Yes. A St. George, UT gym owner with an operating history can fund new equipment and a renovation in one request, with the machines on equipment financing and the build-out on a term loan, each with a term that fits its life.
Tealwood Funding Group sets out, for Washington County, Utah gym owners, how an operating gym funds equipment and a renovation together, with Washington County counts, an invented example and the gaps that slow a request.
The Short Answer: Yes, as Two Pieces of One Request
Equipment and a renovation are two costs with two lives. Racks, cable stations and cardio machines last years and can be repossessed and resold, so they fit equipment financing. Flooring, locker rooms, HVAC and lighting become part of the space and fit a term loan.
Illustration only, invented figures: $58,000 of equipment on a 48-month loan at an annual rate of 11% costs about $1,499 a month; a $72,000 renovation on an 84-month term loan at 10.5% costs about $1,214 a month (our arithmetic). Carried side by side, the two payments come to about $2,713 each month (our arithmetic).
At $52 a month in dues, the combined payment equals about 53 memberships (our arithmetic, rounded up). That is the number the upgrade has to help the gym keep or add.
The two loans do not have to start on the same day. If the renovation runs first, the equipment loan can start when the machines arrive, so the gym is not paying for racks that sit in storage.
Ask, too, whether the renovation contractor needs deposits before work starts. Those deposits come out of the term loan or the gym's cash before any work is visible.
Gym Business Loan Requirements When a Washington County, UT Gym Plans Lean Membership Months
Gym business loan requirements center on history: a year or more of operation, membership revenue by month, bank statements, returns and a lease that runs longer than the renovation loan. A gym that plans for lean membership months shows a partner it knows its own pattern.
If membership dips in some months, a working capital line can carry rent and payroll through them. Draw it in the lean months and pay it down when renewals come in.
Startups are outside what Tealwood arranges; the gym must already be operating.
Partners also read cancellations. A gym that loses members steadily needs to show what the renovation will do about it; one with steady retention can point to that history.
Gym Equipment Financing Companies and the Quotes They Write
Gym equipment financing companies, manufacturers' programs and banks all finance machines. Quotes should list each machine, the price, delivery and installation, and the financing terms.
Refurbished equipment finances too and can cost less per machine. Ask about warranty and the partner's view of its age.
If the renovation closes the floor, schedule equipment delivery for reopening so payments do not start while the gym is closed.
Ask the vendor about delivery lead times. Commercial cardio machines and racks can take weeks to arrive, and the renovation schedule should allow for it.
Installation of heavy racks and cable stations may need anchoring into the floor. Plan that with the renovation contractor so the flooring is laid once.
What Washington County, UT Figures Show About Gym Operators
Washington County, UT had 33 fitness and recreational sports centers with paid employees in 2023, with 511 paid employees and $7.6 million in annual payroll; 12 had fewer than five employees (County Business Patterns).
Nonemployer Statistics counted 150 businesses without paid employees in the other amusement and recreation group, which includes small fitness studios as well as other recreation businesses, in the county in 2024, a separate program.
The gym page has more; county figures are on the St. George, UT page.
Documents St. George, UT Gym Operators Gather First
- Twelve months of business bank statements.
- Two years of business tax returns.
- Membership software reports: active members, new joins and cancellations by month.
- The lease, with its remaining term.
- Equipment quotes and the contractor's renovation bid.
- Existing equipment leases and loans, with payments.
Pull these before the call so the first conversation can use real figures.
If the gym has more than one owner, partners may ask each owner with a significant share for personal financial statements.
Common Gaps in a Loan Request From Washington County, UT Gym Operators
Gaps that slow a gym request: renovation bids without a schedule, equipment quotes without model numbers, a lease ending before the loan would, and membership reports that do not tie to bank deposits.
Another is old equipment leases. A gym still paying on machines it is replacing should show how those leases end or are bought out.
Fixing these before the request keeps the partner's questions to the business itself.
A last gap is the timeline. A renovation that closes the floor for longer than planned costs membership revenue; build a buffer into the working capital piece.
By Tealwood Funding Group · Updated
