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Your Guide to Financing Gym Equipment

Building a gym from the ground up or upgrading your equipment can be costly. With the estimated cost of opening a gym ranging from $50,000 to $3.6 million, financing gym equipment is often the smartest option. Learn how to secure gym equipment financing make your dream gym a reality and set your business up for success.

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Your Guide to Financing Gym Equipment

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  1. Your Guide to Financing Gym Equipment Your Guide to Financing Gym Equipment Building a gym from the ground up or upgrading your current equipment can be costly. With the estimated cost of opening a gym ranging from $50,000 to $3.6 million, financing gym equipment is often the smartest option. Learn how to secure gym equipment financing and make your dream gym a reality and set your business up for success.

  2. What is a Gym Equipment Loan? A gym equipment loan is a type of financing that lets you borrow funds to help you finance gym equipment like treadmills, power racks, and more. In exchange for the loan, you pay interest on what you borrow throughout your repayment term.

  3. 5 Ways to Finance Gym Equipment Whether you re looking for loans for commercial real estate or another business need, the process doesn t have to be intimidating. There are loans available for every type of business need, each with its own set of pros and cons. Traditional lenders are an excellent source for gathering information to help you decide which type of loan you need, but sometimes they aren t the best route.

  4. 1. Vendor Financing You may be able to finance gym equipment directly with the vendor. Some gym equipment vendors have streamlined the buying process and allow you to use Shop Pay with Affirm monthly payments or PayPal credit at checkout. So if you’re buying cardio equipment or dumbbell sets from a specific vendor, you can potentially finance the gym equipment.

  5. 2. Online Lenders When it comes to eligibility, online lenders might be one of the easier gym equipment finance options to get. Some online lenders offer small business owners specific equipment financing and can work with you if you have fair credit. 

  6. 3. Banks Most major banks offer business equipment financing. Depending on your needs and eligibility, you may qualify for a higher gym equipment loan amount to help with startup costs and repayment options that fit your needs. 

  7. 4. Small Business Administration The Small Business Administration (SBA) can help you finance workout equipment with one of its loans. The SBA works with lenders to offer funding between $500 and $5.5 millionan backs the loans, making it less risky for the lender and easier for the borrower. SBA loans that you can use for fitness equipment financing include: • SBA 7(a) Loans • SBA 504 Loans

  8. 5. Business Line Of Credit When you take out a loan, you borrow a set amount. But if you’re looking for more flexibility, a business line of credit can give you more options. Through a business line of credit, you can draw upon what you need from a specific credit limit and only pay back what you actually borrow.

  9. Do Your Research Before Taking On Gym Financing If you need to finance workout equipment to start or maintain your gym, you have a range of options to choose from. To find the right fit, review your eligibility, compare interest rates and repayment terms, and look at customer reviews. From there, you can make an informed decision about the type of gym financing you want. Source: Biz2Credit

  10. THANK YOU

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