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Types of Senior Care & Assisted Living Business Loans
Why National Funding?
When considering the needs of your senior care facility, you want a lender who has worked with senior care businesses before. At National Funding, we understand that securing financing can be difficult. As a business owner, you sometimes have to wait for customers to pay for care and for payments to clear. Senior care business loans from National Funding don’t require lengthy paperwork. Speak with one of our friendly, knowledgeable loan specialists to learn more about our business loans.
Senior Care and Assisted Living Business Resources
A business loan is an investment in the growth of your senior care facility — but securing financing is only a fraction of what it takes to manage your finances. We’ve put together a list of resources to give you the whole story on loans, taxes and managing the financial health of your facility.
If you’re recruiting new people to join your facility, that usually means you’re in a position of growth — whether you’re expanding your business or approaching your peak season. To maintain that growth trajectory, it’s crucial to know the most common hiring mistakes and how to avoid them.
Keeping around outdated computers could cost businesses more than the price of an upgrade. Most small business owners understand this intuitively, but what they may fail to recognize is that outdated hardware and software are both a liability and a lost opportunity. Said differently, failing to upgrade outdated technology in business at the same pace as industry competitors could prove to be a significant disadvantage. We’ll help you understand why.
Tax time is stressful for almost everyone, but as a small business owner you have a more complicated set of tax requirements to abide by than most. Navigating quarterly taxes and understanding the deductions available for your business are difficult tasks. Prepare yourself by reviewing these common tax mistakes so you know what to avoid and don’t cost your facility money come tax time.
Senior Care Business Loans FAQs
Answers to your questions about financing for your senior care business.
SBA loans are government funding that the U.S. Small Business Administration provides to small businesses by partnering with lenders. Not all lenders offer SBA loans, and it’s important to choose a lender that properly meets your business’s financing needs. Once you choose the right lender for you, they will walk you through their loan options to help you choose the right type of loan.
Choosing which type of loan to use can be a difficult decision, which is why our loan specialists are here to walk you through your options to figure out which loan fits your business’s needs. Apply online to see your options.
Ratings & Reviews
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True to our mission, we encourage you to read the following policies and learn how they affect you as a client.
(1) 24 hours:
Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Early payoff discounts:
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
(3) Automatic payments:
Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.
(4) Wide variety of payment options:
- Equipment Financing: payments are remitted monthly with terms of 2-5 years
- Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months
(5) Potential Tax Savings:
The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.
(6) Guaranteed lowest payment:
Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.
In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.
The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.
The Guaranteed Lowest Payment may be discontinued at any time without notice.
To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.
(7) Terms and Conditions apply:
This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.