A loan for a gym business in Livonia, MI can pay for a room of indoor cycling bikes, freestanding racks and plates, or a repair bill on machines already in use. Lakebridge Finance hands the studio's request to funding partners, any of whom may answer with terms of its own. The three costs below are invented cases with every payment computed.
Bikes and racks are equipment that can be spread over several years; the invented strength floor shows what a longer term saves each month and what it adds in interest. A repair invoice is an operating cost, so the invented case puts it on a six-month working capital loan.
Gym business loan for 20 indoor cycling bikes at a Livonia, MI cycling studio
Illustration only, invented figures: a Livonia, MI cycling studio replaces its class bikes with 20 new indoor cycling bikes at $1,355 each, $27,100 on one quote.
With equipment financing at an 11.25% annual rate, the invented bike order becomes 42 monthly debits of $783.57. The 42 invented payments total $32,909.94, with $5,809.94 of that being interest.
If the studio sells its old bikes for an invented $3,400 and puts that money down, the invented amount financed drops to $23,700, the payment to $685.26 and the interest to $5,080.92.
Bikes that stand on the studio floor are equipment. Before setting a term, a funding partner may want the bike quote, the studio's account statements and its years of running classes.
A loan for a gym's strength floor in Wayne County, MI: freestanding racks and plates over 36 or 54 months
Illustration only, invented figures: a Wayne County, MI gym adds 4 freestanding power racks at $2,640, 4 plate sets at $935, 4 adjustable benches at $410 and a dumbbell set with its rack at $5,790, $21,730 in all.
| Term | Monthly payment | Total of payments | Interest |
|---|---|---|---|
| 36 months | $714.50 | $25,722.00 | $3,992.00 |
| 54 months | $515.20 | $27,820.80 | $6,090.80 |
In this invented case the longer term loan lowers each payment by $199.30 and adds $2,098.80 of interest over the life of the schedule. The racks stay freestanding; bolting them to the slab would be property work outside this site.
Gym business loans with a repair bill in the plan: three treadmill motors and an elliptical at a Livonia, MI gym
Illustration only, invented figures: a Livonia, MI gym needs 3 treadmill drive motors replaced at $1,095 each, a drive belt and bearings on one elliptical at $680 and a technician's service call at $395, $4,360 on one invoice.
A repair keeps existing machines earning rather than adding new ones, so the invented case puts it on a six-month working capital loan at a 14.45% annual rate: $757.60 a month and $185.60 of interest in this invented example.
A gym with an open line of credit could draw the invoice there instead. At a 15.6% annual rate and three month-end paydowns of $1,453.33, the invented draw costs $113.36 in interest: less than the loan, because the money is out half as long, but each invented paydown is $695.73 larger than the loan payment.
Either way the technician is paid when the work is done, and the gym spreads the cost over a few months instead of taking it out of one month's membership receipts.
What a Livonia, MI studio or gym can have ready before it calls
Partners differ in what they request; any of the papers below may come up, and having them on hand shortens the back-and-forth:
- the equipment quote or the repair invoice, with model numbers
- statements from the studio's business account for the last three months
- how long the studio or gym has been in business
- any payments already running on bikes, cardio machines or software
- membership or class billing reports, if the partner asks how revenue arrives
Fitness centers around Livonia, MI in the Census counts
ZIP Code Business Patterns counted 7 fitness and recreational sports centers with a ZIP 48150 address in 2023 (NAICS 713940).
Wayne County, MI had 139 such employer establishments that year, 51 of them with fewer than five employees, by County Business Patterns.
Studios run by an owner alone appear in a different Census program. Nonemployer Statistics files them under a wider group, other amusement and recreation industries (NAICS 7139), which held 639 businesses without paid employees in Wayne County, MI for 2024.
For other gym costs, the gyms and fitness studios page works through cable machines, rowers and a treadmill lease, and the blog has other trades' cases.
By Lakebridge Finance · Updated
