It is a pleasure for us to shepherd the lending process for care providing entities. This includes writing business plans, acting as the borrower’s agent with lenders and more. We take pride in the detail associated with bringing a business that provides care to life on paper.
Thanks to our experience we are also quick to educate prospective borrowers on certain dynamics associated with commercial borrowing, especially when we seek a guarantee from the Small Business Administration.
Here are a couple of items worth noting:
- Be sure the owners include someone with experience in your area of long-term care. Your borrowing worthiness is assessed on more than just financial issues. You need to show you can manage this new business and create an environment of success that will lead to being able to pay back that loan.
- If new construction, be sure everyone hired to be a part of the process from general contractors to surveyors to civil engineers have experience in your specific area of long-term care construction and project development. You cannot afford to be their learning curve, you have loan payments to make.
- In new assisted living construction, invest heavily into the pre-sale process, so suites are sold before the doors are opened. This will involve a strong, well-organized SEO and community engagement campaign.
Those who have walked that path know the value of getting it right. Ask Mike Shah of Central Georgia Adult Day Health & Rehab who remarks: “The team within Direct Care Training & Resource Center, Inc. led every part of the loan process. The communications with the lender were enormous and frequent but they never backed down. Their work was a major contribution to our business success.”
Hopefully these few tips will prove helpful. Love to hear your thoughts and answer your questions.
Another Blog Post from the minds of Direct Care Training & Resource Center, Inc. and its Chief Executive, Bruce W. McCollum. Join us for a monthly podcast, next edition on ITunes called, “The Realities of Successful Home Care” – September 15, 2017.
For more on our commitment to the exceptionalism of small-scale group living, join the LinkedIn Group: Small Scale assisted Living Success Strategies.
Photos and other images used are for the sole purpose of complementing written material and are not designed to imply or suggest an affiliation with or support by any individual or organization. Each person referenced in this Blog received care as part of a signed agreement that allows their names and certain limited information to be used in marketing controlled by Bruce McCollum to avoid violations of HIPAA laws.