Loans for Gym Business & Physical Fitness Centers

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How to Get Business Funding for a Gym

The fitness industry is big business, worth over $35 billion in the US alone in 2021. That means there’s plenty of opportunity to make money and help people find new levels of health and fitness, but it can also be a costly business to get into. If you’re thinking about opening or expanding a gym or fitness center, you’ll likely need a gym and fitness center business loan.

Applying for a gym business loan is fast and easy:

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What are small business loans for gyms?

Gym and fitness center business financing is any funding solution that supplies you with the capital you need to operate a gym or purchase a new fitness center or gym.

This type of business financing is available in many forms, such as bank loans, lines of credit, and equipment financing.

How do loans for gyms and fitness centers work?

The way in which gym and fitness financing works depends on the financial product you choose and the lender you decide to work with.

Generally, financing will come to you as a lump sum which you will then be required to pay back, with added interest, on a monthly basis over 3-5 years.

Why do gym or fitness centers need business financing?

There are several reasons why a gym or fitness center might need business financing, including:

  • to increase the size of an existing gym or fitness center
  • to purchase or upgrade gym equipment in order to keep up with new technologies and customer demand
  • to cover salary costs of high-value staff members
  • to implement a marketing strategy
  • to provide the opportunity to sell further products and services, like workout clothing or a juice bar
  • to cover the costs of insurance, such as worker’s compensation insurance and premises liability insurance
  • To renovate an existing premises

Types of Business Loans for Gym and Fitness Industry

There are plenty of options when it comes to business loans for the gym and fitness industry that can help you to reach your business goals. They are:

Bank Loans

If you are able to qualify for a traditional bank loan, this type of financing may be the most affordable for you.

Banks can supply you with either a term loan or a line of credit with interest rates starting as low as 2%, with terms of around 10 years, or 25 years if you are using the funding to purchase real estate.

To qualify for a bank loan you will need to have a good to excellent credit score, typically meaning 670+, and have already established a good business history.

SBA Loans

One of the most desirable business loan options is an SBA loan, more specifically, the SBA 7(a) program.

With this type of financing, the Small Business Association (SBA) guarantees between 75% and 95% of your loan so, should you default on repayments, the lender will still receive the money they are owed.

Because of this guarantee, this type of funding is very competitive among small business owners and there are very strict qualification requirements as set out by the SBA and lender.

You can expect to find interest rates at an average of 7% for this type of business loan, with loan terms of 3 to 25 years depending on your intentions for funding use.

Business Line of Credit

If you need gym and fitness center financing to cover smaller, daily or weekly expenses, like bills or payroll, you may find that a business line of credit is right for you.

With this type of funding, you are supplied with a credit line that you can draw from when you need to, and you only have to pay interest on the amount you actually withdraw.

As long as you don’t exceed the credit limit, you can pay back what you’ve used and use those funds over and over, for as long as the business line of credit is open.

Interest rates for this type of financing range from as low as 5% up to 20% depending on the lender you choose and your eligibility.

Equipment Financing

Equipment is a massive component of a gym or fitness center, and if you want to be able to provide your members with the best of the best, you are going to need to find a way to acquire this equipment.

If you simply need to cover the cost of expensive equipment, you can take advantage of equipment financing. This is where a lender can provide you with up to 100% of the total cost of the equipment you are looking to purchase, which you then pay back over time with added interest, much like more traditional business loans.

Since the equipment itself acts as collateral, you will find that it is easier to gain approval, and should you be unable to make repayments, the equipment financing company will simply seize the equipment and liquidate it to retrieve their funds.

Not all lenders will approve you for 100% coverage, so you should be prepared to make a down payment of 10% to 20% to secure this funding. Terms will depend on the estimated lifespan of the equipment, but interest rates typically start at 6%.

What equipment can be financed using a gym business loan?

There are many pieces of equipment that you can purchase using a gym business loan, such as:

  • Cardio Machines
  • Spinning Bikes
  • Rowing Machines
  • Treadmills
  • Ellipticals
  • Squat Racks
  • Weight Training Equipment, including dumbbells and barbells
  • Stair Climbers
  • Ab Equipment
  • Leg Equipment
  • Balance Equipment
  • Benches
  • Ropes
  • Blocks
  • Mats
  • Agility Equipment
  • Bars
  • Other Resistance Training Equipment
  • Other Strength Training Equipment

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What are the pros & cons of gym equipment financing?


  • Provides you with the opportunity to grow an existing gym or fitness center
  • Enables you to spread out expensive equipment costs into manageable payments
  • Allows you to get hold of the most up-to-date equipment and technologies
  • Easier form of financing to get because the equipment acts as collateral


  • Interest rates can be high
  • If you are unable to make repayments, you could lose a large percentage of your equipment all at once

Equipment Leasing vs. Business Loans: What’s the difference?

The main difference between equipment leasing and using a business loan for equipment is ownership.

When you lease equipment, you are renting the equipment for a monthly fee but will never officially own that piece of equipment unless there is an option to do so for an additional fee at the end of the lease.

If you use a business loan, such as equipment financing, you will own the equipment once you have made all your repayments.

Leasing equipment may be a good option for your gym or fitness center if you want to find out what equipment is used the most before committing to making a purchase, or if you are concerned about the consistent changes in technology.

How much do gym business loans cost?

The amount you can expect to pay for your gym business loan will depend on the type of financing you choose and the lender you decide to work with.

Make sure that you consider the loan amount and interest rate carefully. You need to be sure that you will be able to afford the repayments without slipping into debt.

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What are the requirements to qualify for a gym business loan?

The qualification requirements for a gym business loan will also depend on the type of financing you choose and the lender you decide to work with, but generally you’ll need:

  • Good or excellent personal credit score (about 650+)
  • 1-2 years in business
  • Strong revenue history and a positive forecast
  • A strong business plan

How to get a gym & fitness center loan

To apply for a gym and fitness center business loan, you need to decide which financing type is best for you and your business.

Once you have determined this, you can compare rates with us to find out which lender will be right for you so that you can find affordable funding to help you grow your gym or fitness center.

Start comparing rates of the best gym and fitness center business loans here and once you find the one that’s right for your business, follow their application process. Once approved, you’ll quickly have the funds you need to grow your gym or fitness center business.

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