SBA 7(a) for acquisitions and franchise startups up to $5M — the workhorse for gyms. FMV leases for fast-depreciating cardio equipment (treadmills, ellipticals); equipment loans for long-life strength equipment. Working capital lines for cash flow between member-billing cycles. Member-revenue-based financing from specialty fintech lenders (Pipe, Capchase) for established gyms with stable MRR. SBA 504 for owner-occupied gym buildings (90% LTV). Franchise concepts (Anytime Fitness, Planet Fitness, F45, Orangetheory) financed through specialty franchise SBA lenders (ApplePie Capital, Live Oak Bank). Specialty fitness lenders understand member-retention math and move faster than general lenders.
Gyms and fitness studios have one of the most concept-specific financing markets in U.S. SMB, with deep specialty lender knowledge of franchise economics (Anytime Fitness, Planet Fitness, F45, Orangetheory), member-retention math, and equipment-depreciation curves. This guide covers the products, the lenders that fit, and the playbook for the most common transactions: acquisitions, franchise startups, equipment, and member-revenue-based financing. For broader context see SBA loans and buying a business financing guide.
Financing Products by Need
| Need | Product | Range |
|---|---|---|
| Gym acquisition | SBA 7(a) | $300K-$5M |
| Franchise startup (boutique) | SBA 7(a) franchise lender | $250K-$1M |
| Franchise startup (full-size) | SBA 7(a) franchise lender | $500K-$2M+ |
| Cardio equipment | FMV lease (typical) | $50K-$500K |
| Strength equipment | Equipment loan | $50K-$300K |
| Owner-occupied building | SBA 504 | $1M-$5M |
| Working capital / MRR-based | Line of credit or RBF | $50K-$500K |
Gym Acquisition Playbook
Most gym acquisitions use SBA 7(a) plus seller financing. Representative $1.5M independent gym (5,000 sq ft, ~1,200 active members) purchase:
- SBA 7(a): $1.2M (80% of purchase). 10-year amort, 10.75% APR. Monthly P&I ~$16,440.
- Seller note: $225K (15% of purchase) on full standby for 24 months, then 5-year amort at 6%.
- Buyer equity: $75K (5% cash) + standby seller note covers SBA equity requirement.
The lender will require: P&L showing member retention, member churn rate, MRR, equipment list with values (replacement schedule), lease (or property if SBA 504), and buyer fitness-industry experience. Member retention through ownership transition is the biggest underwriting concern.
Franchise Concepts
Major fitness franchises have well-established SBA lending relationships:
- Anytime Fitness — ~5,000 locations, $250K-$500K typical buildout
- Planet Fitness — full-size, $1.5M-$3M typical buildout (multi-unit operators dominant)
- F45 Training — ~1,500 U.S. locations, $300K-$500K buildout
- Orangetheory Fitness — ~1,200 U.S. locations, $700K-$1.2M buildout
- Crunch Fitness — full-size, $1.5M-$3M buildout
- 9Round — kickboxing concept, $200K-$300K buildout
- Snap Fitness, Pure Barre, CycleBar, StretchLab — various boutique concepts $250K-$500K
Specialty franchise SBA lenders: ApplePie Capital (the top fitness-franchise SBA lender), Live Oak Bank, Newtek, plus general SBA lenders (Wells Fargo SBA, Huntington National).
Equipment: Buy vs Lease
Fitness equipment splits cleanly into two categories with different financing logic:
- Cardio (treadmills, ellipticals, bikes, rowers): 4-6 year useful life before motors and electronics become dated. FMV lease is typical — lower monthly payment, return at term-end, upgrade. Specialty cardio leasing through Life Fitness, Precor, Matrix Fitness, Technogym vendor financing.
- Strength (racks, plates, machines, dumbbells): 10-15+ year useful life. Equipment loan is typical — you own outright, full Section 179 / bonus depreciation, no residual.
- Specialty (Tonal, Peloton commercial, Pilates reformers, hot yoga): vendor-specific terms; sometimes lease-only.
See equipment leasing vs loan.
Member-Revenue-Based Financing
For established gyms with predictable MRR, specialty fintech lenders advance against monthly recurring revenue:
- Eligible: 12+ months operating, $50K+ MRR, 70%+ member retention
- Pricing: 6-12% effective with revenue-share repayment (e.g., 5-10% of monthly revenue until 1.1-1.3x payback achieved)
- Specialty providers: Pipe, Capchase, Founderpath, plus some specialty fintechs
- Use cases: equipment refresh, marketing/membership growth, new location buildout
Member-revenue-based financing has the advantage of no equity dilution and underwriting that focuses on MRR stability rather than personal credit. Useful complement to SBA for growing operators.
Specialty Fitness Lenders
- ApplePie Capital — the top fitness-franchise SBA lender (Anytime, Orangetheory, F45)
- Live Oak Bank — deep fitness SBA book including franchise and independent
- Newtek Small Business Finance — very active SBA 7(a) fitness lender
- Direct Capital, ENGS Commercial Finance, Stearns Bank — specialty fitness equipment lenders
- Life Fitness, Precor, Matrix Fitness, Technogym — OEM equipment captives
- Pipe, Capchase, Founderpath — member-revenue-based financing
Next Step
Whatever your fitness financing need — acquisition, franchise startup, equipment, member-revenue-based — specialty lenders dramatically outperform general lenders. Get matched with a fitness lender.