Business Loan For Gym

How We Work

1. Get a Customised Quote

Our business finance brokers will get an understanding of your business and your requirements, look at your financial forecasts and accounts, and provide a sense-check on what product(s) will best fit your needs, as well as how much you could borrow, and what the costs and terms could look like.

2. Compare Options

When you’re happy with the proposed solution, we’ll go away and compare options across the market. We’ll often present a range of choices ranging from lowest cost to most flexible, and we’ll talk you through the pros and cons of each if it’s a close decision.

3. Submit Your Application

If you’re happy with the terms we can source, we’ll handle the paperwork and submit your application for you. We’ll handle any issues and questions that may arise from the lender, and we’ll keep chasing your application to ensure funds are released as quickly as possible.

4. Receive Funds

You receive your finance – success! And we’ll always be here for any ongoing questions or support you require during your loan term.

Contents

Why Choose Us?

Our business loan service for gym owners provides:

Market leading rates
Fast service - finance within 5 to 7 days
Access to specialist lenders
Expert advice - professional service

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Types of Business Loans We Can Source for Gyms

Business loans for:

Next Steps

As a specialist property finance broker, Clifton Private Finance can provide a clear picture of the options available to you. We will assess your specific set of circumstances and arrange a finance solution tailored to your needs.

The health and fitness industry has grown substantially in recent years, which has led to an increase in gyms opening all around the UK.

It may be an expensive venture to run a gym with various outgoings such as the cost of the premises, the salaries of your personal trainers if you employ them, repairing the equipment or even purchasing new state-of-the-art gym equipment.

Forecasting every expense your gym is likely to incur is impossible. When you need funding in a short space of time, you may need business loan funding.

Traditional Lenders

When time is tight, it might not be your best option to apply for the finance you need from a traditional lender. Traditional lenders’ applications can take up to several weeks or even months to process; a delay of this kind may put your gym in further financial difficulty.

Typically, traditional lenders will not provide a business loan without:

A number of years’ worth of tax returns
Your business’ future forecast
A business plan
Profit and loss accounts

It could be inconvenient and time-wasting to locate all the documents listed above, especially if your application is rejected.

Specialist business lenders

You could approach a specialist business finance lender if you need a business loan quickly. A private lender’s application process is often faster than an application with a traditional lender. This is because private lenders do not require a long list of documents in relation to your gym; instead, private lenders often prioritise your ability to repay the loan.

Merchant Cash Advances for Gyms - Getting Started

Fitness centres require extensive upkeep to operate.

You'll want to ensure your centre has the latest equipment available to provide your clients with the highest quality services.

One aspect of this is replacing outdated equipment with more modern items that could be more effective and popular with your customers.

In addition, you will need to restock your equipment and ensure that you can maintain all your items properly. It can also be costly to keep your employees around.

Maintaining your business requires a sufficient amount of funds. Here's where merchant cash advances can help:

Getting a business cash advance gives you access to the money you need to run your business.
You can use a merchant cash advance to pay for your business's needs.
It is possible to repay the money using a percentage of your daily debit and credit card receipts. With a cash advance provider, you are selling the future card machine revenue you will generate to an advance provider who will give you the funds you need now.

It's easier to apply for than a traditional business loan, and it gives you money sooner.

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Frequently Asked Questions

You can find the most common questions asked about business loans below. If you have a question that isn't answered here, please email us at commercial@cliftonpf.co.uk.

Who needs business loans?

Since business loans are used across practically all industries, they're useful for anyone. In particular, they're most commonly used by small or medium businesses. For smaller businesses, the loan can be used to cover startup costs, including staff hiring and stocking inventory.

For medium or larger businesses, a business loan is useful for acquiring machinery and equipment used to grow and elevate the business.

The uses for a business loan, however, are wide and flexible, and can be used in a variety of ways to grow and enhance your business.

What are the risks of business loans?

Business loans offer an effective solution for businesses short on capital, but there are several risks involved with receiving loans. The primary risk of a business loan is its financial risk. Should you receive an offer from a lender that lacks flexibility, has a particularly high interest rate or has other factors that make it difficult to repay the loan, there is a risk of an impact on your credit score, loss of secured property, or fines.

What do businesses use finance for?

Businesses use finance to pay for a variety of products, properties, and more. As a business, finance is commonly used to start up businesses, and cover upfront costs, including staff payroll, equipment and inventory stock.

Business finance is also used for expansion: if you're looking to improve the speed, efficiency, or capabilities of your business, and it's a fantastic way of securing funding to support growth by covering expensive equipment costs.

What is the difference between business finance and accounting?

Business finance involves the direct involvement of brokers in organising financial transactions, business finance brokers liaise with clients and lenders to secure the best coverage of a requested loan amount, as well as the most competitive interest rate.

Accountants, however, are solely responsible for the documents and reporting of the transactions.

What is an example of business finance?

When it comes to business finance, a business loan is perhaps the most standard method of acquiring capital for your business. These traditional loans are highly flexible, with a broad range of applications to support the growth and development of your business.

The following is an example of a business loan application that is particularly common:

Scenario:

A construction company is looking to acquire equipment to undertake a large project, but they lack sufficient funds to purchase the equipment outright.

Instead, they consult with Clifton Private Finance, who find the very best market rate business finance deals and organise a £100,000 loan for the construction company.

Process:

After an initial consultation with one of our business finance brokers, the broker reaches out to a wide panel of lenders, offering a range of competitive offers to review. The broker receives an offer for the full amount with a competitive interest rate, allowing the owner to pay the business finance loan without greatly reducing cash flow.

Result:

With the purchase of the new equipment, the construction company can now complete the large project, and once complete, the large profit generated from the project itself is more than enough to cover the cost of the business loan.

How much do you want to borrow?