Accessing Capital Despite Barriers: Four Borrowers’ Perspectives
The Home Health Care Loan
Small Business Loans
You’re giving people the gift of care. You are committed to bringing people the assistance they need, often during a difficult time. Simultaneously, you are also running a business, or you may be just starting out or looking to expand your home health care or elder care offerings.
Your industry is unique which means working with someone that understands the nuances of your business is critical, especially when you are looking for financing.
With over four decades of experience in small business lending, we have found that providing you a loan officer that specializes in your industry will both help you get your funding and provide you a knowledgeable advocate.
What is a home health care loan specialist?
Our experienced loan officers have taken the time to learn about your industry including licensing requirements, accreditation, and current issues. They are also well versed in understanding the payors such as Medicare, Medicaid/Medical, and private insurances. This knowledge helps them match you with the loan product that will best fit your needs and support your long term success.
Their expertise means they know the ins and outs of the loan process and will guide you every step of the way. They will help you understand your financing options, present the terms in an easy to understand way and help you navigate gathering the required documents.
Acquiring, expanding, or starting a home health care, home care, or hospice business?
Acquisition and Expansion
Our financing can be used to acquire an existing home health care business or to expand your current operations. In both cases we will help you assess the situation to identify the right financing to support your growth.
Start-up
Our team of experts understand Home Care and Home Health Care industry start-up challenges. We will help you:
- Secure your loan prior to licensing to open your business.
- Understand the loan terms and rate
- Identify the loan amount that will best support your goals and success
Home health care loan requirements
Here are the details about the loan. Review this information and then your home health care loan specialist can answer any questions and help you navigate the process of getting approved.
Loan Amount: $20,000 -250,000
Terms: 5-10 year terms
Rate: Variable rates tied to Prime, starting at Prime +2.75
Requirements:
- Good Credit with timely repayment of existing debt and explanation for any past credit issues.
- Show sufficient cash flow to make payments
- Down Payment: startups 20%, business acquisitions 10%
- Collateral not needed for approval
- Flexibility to waive some requirements for business in low-moderate income communities and veteran-owned businesses.
Areas Served: California
3 steps to get a home health care loan
Your home health care loan specialist will help you navigate the loan process. Here’s what to expect:
- Get prequalified: Provide basic financials and hear from us within 3 business days. Once pre-qualified, we will let you know of any additional documents that are required.
- Get Approved: We will work to learn more about your business and may ask for additional documentation to help secure your approval. Approval typically takes 2-4 weeks after receipt of requested documents.
- Congratulations, you’re funded! Get funded quicker by submitting required documents as timely as possible.
Frequently asked questions about home health care loans
What is the rate?
Your rate will depend on which of our loan products best match your needs as well as the credit risk of your project. Compared to the marketplace, all our rates are competitive.
Do you finance start- ups?
Yes – If you are a start-up there will be a 20% down payment requirement and we will look to see that you have historical management or industry experience.
Will someone work with me directly?
Yes – you will work with your home health care loan specialist initially and then work with our approval and funding team.
How long will the process take?
You will know if you have been pre-qualified in 24-72 hours of submitting the initial request. The loan process from approval to funding can take from 4-6 weeks.
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