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Industry

Senior Care Business Loans

SBA loans can be used to expand your senior care business

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Regulations, tech, and upgrades constantly challenge senior care businesses

Senior care businesses face unique challenges in delivering quality care to an aging population. Rising operational costs, particularly in staffing, make it difficult to attract and retain skilled caregivers. Compliance with ever-changing healthcare regulations adds further complexity. Providers may also need to invest in costly technology like electronic health records and telemedicine to stay competitive. With limited access to affordable financing for facility upgrades or expansions, growth and innovation can be hindered.

SBA Loan for Senior Care Business Loans and Financing

Baby boomers aging is accelerating the growth of the senior care industry

As baby boomers age, senior care businesses have a unique opportunity to thrive by addressing growing demand. Some trends that Senior Health Care businesses are seeing:

  • The need for home health aides and personal care aides is expected to grow by 25% by 2031, far above the average for other professions.
  • Telehealth adoption surged during the pandemic, with 45% of seniors using telemedicine.

With these trends in mind, senior care businesses have a significant opportunity to grow by investing in both staffing and technology. By focusing on hiring skilled labor, businesses can meet the increasing demand for personalized care. Additionally, integrating telehealth and other tech solutions can help streamline operations, improve patient outcomes, and attract tech-savvy families seeking modern care options.

An SBA loan can be a key tool in financing this growth. SBA 7a loans can provide the capital needed to expand teams, invest in telehealth platforms, or upgrade facilities to accommodate more patients. Whereas an SBA 504 is ideal for purchasing facilities and updating equipment. With flexible terms and lower down payments than conventional loans, SBA loans offer senior care businesses the financial boost they need without straining cash flow.

First Bank of the Lake is an experienced SBA lender, with over $1.1 billion in loans granted to small businesses. We’ve helped countless small businesses with their financial need, ensuring senior care providers receive personalized guidance they need to navigate the loan process.

The Numbers

in Loans 2024

Largest SBA Lender^

Small Businesses Helped 2020-2024

It's Easy to Get Started

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Contact First Bank of the Lake using the form below to talk to an SBA loan expert. We will get in touch with you promptly.

What Type of Loan?

Find out more about the SBA loan application process from our advisors determining what type of loan you need.

Assemble Your Documents

Put together an SBA loan application with the supporting documents.

Submit Your Application

Submit your SBA loan application.

Quotation Mark for Client Testimonial

The First Bank of the Lake rep and I bonded over faith, fishing and finance. They got my loan done in under 30 days in very, very trying circumstances.

Issac Reed
President, Reed’s Moving Services

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If we ever need business capital, my first call would be to First Bank of the Lake. Why would I look elsewhere?

Barry Norfleet
Co-founder, Lifetime Green Coatings - Kentucky

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I got my $345,000 SBA loan approved from First Bank of the Lake in 35 days!

Kasia Anderson
President, Woof Gang Bakery - Bradenton, FL

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First Bank of the Lake was the best banking experience I have ever had.

Andy
Co-founder, President, Winter Park Ski Rental

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The bank process was as easy it could be. The biggest thing is how transparent and reliable they were.

Tyler Green
Co-founder, President, Freelite AZ

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My First Bank of the Lake rep was great – Easily the finest banker I have dealt with in my life.

Dan Billings
President, Tint World - San Antonio

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Big thanks to Emil and the First Bank of the Lake team. I would recommend them to anyone else in a heartbeat and I would absolutely use them again.

Rock Katic
President, Perfect Moving

SBA Industry Loans

Talk to an SBA Senior Care Business Loan Expert Today

We made $600MM in SBA loans in the last year alone

SBA Loan for Senior Care Business Loans and Financing
SBA Loan for Senior Care Business Loans and Financing