Running a successful gym or fitness club comes with its own set of expenses, just like starting any business in Canada. But the good news is, there are countless options available to help you get the financing you need to expand, grow, and create the type of fitness center everyone will want to join.
There are many types of fitness clubs that are eligible for business financing in Canada. Here is a list of some of the most popular fitness clubs:
Regardless of the type of fitness center you own, finding financing is possible for any Canadian small business. Getting approved depends on a wide variety of factors, keep reading for everything you need to know about finding the right financing for your fitness club.
| Amount | APR | Term (months) | ||
 | 1k-300k | Fee-Based: Starting at 9% | 12- 60 | Learn more |
 | 5k-300k | 8% – 29% | 6-18 | Learn more |
 | 1k-500k | +5.9% | 3-60 | Learn more |
 | Up to 300k | 8%-22% | 6-12 | Learn more |
 | 5k-500k | - | 6-18 | Learn more |
 | 100K + | 6.05% + | 60 | Learn more |
 | 5K-100k | 15%+ | 12-18 | Learn more |
There are countless ways a business loan can help you grow your gym or fitness center. Improvements, renovations, and even the day-to-day upkeep of a gym can be pricey and a business loan can help cover it all.
Whether you’re trying to finance your gym, yoga studio, CrossFit club, etc., you’ll notice that there are a variety of options available. Besides business loans, you can also use equipment loans, merchant cash advances, invoice financing, microloans, and a number of other credit products to cover your business’s expenses. Let’s look over some of these options and how they can help your business.
Looking for more options? Check out government financing and grants for businesses.
A merchant cash advance allows you to receive a lump sum of cash in exchange for a percentage of your future credit card sales. When running a gym or fitness club, a merchant cash advance can help you access cash quickly to cover any immediate expenses like replacing old or broken equipment.
In order to run a successful gym or fitness club, you’ll need a lot of equipment such as training weights, yoga mats, elliptical trainers, treadmills, etc. Unfortunately, this can be very expensive, but with an equipment loan, you’ll be able to spread your equipment costs over a set period of time.
A business line of credit is a revolving loan that allows you to borrow money up to a certain limit and you only pay interest on the amount you use. This makes it a good alternative for short-term and small unexpected expenses your business may occur. For example, it can be used to inject cash into the business during seasonal cash flow shortages, it can also be used to fund your marketing campaign or even simply to help increase your business credit score.
Gyms and other fitness clubs usually rely on a monthly or yearly subscription from their clients. This means you have to wait a couple of weeks or months to receive payment, especially if your client is late. This, in turn, can lead to cash flow shortages. However, with invoice financing, you’ll be able to curb any disruptions to your cash flow by getting an advance on your outstanding invoices.
When it comes to applying for a business loan to help grow your gym or fitness center, the specific requirements will depend on the financing option you choose and the lender you’re working with. But, there are several things that all business owners should have ready when submitting a business loan application.
It’s important to note that if you’re looking to get financed as soon as possible, it’s crucial that you work closely with your lender and provide them with all the information and documentation they need. The longer it takes you to send everything they need, the longer it will take them to approve you.
Watch out for these common business loan application mistakes.
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In addition to your interest rate, you should also consider any fees and the length of the term when determining the cost of your business loan.
Business Loan Amount | $20,500 | $20,500 |
Interest Rate | 12.5% | 12.5% |
Term Length | 36 months | 60 months |
Monthly Payment | $685.80 | $461.21 |
Total Paid | $24,688.78 | $27,672.46 |
Interest Paid | $4,188.78 | $7,172.46 |
When you’re looking for a reliable business loan, Loans Canada can help you find the best business financing option and provider based on your needs. Some of the advantages we offer are:
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