Franchise News Release: Minneapolis, MN - (Mar-15-2012)
Snap Fitness Offers Financing Program to Franchisees
Snap Fitness understands that the current lending environment is a challenge – especially if you’re trying to finance a start-up business. That’s why the franchisor of more than 1,200 24/7 fitness centers worldwide decided to take it upon itself to help ease the stress associated with securing financing by developing a proprietary vendor finance program available through its primary equipment suppliers and preferred lenders.
Launched in the fourth quarter of 2009, the program was created to combat the challenges both prospective franchisees and existing Franchise owners often encounter in securing the funding needed to expand their businesses, from opening additional clubs to leasing new equipment.
“We’re fortunate to have an extremely hard working and successful group of franchise owners who possess a tremendous entrepreneurial spirit,” said Peter Taunton, Founder and CEO of Snap Fitness, noting that the investment to open a club can range anywhere from approximately $68,000 to $353,000. “We’re very pleased to be able to help them secure the financing they need to expand their businesses.”
Since financing the first club under this program in January 2010, Snap Fitness has provided funding for 29 locations nationwide, an average of one per month, totaling $3.8 million in new equipment expenditures. This year Snap Fitness expects to fund approximately $2.6 million for the financing of 20 new store installations.
“From new exercise equipment to signage and mirrors, Snap’s vendor finance program will provide 100 percent financing for everything you need to open your new location,” said Josh Schaubach, a Snap Fitness franchisee who recently financed the costs incurred to relocate and upgrade one of his three Snap club locations. “With Snap handling the financing, it allows me to put all my focus into the growth of my business.”
While Snap Fitness offers the same quality equipment as traditional health clubs, the booming brand is setting industry standards by focusing on complete member wellness and providing a host of products and services designed to give members better results and more value for their money. By scaling down in size and eliminating unnecessary amenities such as swimming pools and racquetball courts, Snap Fitness offers customers a quality, affordable workout with strong emphasis on customer service and convenience.
Founded in 2003 and Franchising since 2004, Snap Fitness remains one of the world’s fastest growing franchisor of 24/7 express fitness centers. In 2011 alone, the burgeoning brand opened more than 150 clubs worldwide.
About Snap Fitness, Inc.
With a focus on providing members with fast, convenient and affordable workouts in clean, comfortable locations that are close to home, Snap Fitness is experiencing phenomenal growth with approximately 2,400 locations sold worldwide and some 15-20 new clubs added monthly. Founded in 2003 by CEO Peter Taunton, the Chanhassen, Minn.-based franchisor is dedicated to providing members with more value than any other health club.
This web site and the information contained herein does not constitute the offer or sale of a franchise. There are certain states that require the registration of an FDD before the franchisor can advertise or offer the franchise in that state. This franchise may not be registered in all registration states and may not offer franchises to residents of those states or to persons wishing to locate a franchise in those states. The offer and sale of a franchise can only be made through the delivery and receipt of a Franchise Disclosure Document (FDD).
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