Fitness Center Feasibility Study in the Portland-South Portland, ME Metro Area

A bigger local presence than the country has

Southern Maine leans into fitness lending more than the nation does. The location quotient of 1.43x puts gyms and studios well above their national share of loans, and the class is third among the 39 asset classes in the Portland-South Portland area. Against all 608 metro and micro areas the area is 45 for fitness centers. SBA approved 57 loans here across FY2017 through FY2026 for $14.8 million, nearly all of it in Cumberland County, which carries 40 of them.

Small checks, a franchise minority

A midpoint of $105,300 is only 0.41x what fitness borrowers nationally take at the midpoint. Typical loans fall between $50,000 and $350,000, which describes studio fit-outs, equipment leases and boutique concepts rather than large-format clubs. Franchises account for 12.3% of the loans, so independent owners shape the market. The program counts are not printed for this cell, though the lender table below shows a 504 holder with real volume.

Who holds them

Bangor Savings Bank is listed on 11 7(a) loans worth $1.5 million and Norway Savings Bank on 10 worth $1.2 million. Maine Community Bank has 5 worth $695,900. Under 504, Granite State Economic Development Corporation appears with 9 loans worth $6.1 million, a far larger average, because 504 projects usually include a building. All of this follows SBA's current-holder field.

Gaps in the record

FY2017 is printed with 9 loans and $3.2 million, FY2019 with 6 and $3.1 million, FY2022 with 8 and $1.5 million, and FY2024 with 9 and $2.3 million. SBA keeps the remaining years out of view. Both loss measures are hidden as well. Hidden is not zero, and no estimate is offered.

Testing a southern Maine fitness project

Start with residents inside a short drive; in a small coastal metro with seasonal swings that means asking what membership looks like in winter versus summer. It should test competing gyms and studios, the price of class packs and memberships, instructor supply, and the build-out cost a landlord will or will not share. If the plan includes buying a building, which the 504 volume suggests some did, the building has to be valued on its own, apart from the gym that occupies it. The loan payment should still be covered if the first year of membership grows slowly.