Health Club
What is the best way to secure a loan for purchasing a health club franchise?
I’m looking for purchase an Anytime Fitness franchise. I’ve never owned a business before, but am eager, ready, and know a great location. The problem is that I don’t have the initial funding to begin. Do I go the bank for a loan? Is that easy? Other ideas?
Some franchises arranges for the financing for their franchisees. Check if this health club franchise offers financing help for their franchisees.
Some banks extend what they call “small business lines of credit” often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia’s has various business lines of credits http://www.wachovia.com/small_biz/page/0,,446_612_1399,00.html Their business line of credit can even be approved overnight,
However, if you’re applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business — in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don’t have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: “How much money are you requesting? What will it be used for? and For how long will it be needed?” Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
Also explore getting government-guaranteed loan through the Small Business Administration http://www.sba.gov/financing
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K (though this may be insufficient for the franchise you want. Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/microloans.html and you can find SBA Accredited Microloan Providers here http://www.powerhomebiz.com/vol145/microloanproviders.htm
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