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LOCATION & INDUSTRIES

Your Guide to Finding a Loan for a Fitness Center

  • Apply in under 2 minutes
  • Get funds as fast as 24 hours
  • Applying won’t impact your credit score
By Erin Ryan Staff Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

The health and fitness market is a more than $96-billion industry. With so many L.A. Fitness and Planet Fitness locations, it can be challenging for lesser-known gyms to compete. 

Promoting your health club and keeping it open for business takes capital. Sometimes, though, you don’t have enough funds on hand to operate like you want or need to. That’s when you might apply for a loan for your fitness center.

Reasons to Apply for Gym Business Financing

Gym owners explore funding for their fitness business for a number of short- and long-term needs. Here are a few.

Buy Gym Equipment

Need to upgrade your old ellipticals and stairmasters? Want to invest in new technology for your gym? Or maybe you’d like to expand your service offerings by offering massage chairs or tanning stations. Whatever the case, fitness equipment financing can help.

Market Your Fitness Center

When you want to bring in more memberships, you need to advertise. Whether you’re looking to promote your gym or fitness center on a billboard or invest in paid online ads, a small business loan can provide the funds you need.

Maintain or Upgrade Your Gym

If your gym has saunas, an indoor pool, racquetball courts or other aspects that need to be maintained, the costs can add up. Alternatively, maybe you’d like to build a smoothie bar or a dedicated studio space in your health club. A gym business loan could give you the cash flow boost you need to cover facility maintenance, repairs and upgrades.

Cover Rent and Utilities

Not only do you have to keep your doors open to stay in business, but you need to be able to keep the lights on, the air-conditioner going and the water running. That’s likely several thousand dollars each month, and it can add up fast. Sometimes a short-term financial lift can maintain the status quo. 

Pay Staff

Want to hire additional personal trainers or onboard specialized professionals, such as nutritionists or massage therapists? Maybe you’re having a slow period and need to cover payroll costs. In any instance, gym funding for your business can help.


Best Gym Funding and Business Loan Options

Here are a few of the best funding options, whether you need fitness equipment financing or a working capital loan.

Business Term Loan

Good for a one-time funding need, a business term loan can be an option for a costly expense. These loans can be used for nearly any business need, whether you want new state-of-the-art equipment, need to finance the cost of a new hire’s salary or plan to upgrade your facilities.

SBA Loan

Small Business Administration (SBA) loans are an alternative if you’ve been denied for a conventional bank loan and still want a competitive interest rate and repayment term. Because the SBA partially backs these, there’s less risk for lenders if a borrower defaults.

Fitness Equipment Financing

Fitness industry equipment financing can help you cover the purchase of new machinery for your health club. Typically, with this type of loan, the equipment serves as collateral. As such, you may be able to secure enough financing to cover the total cost of your purchase.

Business Line of Credit

A business line of credit is the most flexible type of financing. It functions much the same as your everyday credit card. If you don’t want to get caught off guard when an emergency expense arises, consider this type of gym funding for your business.

Merchant Cash Advance

A merchant cash advance is an alternative financing product for which many small business owners qualify, even if your credit score is considered poor. Because requirements are less stringent, this is an option if you’ve been turned down for other types of funding. In some cases, applicants can receive funds the same day as approval. The tradeoff is shorter repayment terms, usually daily payments and higher financing costs.

Working Capital Loan

A working capital loan is an umbrella term for multiple types of short-term financing. They’re also known as “bridge loans” because they’re meant to bridge funding gaps. Use funds to cover payroll, make your rent or pay for an unexpected expense.


Estimate terms for every type of financing

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $200,000+
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    Credit Score 560+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $200,000+
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    Credit Score 600+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $75,000+
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    Credit Score 540+

Loan qualifications

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    Time in Business 2+ Years
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    Annual Revenue $160,000+
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    Credit Score 620+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $150,000+
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    Credit Score 600+

Loan qualifications

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    Time in Business 4+ Months
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    Annual Revenue $100,000+
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    Credit Score 500+

Loan qualifications

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    Time in Business 2+ Years
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    Annual Revenue $50,000+
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    Credit Score 650+

Loan qualifications

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    Time in Business 1+ Years
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    Annual Revenue $75,000+
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    Credit Score 540+

How much do you need?

Estimated Interest Rate

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    This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

    Payments

      Total Repayment:
      Cost of Loan:
      This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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      This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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        This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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          How much do you need?

          Estimated Factor Rate

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          Total Repayment:
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          This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

          How much do you need?

          Estimated Interest Rate

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          Loan Term

          Payments

            Total Repayment:
            Cost of Loan:
            This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

            How much do you need?

            Estimated Interest Rate

            %

            Loan Term

            Payments

            Total Repayment:
            Cost of Loan:
            This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

            Where to Find a Loan for a Fitness Center

            When it comes to funding for your fitness business, there are several financing options you can explore. You might first consider going to a big-name bank or a local credit union. They’re known to offer competitive interest rates and repayment terms. But they also have a reputation for strict qualification guidelines and lengthy waiting periods to funding.

            Alternative lenders are another type of financial institution you can turn to if you need a gym business loan. That’s especially true if you don’t meet conventional lender requirements and need funds fast. Nonbank lenders can offer streamlined application and approval processes. In exchange for these benefits, approved applicants typically have shorter, more frequent repayment terms and less competitive interest rates.

            What You Need to Apply for Gym Business Financing

            With Fast Capital 360, you can seek gym funding for your business with the following:  

            Minimum Requirements:   

            • 500+ FICO score
            • 6 months in business
            • Annual revenue of $120,000 

            What You’ll Need to Get Started:

            • Basic information about your business and yourself 
            • 6 most recent monthly bank statements

            Apply With Fast Capital 360

            With us, you’ll experience these benefits:

            Quick and Easy Application

            Complete our online application in less time than it takes to do warm-up exercises.

            Multiple Offers

            We work with a network of lending partners around the country, which means you could have several funding offers with just 1 application.

            Expert Advice 

            Work with one of our dedicated Business Advisors to find the right financing offer for you.

            One application. Multiple loan offers.

            Quickly compare loan offers from multiple lenders without impacting your credit score.

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