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How to Get a Loan for a Gym


You are either considering owning a gym, or you already do and need a loan. Whatever the case may be, gym financing shouldn’t be taken lightly. For one, there are plenty of ways to finance a gym, so don’t settle. For two, you want to explore your options because your choice will heavily impact your gym for better or worse.


Questions you should consider

  • How do you get a loan for a gym?
  • What are the different loans to get for your gym?
  • What is the best loan for you to get for your gym?

We will cover all this and then some. So, sit back and explore your options for getting the cash you need for your gym.


Funding Options for Gym

As mentioned earlier, there are plenty of ways to finance your gym. Always get a second look since what’s best for you will vary based on who you know, your credit score, your yearly income, your experience with business, and more. Be open to exploring more than one option and seeking help in decision-making.


Direct Pay

Direct pay may be best for you if you have been saving and you have some money saved up. With this option, you fund your equipment, lease, marketing, and more. You won’t have to stress about interest rates and save more money in the long run than leasing.

It’s cheaper than leasing All of what you saved may be gone
No payments with interest are expected Not likely or probable
Whatever you can cover (equipment, expenses, advertisement, renovations, marketing, etc.) will financially be out of the way.  



If you don’t have much saved up or you don’t want to use all your funds, consider an investor as a loan for a gym. An investor could be a person, a group, or an entity willing to release funds to your business plan with the expectation of receiving financial returns.

Note: When going this route, consider everything as you approach your investor because they will ask and run a thorough background check on you. Be honest and complex in your business strategy.

It’s not a loan Stakes are higher
Overcome financial obstacles Your share of earnings decrease
You typically don’t need a proven credit history You may lose some control
Have access to their network/resources High fees
Get insights/ideas you didn’t think of Potential management abuses


There are two types of business partners you should be aware of when considering a loan for a gym. First, it would be best to consider getting a silent or working partner.


Silent Partner

A silent partner invests or funds your gym; however they play a passive role in the daily operation and management of your gym. They are hardly seen or heard. You will operate your gym basically by yourself. However, profit will be shared.


Working Partner

Unlike a silent partner, a working partner will be seen and heard. They will have a say in daily operations and management while also funding your gym. This partner will be active so when considering a working partner, make sure your goals and plans for the gym align.

Note: With this partnership, consider someone who compliments you and has strengths you may not be as strong.

Less of a financial burden You must split profits
You can exchange ideas You’ll have a disagreement
Lesser chance of burnout It may become a competition
Distinct roles are given  



Bank loan

A bank loan is a sum of borrowed money from an institution that you will receive for your business. To get this loan for a gym, you will need several things. The bank will review your credit score and history. Bring an identification card, social security cards, proof of employment and income, information about current debts, collateral, debt-to-income ratio, and more.

Note: Don’t feel intimidated by bank requirements. Since we live in a digital age, multiple banks have online banking to the point you can see if you are prequalified before stepping foot in a bank/ financial institution.

There is maybe some flexibility Lengthy application process
Easier to manage Requires strong credit
One lump sum Taking on unnecessary debt
Lower interest rate  


SBA or Small Business Administration Loan

This loan for a gym would be funded by the U.S federal government, which sets guidelines to help support small businesses efficiently. However, SBA loans have tight lending standards, so they are more likely to fund minorities and women). If you qualify for this type of loan, you also benefit from their flexibility and low-interest rates.

Generous term lengths Long loan closing process
There are guarantees Collateral requirements
There are interest rate caps It Can take a long time to fund


A leasing contract means you are willing to make long-term payments for your gym until you own it. This gym loan may be used for equipment, space, or property. Leasing tends to cost more in the long run since you’ll be paying interest, fees, and more than buying it outright. This is because you are leasing to own, or it's temporary.

To get this loan for a building, you will need current credit reports, references, a copy of your business plan, and bank references. To lease equipment, it helps to have a following/ platform since discounts are available. Compare different companies to find the best deal for you.

Note: If your score isn’t where it needs to be, consider having a cosigner.

Room to grow High-Interest Rate
Requires less documentation You can’t pay it off early
Tax Write off advantages You need a high credit score
Fast process  


Direct pay and Leasing Hybrid

Last by certainly not least, you may want to consider direct pay and leasing hybrid. With this loan option, you can pay a certain amount upfront instead of using all you saved. And what you cannot cover in costs/expenses can be leased. In addition, you will have control over what you pay monthly.

You save with monthly lease payments Interest is still involved
You have tax advantages of leasing You must qualify for leasing
You control how much your monthly leasing payments are  

Final Thoughts

When seeking funding for your gym, you must consider all your options because, in the end, you will make the final decision. What you have to offer will vary, and your goals for your gym will also change. How much are you willing to spend on your gym? How much have you saved up? Who do you know? Can you raise any of the funds? Do you have a following? Don't overlook all of your resources, and always get a second opinion when considering a loan for a gym. So, how will you go about your gym financing?