Fitness Business Loans
Financing for gyms, fitness centers, fitness studios and all types of fitness businesses. Borrow up to $850,000 and get funded in as little as 24 hours.
Financing for Fitness Businesses Explained
What Is A Fitness Business Loan?
Owning and operating a gym or fitness business requires a lot of capital. Fitness equipment gets old fast so new equipment is needed to keep up to date and scale. No matter how well a fitness business manages its finances, funding will be needed to grow and scale. Customer membership fluctuations can also cause cashflow problems.
Fitness business loans are financial products designed to help fitness businesses. These loans make it easier for fitness businesses to qualify for funding.
Who Can Apply For A Fitness Loan?
Almost all businesses that operate in the fitness industry are eligible for financing.
Eligible fitness businesses include:
- Gyms
- CrossFit
- MMA Gyms
- Fitness Studios
- Fitness Centers
- Online and Offline Fitness Businesses
- Fitness eCommerce Websites
- Fitness Platforms and Apps
- Physical Fitness Center
- Martial Arts Dojos
What Can Fitness Loans Be Used For?
Fitness Equipment Financing
Equipment is the biggest expense for a fitness business. A fitness equipment Loan can be used to buy new, second-hand or refurbished fitness equipment such as:
- Treadmills
- Rowing machines
- Ellipticals
- Weight training equipment
- Gym matting
- Crossfit equipment
- Endurance equipment
- Strength equipment
- Balance equipment
- Flexibility equipment
Fitness Property Loans
A fitness real estate loan can be used to buy, rent or lease property suitable for:
- Fitness centers
- Fitness studios
- health clubs
- gyms
Gym Working Capital
If you are planning on expanding your fitness business premises size or getting a new location, you will need a mortgage or loan. However, traditional lenders are reluctant to fund gym expansions. A fitness business property loan can be used to:
- Buy a brand-new fitness premises
- Expand an existing premises
- Refurbish existing premises
Fitness Loan Benefits And Drawbacks
Benefits
- A fitness industry loan helps fitness business owners grow their businesses without having to invest large amounts of equity.
- Lack of funding is no longer a barrier to scaling gyms and fitness centers.
- By debt financing fitness equipment, customers of the business contribute to paying off the loan and the cost of the equipment.
Drawbacks
- A fitness business loan typically comes with a higher interest rate because the lender takes on more risk since there is no collateral or personal guarantee required.
- Alternative lenders typically do not lend to brand-new gyms or fitness startups.
Fitness Loan FAQs
Almost all lenders conduct credit checks on borrowers applying for gym equipment financing. However, Business Finance Source does finance business owners with with fair or poor credit.
The two most popular places to secure financing for fitness equipment are banks and online lenders.