Fitness Center Feasibility Study in the Akron, OH Metro Area

Akron: fitness third in class, with small loans

Akron shows 43 fitness center loans and $13.2 million approved, FY2017 through FY2026. Nationally, Akron sits 55 of 608 for fitness center loans; within Akron, the class is 3 of 39. Fitness center is underweight in Akron: a 0.84x location quotient sits below the national share. Summit County, OH holds most of the loans. By county, Summit County, OH 36 and Portage County, OH 7.

$155,000 is the median in Akron, and the middle half sits between $32,500 and $392,000. Beside the country's median, Akron comes to 0.60x, a sign of lighter projects. Program counts for Akron are withheld; neither program is absent. A franchise share of 30.2% describes the Akron record.

Two Ohio banks

The Huntington National Bank has more loans, while KeyBank National Association shows the larger dollar total. Under 7(a), SBA lists $2.4 million across 18 loans at The Huntington National Bank and $5.9 million across 8 loans at KeyBank National Association. In Akron, each line shows what SBA lists, so read them as holdings.

At least 19.4% of FY2017 to FY2024 approvals in Akron were cancelled, a floor. Loan Analytics withholds the Akron ceiling that adds undisbursed loans. The charge-off rate for Akron is withheld, so losses stay unmeasured here. Year by year, FY2018 (6 loans, $4.8 million), FY2019 (6 loans, $1.1 million), and FY2023 (9 loans, $975,100). For Akron, omitted years rest on thin counts. Which loans belong to Akron depends on county names, so unmatched loans are excluded.

Testing an Akron fitness center project

Loans of this size leave open what is being financed, so the study should say whether it is a studio, a leased suite or a conversion, and base membership on the households in Summit County and Portage County that live within a short drive. The study should test retention rather than sign-ups, and the plan should carry cash through any slow stretch. Equipment is the main cost, and it ages faster than a lease runs, so repayment terms should be matched to useful life. A cancellation floor of 19.4% is a reason to have the lease and equipment quotes firm before application. Dues pricing needs a local check: the study should list the monthly rates of competing gyms in Summit County and Portage County and show where the new club sits against them.