt refinancing and working capital, with reasonable terms and long lending periods.
USDA Healthcare Loan Options
Rural long-term care facilities provide an invaluable resource to their community, but they often struggle to find healthcare business loans. The USDA offers several loan programs to stimulate growth and create additional jobs in rural areas.
B&I Loans
If a business is headquartered in an area with fewer than 50,000 people or planning to open a new facility in a rural area, it can apply for up to $25 million in funding from the Business and Industry (B&I) program.
REAP Loans
The Rural Energy for America Program (REAP) can provide as much as $25 million for rural organizations to invest in renewable systems or efficient facility upgrades. This equipment can lower energy costs over time, leaving more money to invest in the business.
Discover Healthcare Business Financing Options
In 15 minutes or less, a Ready Capital team member can determine eligibility for a government-guaranteed healthcare business loan and explain the options. Schedule your consultation today to begin the loan application process.
How Can a Government-Guaranteed Healthcare Business Loan Be Used?
Ready Capital can help borrowers receive financing for nearly any project, even if they have minimal collateral or available funds for a down payment. Depending on the loan program chosen, eligible uses may include:
Benefits of a Ready Capital Healthcare Business Loan
Whether a loan is needed to improve or expand a business, working with a reputable lender can ensure the best terms available. At Ready Capital, structuring and closing government-guaranteed loans is our specialty. Our experienced staff understands the minute differences between various loan programs and offers tailored recommendations to every business owner.
We can secure the following for our borrowers:
- Long lending terms
- Competitive interest rates
- High loan amounts
- Amortization without balloon payments
Contact the Rural Business Lending team today to learn more about healthcare business loan options.