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Gym & Fitness Loans FAQ

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What are the costs of invoice factoring?

The length of time you wait to get a loan approved will depend on:

  • Type of lender – government programs and banks will take anywhere between two weeks and two months to approve and get a loan. Alternative lenders are faster-taking anything between one day and one week.
  • Type of loan – merchant cash advances are faster to process among all financing options. Revolving lines of credit will often take longer than term loans. 
Is it possible to get a business loan for a gym or fitness center with bad credit?

Yes, it is possible. Several lenders will loan money to business owners with bad credit. Other lenders will reject people with low credit scores and others offer very poor rates. Alternative lenders are ready to provide financing to people with low credit scores.

What is the maximum amount that I can get for business loans?

Business lenders can provide hundreds of dollars in business financing with specific amounts dependent on business financial information and your credit score.

What are the requirements for opening a gym center in Canada?

The basic requirements to meet when starting a gym include:

• Legal requirements
• Franchising
• Equipment

Joining an existing franchise is the easiest way to start a gym since you will be plugging into a successful business model. Starting a gym on your own with little or no help will call for hard work in the decision-making process.

Which are the popular fitness center franchises in Canada?

The Best Health Magazine’s Best Gym Awards has rated Goodlife as the top gym in Canada.

However, there are other franchise fitness brands such as:
• 30 Minute Hit
• 3rd Degree Training and Actual Nutrition
• 9Round Franchising
• Anytime Fitness
• Barre Fitness
• Crunch Fitness Canada
• Eat the Frog Fitness
• Greco Fitness
• LIVE WELL Exercise Clinic
• Orangetheory Fitness
• Oxygen Yoga and Fitness
• Planet Fitness
• Snap Fitness
• Trainers On-Site