Senior Home in Hesperia Saved
Hesperia, Calif. (Jan. 8, 2013) - Finding a trustworthy care facility for an older parent is a challenging and emotional task. These facilities provide not only care, but a sense of security and a loving home for their residents. This past fall, Foremost Senior Campus in Hesperia was saved from bankruptcy when it was purchased with financing help from Redlands-based Enterprise Funding, and 150 seniors who would have been displaced to other facilities, or left without any place to go, are now able to stay in their home.
Enterprise Funding facilitated the purchase with a a loan from the Small Business Association’s (SBA) 504 loan program. Dr. Vankat Vangala, a practicing urologist in the High Desert area, purchased the business which has been operating since 1998, for $6.2 million. Foremost Senior Campus provides independent living facilities as well as long-term assisted living care to its residents.
Gwen Bedics, SBA Relationship Officer with Enterprise Funding, was responsible for processing the loan. “This is one of the few full-service senior living facilities in the High Desert. It was very important to the community to keep it open. Without it, 150 senior citizens might have been left without a place to live.” Bedics added, “It truly brings us joy to be a part of helping our community, and changing people’s lives with the power of the SBA 504 loan program.”
SBA 504 loans were created to assist individuals who want to start a business or for business owners who desire to expand, usually through the purchase of fixed assets. Loans are always facilitated through a Certified Development Company (CDC), like Enterprise Funding and generally follow the 50-40-10 rule. 50 percent of the loan is funded by a financial institution, 40 percent is provided by the local CDC, and 10 percent is contributed by the loan recipient. Because CDCs are non-profits, any remaining profits over and above their operating costs are put back into the community in which the CDC operates.