gym equipment

Best Gym Equipment Financing Options

Would you like to run your own gym and bring health and fitness to your community? Obtaining financing for your costly gym equipment can be challenging. Our guide will show you the best gym equipment financing solutions and how you can use them to sustain your operations.

Financially reviewed by: Gordon Scott

At a glance Obtaining gym equipment financing doesn’t have to be costly or tedious. In this article, we will help you find the right kind of lender - so you can deck out your gym studio with ease. Some providers will offer you the capital you need to invest in machinery, while others will give you instant credit to draw on if you require repairs or maintenance. The following information will help familiarize you with the common types of financing available for common expenses in this line of business.

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Gym Equipment Financing Explained

Let’s now go into greater depth about each loan type and recommended lender. This will provide you with an understanding of how each loan type applies to gym equipment financing

1. Fundera - Best for Equipment Financing

Equipment financing is a great option if you need machinery and tools for your business. In most cases, you’ll receive the total amount you need, as long as you qualify for 100% financing. However, this means you could lose your assets if you fail to pay back the loan.

While this loan type won’t cover your other expenses, you will be able to purchase all the weights, machines, and other items you need for your training studios, with an equipment financing loan. You also won’t need to put down current assets as collateral when you opt for this type of loan.

Fundera is a one-stop marketplace for several loan types, but we’re recommending it for its equipment financing loan option. We believe Fundera is a top choice for equipment financing loans because it gladly assists new companies with no previous sales or track record. You’ll also receive personalized advice regarding where to buy your gym equipment.


2. SmartBiz - Best for SBA Loan

Small Business Administration (SBA) loans are available if you need capital for construction, renovations, or assets. The government guarantees up to 85% of the loan, as long as you use an official lender. If you’re approved, you will pay less interest and have an extended repayment period.

If you fail to obtain equipment financing, you can opt for an SBA loan. An SBA loan is also helpful if you have other capital expenses, for example, you may need to add a new room or install an air conditioning system. 

SmartBiz is an approved SBA loan provider that also specializes in construction and equipment. It has very few application requirements, making it appealing to new businesses. Clients also praise SmartBiz for approving loans quickly.


3. Fundbox - Best for Business Line of Credit

You don’t only need to worry about capital upgrades and employee wages when you run a company. You may find yourself dealing with unplanned repairs or paying urgent utility bills. In such cases a business line of credit is beneficial. A business line of credit is like revolving credit, you can draw on it when you need and you will only pay for what you borrow.

Things will likely go wrong in your gym. You may, for example, find a treadmill no longer runs properly or one of your cycling machines becomes inoperable. Having a line of credit gives you instant access to limited funds, which you can pay off over several months. Once you’ve repaid a certain amount, this amount becomes available for you to use again when you need it.

We recommend Fundbox for its business line of credit. You won’t need any collateral to secure funds with Fundbox, which means your assets are safe. You can agree to how often you want to repay the loan while also managing the upper limit.


4. BlueVine - Best for Invoice Factoring

Invoice factoring is a loan method whereby a financial provider pays you a lump sum equal to the value of your invoices. In effect, they’re buying outstanding payments for future repayment. It’s a fast way to obtain money when you’re waiting for your customers to pay. 

Often, in the gym industry, clients struggle to pay their monthly premiums. You may also find that your property gets damaged or that your equipment fails. In these cases, you need a quick solution. If you have enough funds owing to you, from next month’s customers (based on signed contracts) you may wish to consider invoice factoring.

While many people know BlueVine for its business line of credit, it also has exceptional invoice factoring services. The primary reason we’re recommending BlueVine for invoice factoring is because it offers competitive rates.  


5. OnDeck - Best for Short-Term Loan

A short-term loan is a good alternative if you fail to obtain SBA financing from the government. You’ll have a short period to pay back the loan, and the interest rates may be higher, but a short-term loan can still be helpful when you need funding for a unique project. You may, however, suffer penalties if you fail to make your repayments on time.

