FAQ: Applying for business loans when opening a facility

Is it true that you need to be licensed before applying for a business loan for opening a care facility?

No. You should be able to apply for a loan in anticipation of being licensed. However, it’s likely that some lenders may want you to prove yourself more by taking some initial steps toward licensing or demonstrating that you could receive a license before they will make a loan or even process a loan application. Every lender is unique in its approach and requirements.

Thanks for the question Rose.

Comments

  1. nick shreli says

    Hey Mike circling back with you-Its Nick Shkreli here in MI.
    Wondering if you anyone/ie any resources you could connect me with here in metro detroit?

    Best
    Nick

    • Hey Nick – I hope that you’ve been in contact with Bob Richards over at Senior Care Realty. He may have some ideas for you, or shoot me a message and I’ll try to help. Mike