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Senior Care Business Loans
SBA loans can be used to expand your senior care business
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Top 5 SBA franchise loan lender*
+$600 million franchise loans funded
+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
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.
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.
Real business owners. Real results.
Woof Gang Bakery SBA Loan Case Study
After years in HR, Kasia followed her passion for animals and, with a $345K SBA loan from First Bank of the Lake, quickly launched her Woof Gang Bakery & Grooming franchise — already nearing breakeven just months in.
Tint World SBA Loan Case Study
After losing his wife, a friend, and his life savings, Dan Billings reinvented his life with a Tint World franchise — and with guidance and an SBA loan from First Bank of the Lake, his business is thriving and he’s already eyeing a second location.
Lifetime Green Coatings SBA Loan Case Study
Father and son duo Barry and Parker Norfleet launched six Lifetime Green Coatings franchises with a $400K SBA loan from First Bank of the Lake — quickly setting up operations and nearly breaking even within just three months.
What Our Customers Say
Gave Me the Confidence I Needed
Huge thanks to Tammy and Brandi. Tammy was my first point of contact and gave me the confidence I needed since there isn't a local branch near where I live. Brandi has been answering ALL my questions since and has excellent follow up and has taken great care of me.
— Michele Houston
Genuinely Interested in Helping My Business Succeed
First Bank of the Lake was a tremendous help in securing a 504 small business loan for my company. Every staff member I interacted with was professional, friendly, and genuinely interested in helping my business succeed.
— Don Kamb
Exceptional Service
I cannot say enough positive things about my experience working with Eric as my SBA loan officer. From start to finish, he provided exceptional service and went above and beyond to ensure that every issue we encountered was resolved quickly and efficiently.
— Bryan Crowe