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+$600 million franchise loans funded
+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
Skilled nursing faces tough choices amid rising healthcare costs and lower payouts
Skilled nursing businesses are feeling the squeeze as rising healthcare costs collide with shrinking reimbursement rates. Medicare and Medicaid often fall short, leaving these businesses to pick up the slack. Labor costs are also climbing, with a shortage of qualified nurses forcing businesses to offer higher wages and better benefits.
On top of that, staying compliant with regulations means investing in new technology and systems—never a cheap fix. And rising costs for medical supplies and utilities only add to the financial strain. Despite all this, skilled nursing businesses still need to provide top-notch care.
Small businesses can reap big rewards by navigating the challenges of skilled nursing growth
- By 2030, all baby boomers will be at least 65 and are expected to drive continued growth in the skilled nursing industry.
- Innovations in medical technology now allow skilled nursing facilities to provide more complex treatments.
Skilled nursing businesses can capitalize on current trends by expanding services and adopting new technologies to meet growing demand. As baby boomers age, the need for services like telehealth and advanced treatments will increase, making it essential for businesses to adapt. However, these advancements come with substantial costs—telehealth systems and upgrading medical equipment for complex treatments can cost tens of thousands of dollars.
SBA loans provide an ideal solution to finance these advancements. With flexible terms, lower down payments and competitive rates, SBA 7a loans offer up to $5 million for businesses to invest in critical areas such as new technology or expanding facilities. SBA 504 loans also allow businesses to finance real estate or equipment with long-term, fixed rates.
First Bank of the Lake has funded more than $1.1 billion in SBA loans to small businesses and has the expertise to help skilled nursing facilities secure the funding they need. Our team understands the healthcare industry’s unique financial challenges and is ready to help you navigate the SBA loan process to fuel your growth and meet the demand for cutting-edge services.
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