You can use short-term loans when you need to renovate or upgrade your equipment. However, we suggest using the short-term loan option as a last resort.  A better solution, in our opinion, is to try to obtain more funds on your equipment financing loan.

OnDeck offers high loan amounts, in comparison to other financial providers in the same sector. OnDeck is lenient with its requirements, giving you a better chance to get approval. OnDeck can also provide you with a flexible plan that suits your business needs.


6. Fora Financial - Best for Merchant Cash Advance

Merchant cash advances are good options for a company needing quick access to some funds. Generally, applications are reviewed and approved fast so the wait isn’t as long as with normal loans.

This form of funding from Fora Financial is based on applying business’ credit and debit card sales. There are no set terms for the loan repayment, making it a flexible and attractive financial option. Fora awards fast payers, which is why they offer early payoff discounts.

Gyms looking to apply for a merchant cash advance do not have to worry about needing collateral, and they can loan anything between $5,000 and $500,000. It will take a maximum of 24 hours for the application to be reviewed and upon approval, the money will be deposited within just 72 hours. Learn more in the full Fora Financial review.

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Best Gym Equipment Financing Options for 2022

When looking for gym equipment financing you have several options at your disposal. Each loan type has different features, which are outlined in summary form in the table below.

Financing Need

Best Loan Type

Loan Features 

Recommended Lender


Equipment financing

  • Amount: 80 to 100% of the value (80% is typical)
  • Term: Up to 6 years
  • Interest: Between 4% and 40%
  • Time to get the loan: Up to 48 hours 


Capital investment

SBA loan

  • Amount: Up to $5million
  • Term: Up to 25 years
  • Interest: From 4.75% and up
  • Time to get the loan: Up to 2 weeks


Daily maintenance and utilities

A business line of credit

  • Amount: Up to $150K
  • Term: 12-24 weeks
  • Interest: 4.66% for 12 week terms, 8.99% for 24 week terms
  • Note that terms may differ with lenders other than Fundbox


Payroll & rental

Invoice factoring

  • Amount: Up to 100% of the invoice value
  • Term: When the client pays
  • Factor fee: 1% - 5%
  • Time to get the loan: Up to 24 hours


Upgrading equipment

Short-term loan

  • Amount: Up to $250,000
  • Term: Up to 18 months
  • Interest: From 14%
  • Time to get the loan: Up to 24 hours


Invest in new technology, equipment upkeep, expand business, manage payroll

Merchant Cash Advance

  • Amount: Between $50,000 and $500,000
  • Term: Terms are not set in stone
  • Interest: One-time factor rate
  • Time to get the loan: Up to 24 hours

Fora Financial

Leasing vs Buying Gym Equipment

One key question you need to consider when applying for gym equipment financing is whether you will use the money to purchase or lease your gym equipment. There are pros and cons that come with both options.  

When it comes to purchasing the equipment, you’ll end up with assets that you can eventually sell. You might also be able to finish your loan repayment early and save on the final interest costs. New gym equipment is generally durable and may last longer than the loan term if you look after it well.

On the other hand, leasing equipment means you only need the loan for the same period as the rental contract. You can use it as operating expenses instead of capital, which lowers your tax bill. The lessor might even maintain the equipment for you or replace faulty machines.


How to Choose the Best Gym Equipment Financing

Before you accept one of the loans mentioned above, there are some factors to consider. To begin with you should look at the loan amount, repayment period, and interest rates offered by the loan provider you approach. 

The next thing you need to take into consideration is the actual gym equipment. You need to decide if you want to rent or buy. When deciding, you should consider the possible asset lifecycle and resale value of the machinery and tools.

Also, make sure you read the loan terms to see if you need collateral or capital to invest as a down payment. As a new business, the chances are small that you have either of these. You’ll also need to determine your monthly budget and possible income before applying for gym equipment financing.

See Our Additional Guides on Industry-Specific Loans

Bottom Line

Having your own gym is an exciting prospect. However, applying for loans can be a stressful process, especially if you have experienced being rejected by lenders. We hope that our insightful guide has aided you in finding the best loan solution for your gym venture.