As the industry continues to embrace emerging trends in fitness, health and wellness, Broad Fit Financial, the equipment finance lender for the industry, has actively evolved and embraced these trends.   

“Broad Fit Financial was born from our desire to support the evolving health and wellness industry,” said Broad Fit President and Co-Founder Stephanie Taylor. “We maintain a strong pulse on the trends, needs and future of this space. By understanding consumer shifts towards more holistic offerings such as women’s health and fitness goals, recovery options, youth engagement, and performance training, we too must remain ” 

Broad Fit not only recognizes the benefits of these offerings for individuals, but how equally valuable it is for facilities to provide these varied options. With that foresight, they have been able to substantiate the necessity for the broader use of funds with their credit teams. 

While having its ear to the ground and a strong pulse on the future of fitness and wellness, this industry partner is strongly poised to facilitate funding for both traditional and emerging modalities.  

Out with the Old, In with the New 

There’s arguably no trend with more momentum right now in the fitness industry than the increased demand for wellness amenities and products.  

“We have seen an explosion of financing requests coming from corporate wellness, office buildings, multi-family and country clubs,” said Taylor. “In each of these markets, the trends are geared towards promoting a more holistically healthy environment from the fitness center to the relaxation spaces.” 

Broad Fit not only understands the fitness centers standard for amenities but also the evolving offerings that are important to today’s users. Access to funding is a key component of business and having a lending partner who is as invested in this industry as their customers are, is vital to the future of fitness financing.   

“My previous experiences in fitness financing were of limiting the amount of funds allocated towards ancillary items in a facility,” said Taylor. “Once we deviated from the traditional industry funding sources, we were able to establish new partners who are supportive and ignited about their participation in the advancement of the fitness industry to include holistic wellness. And taking it even further, tenant improvement funding is also available for good credits.” 

Taylor says that with Broad Fits’ varied access to capital it has become easier than ever to support emerging trends in the fitness industry, “allowing facilities to offer innovative options required to meet the needs of their members, attract new ones, and stay progressive without having to use cash on hand for growth.” 
 
Education is Key 
Not only is it important for facility operators to be clear on the potential benefits related to financial investments, but funders also need to understand the value financing offers these businesses that want to expand their offerings outside the traditional gym setting. 
 
To that end, Broad Fit prioritizes education across the board as all related parties benefit from  learning about the added value of staying on trend with what end users want out of a health, wellness and fitness facility. 
 
“We need to constantly educate ourselves and our funders on the changes taking shape in this space,” said Taylor. “There are trends that are unique to the fitness industry and providing the supporting education to our partners around the wants of consumers, the benefits, and the success realized through the implementation of these added offerings, enables us to provide  financing that might otherwise be difficult to procure.” 
 
Once more traditional brands get a glimpse of what new fitness amenities can do for them, they rarely need more convincing for further investment. 
 
“The modern office building and residential environments are mind-blowing for people like me who grew up in dank, bland, and uninspiring spaces of the ‘90s,” said Taylor.  “Today, these are some of the most gorgeous buildings you can imagine with an abundance of amenities to attract and retain tenants demanding more progressive offerings. The meager spaces offered in the past are no longer just a box checking line item at the end of a building’s marketing piece but is now positioned as a top line amenity featuring all the bells and whistles to attract long term occupants.” 
 
No Time Wasted 
Broad Fit’s efficiency comes from speed and openness. Its approach is a transparent, less-daunting style, supported by a quick application to approval process. Broad Fit’s established flow is smooth and clear, making the experience a very positive one.  
 
“Financing doesn’t have to be as complex and overwhelming as it is often made to be,” said Taylor. “My mission from the start was to offer financing to our industry in a less intimidating manner. We don’t talk over your head in an attempt to confuse you or impress you with our knowledge. We genuinely want you to understand how this side of the business works and help you make the best decision for you while explaining all the nuances needed to make that decision.” 
 
“In terms of our process, we are focused on speed and simplicity. Due to lead times, we need to move quickly and methodically,” Taylor added. “We have segment specific credit applications which is a significant time saver, removing much of the back and forth for additional information.” 
 
Most Broad Fit transactions only require a credit application. The brand qualifies these applicants based on their business credit and moves to the contract stage immediately after securing approval.  
 
“We are systematic and highly communicative,” Taylor added. “Our team is close-knit, collaborative, and sincerely excited about how we show up for this industry we feel so connected to. This is evident when you work with us. Just as the fitness industry has modernized, so has your fitness finance partner.” 

The post How Broad Fit Financial is Financing the Changing Landscape of Wellness  appeared first on Athletech News.

Broad Fit Financial LLC has officially launched to provide financing for businesses acquiring fitness and related equipment. 

The women-owned equipment finance company offers full-service financial solutions for the health, wellness and fitness sectors, serving the needs of large enterprises and independent gyms.

“Broad Fit Financial is singularly focused on providing financing solutions that enable businesses in a variety of settings to acquire the fitness and related equipment necessary to offer wellness to their end users,” said Broad Fit Financial president and co-founder Stephanie Taylor. “We recognize the unique financial challenges that businesses face when seeking to procure this type of collateral and have tailored our services to support these specific needs. We bring knowledge, experience and a commitment to supporting the fitness industry.”

Taylor has over 15 years of experience in the sports, health and wellness industries, including at Cybex and Macrolease, before founding Broad Fit Financial in 2022. What came next was a year spent building a robust customer-serving infrastructure to best meet the needs of clients, with a focus on software and speed. 

“As a result, we were able to enter the market with impressive capabilities in terms of tech, capacity and ability to efficiently serve the fitness industry,” Taylor explained. “Since our soft launch in June, we’ve quickly established ourselves as the go-to source of funding for roughly 50 plus equipment distributors throughout the U.S.”

The U.S. fitness industry is forecast to generate over $30.8 billion in revenue nationwide in 2023 amid an increased interest in health and wellness, and Broad Fit Financial is ready to serve the demand. 

The independent fitness equipment finance company serves markets including real estate, commercial office buildings, homeowner associations, apartment communities, senior centers, hospitality, country clubs, non-profits, municipal entities, colleges and universities, professional sports, corporate wellness programs, and traditional for-profit gyms.

As Daniella Douglas, Broad Fit Financial’s vice president and co-founder points out, what distinguishes the firm is its skilled team’s cumulative professional experience in vendor, lender and end-user positions. 

“This invaluable insight provides us with a deep understanding of the challenges our partners face when it comes to equipment financing and how best to support them,” Douglas said.

The post Broad Fit Financial Off to Strong Start as Fitness Equipment Finance Company appeared first on Athletech News.