Updated April 10, 2026
Quick answer
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.
Frequently Asked Questions
What financing do gym and fitness businesses use?
SBA 7(a) for acquisitions and franchise startups (the workhorse), equipment loans or FMV leases for cardio/strength equipment, working capital lines for cash flow between member-billing cycles, member-revenue-based financing for established gyms with predictable recurring revenue, and SBA 504 for owner-occupied gym buildings.
Should I lease or buy gym equipment?
Most established gyms lease cardio (treadmills, ellipticals) on FMV leases because cardio equipment depreciates fast and you'll upgrade in 4-6 years. Strength equipment (racks, plates, machines) typically purchased outright with equipment loans because it lasts 10-15+ years. See equipment leasing vs loan.
How does franchise gym financing work?
Major fitness franchises (Anytime Fitness, Planet Fitness, F45 Training, Orangetheory Fitness, Crunch, Snap Fitness, 9Round) all have established SBA lender relationships. Franchise startup typically $250K-$1.5M depending on concept. Specialty franchise SBA lenders (ApplePie Capital, Live Oak Bank) move faster than general lenders.
How do I finance buying an existing gym?
SBA 7(a) is the standard tool: up to $5M, 10-year amort, 10% borrower equity, prime + 2.25-2.75%. Most acquisitions include a 5-25% seller note. The lender will require: P&L showing member retention pattern, churn rate, member roster, equipment list with values, lease (or real estate purchase if buying the building), and buyer fitness-industry experience documentation.
What is member-revenue-based financing?
Specialty fintech lenders advance against predictable monthly recurring revenue (MRR) from member subscriptions. Common products: revenue-based financing from Pipe, Capchase, Founderpath; or recurring-revenue-secured term loans. Useful for established gyms (12+ months operating, $50K+ MRR) wanting to scale without giving up equity. Pricing: 6-12% effective with revenue-share repayment.
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