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NAICS 623312, industry

NAICS 623312: Assisted living facilities for the elderly

NAICS 623312 is the industry code for assisted living facilities for the elderly. Use it on loan applications, tax forms and registrations. Explore financing for medical and dental and start your application when you are ready.

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What 623312 covers

Assisted living facilities provide housing, meals, personal care and supervision to elderly residents who need help with daily activities but not round the clock skilled nursing. Memory care communities and residential care homes for seniors fit here.

Included in this code

  • Assisted living communities
  • Memory care facilities
  • Residential care homes for the elderly
  • Adult family homes
  • Personal care homes

Not this code

Businesses that use 623312

Assisted living communityMemory care homeSix bed residential care home

Financing for this trade

Assisted living owners finance acquisitions and construction with SBA 7(a) and 504 loans, HUD 232 mortgages, bridge loans and bank loans, and use lines of credit for working capital. Lenders look at occupancy, private pay mix, licensing, staffing and the operator's experience.

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Is 623312 the right code for an assisted living facility?

Yes, if you provide housing, meals and personal care for seniors who need help with daily living but not continuous skilled nursing. Memory care and small residential care homes belong here. Nursing homes use 623110. Campuses that include independent living and nursing under one contract use 623311.

What is the SBA size standard for 623312?

SBA sets the size standard for 623312 at $23.5 million in average annual receipts, averaged over the last five completed fiscal years and counting affiliates. Assisted living facilities at or under that figure qualify as small businesses for SBA 7(a) and 504 loans and for federal small business set asides. Most independent assisted living facilities fall well inside the limit, so size is rarely what decides an SBA application.

How are assisted living facilities financed?

Smaller homes often use SBA 7(a) or 504 loans for real estate and startup costs. Larger communities use bank construction loans, bridge loans during lease up and HUD 232 mortgages once stabilized. Lenders look at occupancy, private pay rates, licensing, staffing and the operator's track record.

What does NAICS 623312 cover?

Assisted living facilities for the elderly. Industry level code in NAICS 2022, under 62 Health care and social assistance, 623 Nursing and residential care facilities, 6233 Continuing care retirement communities and assisted living facilities for the elderly, 62331 Continuing care retirement communities and assisted living facilities for the elderly.

What financing do NAICS 623312 businesses use?

Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for medical and dental businesses. Start an application and the AI matches the deal to lenders that fund this code.

Where do I put NAICS 623312?

On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.