Business owners would be aware that the list of restricted industries that lenders are not providing finance to is much larger than pre-COVID times. The fitness industry is one of those affected.
Our client was looking to complete a fitout on their gym as part of their obligations with their head group. Being located in NSW they were still open and trading but other finance experts they had engaged with hadn’t been able to secure them finance.
We looked at the monthly revenues of the business and could see a compelling case to provide finance to the gym owner. Utilising a strong relationship with a lender our submission addressed how the gym owner had responded to COVID, demonstrated that they were in a strong personal position and provided strong evidence to demonstrate that the fitout would attract new members resulting in increased turnover.
Our chosen lender agreed with our reasoning and provided finance to the gym for the fitout to be paid back over a 4 year term.
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