Healthcare Loans for Assisted Living Facilities, Hospitals and more
When your medical or assisted living facility needs a boost to restore or expand its operations, Madison One can provide flexible financing.
Overcome Financial Hurdles With an Assisted Living Business Loan
Declining resident numbers, personal protective equipment costs, and staffing issues have become widespread problems for assisted living facilities in recent years, making it difficult to stay afloat. This period of instability is when facilities need the most assistance—otherwise, many are forced to close permanently. However, traditional banks are often unwilling to take a chance on struggling borrowers, leaving them with limited options.
At Madison One CUSO, we understand how frustrating it can be to face loan rejections when you need the funding to survive. That’s why we help assisted living facilities obtain healthcare business loans from the Small Business Administration and United States Department of Agriculture. Whether you need working capital to cover your daily expenses for a few months or a construction loan to upgrade your facility, our team can help you navigate the application process and increase your chances of a successful loan closure.
Your SBA Healthcare Loan Options
If your assisted living facility qualifies as a small business, you may be eligible for the SBA’s loan programs. SBA loans are designed to provide affordable funding options for companies that have exhausted their other options.
SBA 7(a) Loans
SBA 7(a) loans can provide a financial safety net when your cash flow and occupancy are at an all-time low. The program offers up to $5 million for nearly any purpose, including debt refinancing and working capital, with reasonable terms and long lending periods.
SBA 504 Loans
Whether you need to finance new medical equipment, purchase commercial real estate, or construct a new building, you may be able to obtain up to $15 million in SBA 504 funds. These loans offer long terms and amortization, so you aren’t stuck with a balloon payment.
Your USDA Healthcare Loan Options
Rural long-term care facilities provide an invaluable resource to their community, but they often struggle to find healthcare business loans. The USDA offers several loan programs to stimulate growth and create additional jobs in rural areas.
B&I Loans
If your organization is headquartered in an area with fewer than 50,000 people or you plan to open a new facility in a rural area, you can apply for up to $25 million in funding from the Business and Industry (B&I) program.
REAP Loans
The Rural Energy for America Program (REAP) can provide as much as $25 million for rural organizations to invest in renewable systems or efficient facility upgrades. This equipment can lower energy costs over time, leaving more money to invest in your business.
Discover Your Healthcare Business Financing Options
In 15 minutes or less, a Madison One CUSO team member can determine your eligibility for a government-guaranteed healthcare business loan and explain your options. Schedule your consultation today to begin the loan application process.
How Can You Use a Government-Guaranteed Healthcare Business Loan?
Madison One CUSO’s credit union members can provide financing for nearly any project, even if a borrower has minimal collateral or available funds for a down payment. Depending on the loan program you choose, eligible uses may include:
Benefits of a Madison One CUSO Healthcare Business Loan
Whether you need a loan to save your business or you’re about to enter a period of rapid growth, you need a reputable lender on your side to ensure you get the best terms available. At Madison One CUSO, structuring and closing government-guaranteed loans is our specialty. Our experienced staff understands the minute differences between various loan programs and offers tailored recommendations to every business member.
We work closely with our two credit union members to secure the following for our borrowers:
- Long lending terms
- Competitive interest rates
- High loan amounts
- Amortization without balloon payments
Our team walks you through every step of the loan application process. We understand how critical a quick closure is for assisted living facilities in need, which is why we work tirelessly behind the scenes to expedite the process.
Contact the Madison One CUSO team today to learn more about your healthcare business loan options.
Contact Our Healthcare Business Loan Experts
