Do you plan on building or improving your assisted living facility? If so, you could get as much as $5.50 million from the Small Business Administration if you plan to implement green efficiencies for your senior assisted living center. It does not come with any limits to the overall project cost. Read on to know more about the loan for these facilities.
A Small Business Administration loan can be used to do the following for your assisted living home.
As you renovate or remodel your existing facility, a Small Business Administration loan can also cover almost every facet of the real estate project, including the following.
Several forms of companies are eligible for this loan program. The program is an attractive option, especially for special-use property owners. Why? Because traditional lenders hesitate to fund those unique pieces of property and often necessitate the potential borrower to make at least a 40% down payment. The loan structure is also appealing to traditional lenders because their product represents just half of the overall project.
Almost every assisted living facility qualifies for this program as long as it meets the criteria, including being a for-profit operation in the US or a territory of the nation.