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United Capital Source works with several gyms and fitness centers primarily because equipment repairs and replacements must be taken care of immediately. We are able to approve various different small business loans in just 24-48 hours, with minimal paperwork involved. Gyms sometimes cannot demonstrate perfect cash flow but this isn’t a mandatory requirement for certain business funding programs, like short-term working capital loans or a business line of credit. Some programs can even be accessed during the slow season because their purpose is to increase revenue and/or maximize the likelihood of a strong busy season.
Credit card factoring is particularly advantageous for gyms. This type of working capital loan is geared towards long-term investments, or necessary changes that must be made to maintain professionalism. A new piece of equipment, for example, might not have a direct impact on revenue but potential members will be turned away by such eyesores when they tour the facility. Marketing campaigns that promote new classes or discounts are somewhat similar in that the gym won’t see any new revenue until months after their launch.
Working around, not against, your revenue cycle
With credit card factoring, you pay off the majority of the debt when revenue is increasing steadily. Seasonal businesses can make considerable investments during slower periods without having to make large payments for a number of months. We can even develop repayment terms that work around the monthly pay schedules of gyms.
One fitness center client of ours was unable to grow due to a lack of daily income. Credit card factoring, however, allowed the client to install a juice bar and gradually pay off the debt with purchases from members. Cash flow became more stable as a result of this new, separate revenue stream and now leaves more room for growth. Apply now to see how much you qualify for!