Can You Get a Gym Equipment Loan Through the Small Business Administration?
Gyms and health clubs across the U.S. produced approximately $80 billion in revenue in 2017 alone. And, if you’re a gym or health club owner, you might be looking to get a gym equipment loan through the SBA. Fortunately, the SBA 7(a) loan program, as well as the SBA 7(a) Express Loan both permit
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Gyms and health clubs across the U.S. produced approximately $80 billion in revenue in 2017 alone. And, if you’re a gym or health club owner, you might be looking to get a gym equipment loan through the SBA. Fortunately, the SBA 7(a) loan program, as well as the SBA 7(a) Express Loan both permit borrowers to finance the purchase of gym equipment— which could make them a great choice for your business’s needs.
Popular Kinds of Gym Equipment
With the health and fitness industry growing each year across the U.S., gym owners may be interested in financing the purchase of fitness equipment including:
Barbells and dummbells
TRX equipment
Cardio machines
Spinning bikes
Rowing machines
Functional training equipment
SBA Loan Terms for Gym Equipment
The SBA 7(a) program, which is the Small Business Administration’s most popular loan type, typically offers equipment loans with 10-year terms. However, the SBA requires that loans above $25,000 be collateralized, which may be difficult for gym owners that do not currently own the property that their gym is located on. While SBA 7(a) loans offer a maximum loan amount of up to $5 million, it’s unlikely that a gym would be approved for a loan of that size simply to purchase equipment. However, gym or health club owners that wish to purchase commercial real estate and buy gym equipment simultaneously can do so with a 7(a) loan.
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Related Questions
What are the requirements for a gym equipment loan through the Small Business Administration?
The SBA 7(a) program, which is the Small Business Administration’s most popular loan type, typically offers equipment loans with 10-year terms. However, the SBA requires that loans above $25,000 be collateralized, which may be difficult for gym owners that do not currently own the property that their gym is located on. While SBA 7(a) loans offer a maximum loan amount of up to $5 million, it’s unlikely that a gym would be approved for a loan of that size simply to purchase equipment. However, gym or health club owners that wish to purchase commercial real estate and buy gym equipment simultaneously can do so with a 7(a) loan.
What types of gym equipment can be financed through the Small Business Administration?
The Small Business Administration's (SBA) 7(a) program typically offers equipment loans with 10-year terms for popular kinds of gym equipment, such as barbells and dumbbells, TRX equipment, cardio machines, spinning bikes, rowing machines, and functional training equipment.
However, the SBA requires that loans above $25,000 be collateralized, which may be difficult for gym owners that do not currently own the property that their gym is located on.
How long does it take to get approved for a gym equipment loan through the Small Business Administration?
The SBA 7(a) program, which is the Small Business Administration’s most popular loan type, typically offers equipment loans with 10-year terms. However, the SBA requires that loans above $25,000 be collateralized, which may be difficult for gym owners that do not currently own the property that their gym is located on. While the approval process for an SBA 7(a) loan can take up to 90 days, the actual time it takes to get approved for a loan depends on the lender and the borrower's creditworthiness.
For more information on SBA 7(a) loan terms, rates, fees, and maturity, please visit https://www.sba7a.loans/sba-7a-loan-terms-rates-fees-maturity. For more information on the Small Business Administration, please visit https://www.sba7a.loans/sba-7a-loans-small-business-blog/what-is-the-small-business-administration. For more information on SBA 7(a) loans and collateral down payment, please visit https://www.sba7a.loans/sba-7a-loans-small-business-blog/sba-7a-loans-and-collateral-down-payment. For more information on commercial real estate loan, please visit https://www.sba7a.loans/sba-7a-loans-small-business-blog/commercial-real-estate-loan.
What are the benefits of getting a gym equipment loan through the Small Business Administration?
The Small Business Administration's 7(a) loan program offers gym equipment loans with 10-year terms and a maximum loan amount of up to $5 million. Additionally, gym or health club owners that wish to purchase commercial real estate and buy gym equipment simultaneously can do so with a 7(a) loan. This loan program also offers the benefit of collateralization, which may be difficult for gym owners that do not currently own the property that their gym is located on.
What are the risks associated with getting a gym equipment loan through the Small Business Administration?
The risks associated with getting a gym equipment loan through the Small Business Administration include the requirement to collateralize loans over $25,000, which may be difficult for gym owners that do not currently own the property that their gym is located on. Additionally, the SBA requires that all loans be repaid, and if the loan is not repaid, the collateral may be seized. Source