The U.S. is aging, and by 2056, there will be more people over the age of 65 than under the age of 18. The senior care market is growing fast, and by 2030, nearly 2 million adults will be living in senior care or assisted living facilities. Long-term forecasts show that by 2060, 24% of Americans will be aged 65 or older—with 70% of them needing long-term care.
In light of graying statistics like these, the global elder care market is expected to top $1,767.3 billion by the end of 2025. Assisted living facilities will make up the largest segment, owning a 75% market share. Assisted living facilities are faring better than many industries in the aftermath of the recession because of the great value they provide. For savvy entrepreneurs, industry growth makes today a great time to launch, expand or revamp an assisted living business.
Why Seek Funding?
Senior care is a competitive landscape that spans the for-profit and non-profit worlds. Assisted living business owners and entrepreneurs face the challenge of securing the funding and financing they need to launch, and the professionals they need to provide top-quality care. When it comes to financing, Cornerstone Capital Lending can help. Our experts can guide you through the process of determining the right assisted living loans for your needs to get you funded—hassle-free—and achieving your goals.
We’ll help you start the financing process off right, regardless of your business’ size or history. Our lenders are focused on keeping the long-term costs for your assisted living loans down so that you can keep more of your hard-earned profits in the future.
Funding Types and Options
SBA 7(a) Loans
The most popular SBA financing option is the SBA 7(a) loan. Businesses can secure up to $5 million to finance the following projects or goals:
- Purchasing or expanding property for an assisted living facility
- Purchasing an existing facility
- Purchasing a leased property
- Purchasing new technology for expansion
- Refinancing current debt
SBA 504 Loans
SBA 504 loans are another option for assisted living facility owners or entrepreneurs who want to purchase real estate or equipment for their long-term growth. These loans are also known as Certified Development Company loans, or CDC loans. Businesses can take out SBA 504 loans for:
- Purchasing existing buildings or property that is being leased
- Purchasing new technology or equipment that will expand your assisted living facility
- Purchasing new buildings or renovating current facilities
Assisted living business owners or entrepreneurs looking to buy or refinance a commercial real estate property can consider taking out a conventional loan.
The Loan Financing Process
Ready to take the next step of seeing if your business can benefit from a conventional or SBA loan? Get in touch with a lender you can trust. At Cornerstone Capital Lending, our experts put you first. With our years of experience in SBA and assisted living financing, we’ll help you find the right loan for your business—fast.
Take The Next Step
A knowledgeable professional can streamline the loan process. The certified lenders at Cornerstone Capital Lending can help find and secure the right loan for your business. Contact us today to learn more about conventional and SBA assisted living loans.