The number of Americans aged 65 and older is expected to reach 98 million by 2060. That's more than double compared to 2016. In Europe, approximately 25 percent of the population is 60 and over. The aging of baby boomers opens up a world of opportunities for entrepreneurs. As an aspiring business owner, you can use this trend to your advantage. More and more organizations are offering grants to open an assisted living facility. If you qualify, you could start a successful business and help those in need.
Nowadays, assisted living facilities are widespread. However, they're still missing in smaller cities and rural areas. With aging baby boomers requiring more care, the demand for these services is rapidly growing.
Like any other business, an assisted living facility requires time and money. The exact cost depends on its location, size and amenities. Most likely, you will be required to make a down payment of 20-to-25 percent to purchase a building. Even though you can rent a facility, most buildings used for this purpose are either purchased or built from scratch. This will further increase the costs involved.
Depending on your needs and business plan, you can obtain a home care grant from private organizations or government agencies. These may include grants for:
- Nutrition and wellness programs.
- Caregiver programs.
- Mental health counseling.
- Skilled nursing services.
- Personal care assistance.
- Adult day care centers.
- Senior community service employment programs.
In general, federal grants for elderly care cover education, nutrition, housing and other seniors' needs. Private organizations support business owners in their efforts to help the elderly. You may also contact nonprofit organizations, which often work with volunteers and can help you get started.
Once you have a business plan, research the federal grants available. A good resource is Federal Grants Wire, which features various government grants, federal grants and loans along with helpful information. Some examples include the Retired and Senior Volunteer Program, The Nutrition Services Incentive Program and The Foster Grandparent Program.
Different departments of the government offer grants to open an assisted living facility. The Veterans Administration and the U.S. Department of Health and Human Services are just a few. Each grant has specific requirements and features, so take the time to assess your options. Check the Department of Social Services for your state to see what's available in your area.
Private organizations are an option, too. For example, the AARP Foundation accepts online applications for grants designed to help nonprofits assist seniors with food, accommodation and their basic needs. The Robert Wood Johnson Foundation provides grants to nonprofits that support health and well-being. Many of their programs are geared toward senior citizens.
Most likely, you will apply for several grants at once. If you want your proposal to be successful, make sure it's flawless. Start with a brief introduction to your business and its mission. Explain why you need funding, how you are planning to use the grant and how the community will benefit from your services. Support your statements with hard facts and numbers, including documentation such as budget projections, strategic plans and more.
Do in-depth research on the organizations you will approach for a grant. Your mission and goals should align with their core values. Check your eligibility before applying. Many organizations have strict criteria, and some you may not qualify for.
To increase your chances of success, you should include information about your background, the size of your business and any related experiences working with the elderly. You need to show them you have a solid business plan and the expertise needed to make it work.