SBA 504 Loans Lead to Healthy Gyms and Fitness Centers
As the obesity epidemic gripping our nation has grown, so too has the number of people seeking to improve their health and fitness. Gyms and fitness centers serve this goal, and they remain incredibly popular, as evidenced by the fact that the industry generated $34 billion in 2018, and has experienced 2.8% annual growth since 2013.
Finding the funding to get your gym or fitness center off the ground can be tough, though. An SBA 504 loan can help. These financial tools are designed specifically for purchasing real estate, constructing buildings, improving real estate, and for buying the equipment you need. Weight machines, elliptical machines, treadmills and the like can cost thousands of dollars apiece, and 504 loans help offset those costs.
Other Loan Options Include SBA 7(a) Loans, SBA Express Loans, and Conventional Loans
While the SBA 504 program is a fantastic option for many businesses, it may not cover all of your needs. For example, if you anticipate needing working capital, it might be best to take out both a 504 loan and a 7(a) loan, as 504 loans cannot only be used for specific purposes. However, if you only want working capital financing, you may want to turn to an SBA express loan, as it can be approved significantly faster than a traditional 7(a) loan.
We’re here to help you get the commercial financing you need. Simply fill out the form below for a risk-free consultation and a free SBA loan quote!