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We know running a fitness center is never easy. There are certain unpredictable costs and expenses for maintenance that all fitness center business owners will face. Not to mention the upgrades that whether you like it or not, you’re obligated to because of in demand trend in health and fitness. And in these instances, a fitness center business loans can come in handy. To guide you with your search for SBA loan, here are the leading banks for Fitness Center Loans:
1) Wells Fargo Bank, National Association — SIOUX FALLS, SD
2017: 162 loans, $458,865 average loan, average interest rate of 6.9%
As the nation’s largest SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. So, they promise that business owners will understand how to take advantage of the program they offer. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable. No wonder they’re #1 for Fitness Center Loans.
2) The Huntington National Bank — Columbus, OH
2017: 82 loans, $260,545 average loan, average interest rate of 6.3%
Huntington is the #1 SBA 7(a) lender in the number of loans in the regions made up of Indiana, Kentucky, Illinois, Ohio, West Virginia, Western Pennsylvania, Wisconsin, and Michigan (according to U.S. SBA from October 1, 2008, to September 30, 2016). With 8 years of pretty great track record of helping businesses like auto repair shops, you’ll never go wrong in trying to apply for an SBA loan with Huntington.
3) TD Bank — Wilmington, DE
2017: 65 loans, $76,178 average loan, average interest rate of 8.7%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
4) Stearns Bank National Association — SAINT CLOUD, MN
2017: 45 loans, $242,821 average loan, average interest rate of 6.8%
Stearns Bank promises to work quickly to get you the funds you need and spends time to answer every question you have along the way. For loan requests of less than $350,000, Stearns can approve your funds in two hours, and larger loans in days. If you want to be on the fast track for your fitness center loan, look no further than Stearns Bank.
5) Spirit of Texas Bank — College Station, TX
2017: 46 loans, $345, 578 average loan, average interest rate of 6.4%
Spirit of Texas Bank set out to make SBA lending as streamlined and easy for your business as possible. Along the way, our lenders have become so increasingly proficient and knowledgeable that today, Spirit of Texas Bank is the top SBA lender in the state of Texas.
To help you further in your search for the right Fitness Center Loan that fits you, here’s the complete list of our top small business lenders for fitness center loans:
| Rank | Bank | City | State | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|---|
| 1 | Wells Fargo | Sioux Falls | SD | 260 | $420,996 | 7.3% |
| 2 | Stearns Bank | Saint Cloud | MN | 146 | $239,614 | 7.3% |
| 3 | Huntington National | Columbus | OH | 118 | $237,843 | 6.6% |
| 4 | TD Bank | Wilmington | DE | 111 | $91,346 | 9.0% |
| 5 | M&T | Buffalo | NY | 102 | $158,683 | 8.0% |
| 6 | Spirit of Texas Bank | College Station | TX | 95 | $319,321 | 6.9% |
| 7 | JPMorgan Chase Bank | Columbus | OH | 87 | $295,598 | 6.7% |
| 8 | U.S. Bank | Cincinnati | OH | 63 | $416,146 | 6.7% |
| 9 | Celtic Bank | Salt Lake City | UT | 51 | $200,922 | 7.2% |
| 10 | First Home Bank | Seminole | FL | 43 | $318,698 | 7.4% |
| 11 | Newtek Small Business | Lake Success | NY | 39 | $681,226 | 7.3% |
| 12 | Radius Bank | Boston | MA | 38 | $698,163 | 6.7% |
| 13 | United Midwest Savings Bank | De Graff | OH | 31 | $130,516 | 7.5% |
| 14 | KeyBank | Cleveland | OH | 29 | $651,728 | 7.2% |
| 15 | Byline Bank | Chicago | IL | 28 | $1,224,096 | 7.1% |
| 16 | Independence Bank | East Greenwich | RI | 25 | $93,000 | 7.1% |
| 17 | Bank Rhode Island | Providence | RI | 24 | $169,892 | 6.8% |
| 18 | Fifth Third Bank | Cincinnati | OH | 23 | $419,861 | 6.4% |
| 19 | Eastern Bank | Boston | MA | 19 | $73,763 | 9.0% |
| 20 | Live Oak | Wilmington | NC | 18 | $1,210,611 | 7.3% |
| 21 | PNC Bank | Wilmington | DE | 17 | $250,271 | 6.9% |
| 22 | United Community Bank | Blairsville | GA | 16 | $558,875 | 6.9% |
| 23 | Compass Bank | Birmingham | AL | 15 | $575,533 | 7.6% |
| 24 | First Bank | Southern Pines | NC | 15 | $883,753 | 7.4% |
| 25 | Zions Bank | Salt Lake City | UT | 15 | $150,040 | 7.4% |
| 26 | The Bancorp Bank | Wilmington | DE | 13 | $497,262 | 7.1% |
| 27 | CDC Small Business Finance | San Diego | CA | 12 | $184,575 | 9.0% |
| 28 | Midwest Regional Bank | Festus | MO | 12 | $1,303,817 | 7.4% |
| 29 | SunTrust Bank | Atlanta | GA | 12 | $288,833 | 6.5% |
| 30 | First Business Bank | Madison | WI | 11 | $1,312,282 | 6.8% |
| 31 | Paragon Bank | Memphis | TN | 11 | $478,536 | 6.9% |
| 32 | Berkshire Bank | Pittsfield | MA | 10 | $552,890 | 6.7% |
| 33 | PeopleFund | Austin | TX | 10 | $127,420 | 7.9% |
| 34 | First National Bank of Pennsylvania | Greenville | PA | 9 | $231,633 | 6.4% |
| 35 | Readycap Lending, LLC | New Providence | NJ | 9 | $685,000 | 7.2% |
| 36 | Seacoast Commerce Bank | San Diego | CA | 9 | $1,015,433 | 6.5% |
| 37 | Synovus Bank | Columbus | GA | 9 | $478,889 | 6.8% |
| 38 | Independent Bank | Mckinney | TX | 8 | $257,500 | 5.4% |
| 39 | State Bank and Trust | Macon | GA | 8 | $361,038 | 7.4% |
| 40 | Webster Bank | Waterbury | CT | 8 | $924,625 | 5.1% |
