Given the fact that the population of this country is constantly growing, and the elderly component of that population continues to grow proportionally, home healthcare has never been more vital or necessary. Fortunately, advances made in the medical industry have helped to support home healthcare, and to allow for more kinds of treatment to be delivered in a home setting.

It’s not surprising that the home healthcare industry is the fastest growing industry in this country, especially since the vast majority of seniors prefer to stay in their homes, as opposed to being situated in nursing homes or assisted living facilities. If you’re thinking of establishing your own home healthcare business, this is the right time to get involved with such a venture, and there are numerous sources of funding available to you. Here are some of the best ways you can get your home healthcare business started up, so you can take advantage of the boom which is currently ongoing in the country.

Funding methods

If you are able to secure a bank loan, it will probably take somewhere between 14 and 30 days before you’re approved for the loan, and the repayment period is likely to be somewhere between three and seven years. You can expect an interest rate in the neighborhood of 6% to 10%, which is basically equivalent to most other funding options. A loan through the Small Business Administration would take about the same amount of time for approval, and would also carry a three to seven-year repayment period.

Securing a line of credit from a lender could probably be done more quickly, in perhaps seven to 21 days, and you would likely have a much shorter repayment period, in the area of one to three years. Your best funding option might be to secure a cash advance from an alternative lender, because this can be arranged much quicker than any other lending option, in as soon as one to three days. You would also enjoy a lower interest rate and the repayment period might only cover somewhere between three months and 24 months.

Need capital to finance your nursing home? 

If so, we may be able to provide financial assistance. Contact us at LMC Alternative Business Capital, so we can consider some options which may be available to you in the way of providing the necessary capital.