The Gym and Fitness Industry has seen a large growth spurt over the past 5 years. With people focusing more on personal health, be it for personal enjoyment, as a preventive means to stave off the onset of long-term illnesses, or even as a place to socialize, the number of gyms and fitness centers across the country has grown over 25% in the last 10 years.
How we can help you make the right financing choice.
It takes more than a passion for fitness to finance your gym—it takes business acumen and the right kind of loan. Prospective owners need funding to cover everything from advertising and staff to equipment maintenance and insurance.
The fitness and gym industry is booming, and there are many lenders ready to work with existing and prospective owners.
3.7% Fitness industry growth 2014-20191
6.3% Fitness franchise growth 2014-20192
$36B U.S. fitness industry revenue 20193
Whether you want to open a stand-alone center, a franchise or take over an existing fitness franchise, you need to choose the right business financing for your needs. At BoeFly, we can help you build a loan request and securely connect with thousands of local and nationwide lenders so you can access the best rate and terms. Here’s a handy guide to the kinds of loans you can apply for:
Types of financing.
- Lower interest rates (typically 4.25%-8.75%)
- Longer loan terms
- Lower monthly payments
Asset based lines of credit
- Term loans secured by assets
Unsecured business line of credit
- No collateral needed
- Stringent qualifications needed
- Requires robust existing cash flow
Merchant cash advance
- Short-term financing
- Fast access to money
- Higher interest rates
Seller carry financing
- Partial or full financing by seller
- Buyer and seller negotiate terms
- Typically paid back within 5 years
Pre-application checklist to apply for a gym or fitness center loan.
- Loan application & a list of supporting documents
- Tax records for the business
- History of sales
- Business plan
- Resumes for all owners
- Projection of expected earnings
How we helped a seasoned franchisee grow his business.
My Gym Fitness Multi-unit Franchise Owner Ryan Debin had a string of successful fitness franchises and wanted to expand his portfolio with a new brand, Launch Trampoline Park. As Launch’s preferred lender, Ryan came to us looking for SBA loan financing. We worked with Debin to help him secure a favorable loan package and move ahead quickly. He loved our streamlined process and expertise in business financing.
“I had a ton on my plate between my existing businesses and planning my new locations, so I was thrilled that the franchisor introduced us to BoeFly. I’m actually a former lender, so I know that the loan process can be terribly time consuming. By working with BoeFly, I was able to focus on other pressing matters.”– Ryan Debin, My Gym and Launch Trampoline Park Multi-Unit Franchise Owner
Helping lenders as well as borrowers for Trampoline Park.
With innovative tools and 10 years of experience in the industry, we help simplify the loan process for both the borrower and the lender. “We rely on BoeFly to vet all new franchisees,” said Brad Artery, COO of Launch Trampoline Park. “BoeFly provides us the data we need to have a full picture of our new franchise partners – liquidity, net worth, credit score and a background check. BoeFly saves us time, but far more importantly, BoeFly leverages that information to accelerate financing for our franchisees. BoeFly is a trusted partner and important for Launch’s future growth.”
Ryan is a big fan of BoeFly’s efficiency and personalized, supportive approach. “My dedicated BoeFly representative worked to position me to engage with the right lender, which quickly resulted in a competitive financing offer that I could use to complete my planning.”
“I’d recommend BoeFly to any business owner in need of financing.”– Ryan Debin, My Gym and Launch Trampoline Park Multi-Unit Franchise Owner
Partner with a leader in the loan marketplace.
We make it easy and efficient to apply for fitness franchise or gym loans with one of our 5,000+ lenders. Many individual banks or lenders can start the loan process, but BoeFly’s unique capabilities help you by creating lender competition for your business. The results? The best funding options, pricing and terms for you and your business.