Fitness Center Feasibility Study in Wisconsin

Wisconsin gyms borrow less per deal

Wisconsin fitness loans are smaller than the class nationally, and loan size is the measure that passes our distinctness margin: the median of $191,900 is 0.74x the national fitness median, a gap that holds against Wisconsin's all-class record too. In count the cell is substantial, with 246 approvals between FY2017 and FY2026 totalling $108.6 million, for a rank of 20 of 54 among states. Fitness places 6 of 39 among Wisconsin asset classes, and the location quotient of 0.97x sits close to parity.

A broad and unusual lender list

Wisconsin's lender table is more varied than most. WBD, Inc. leads the 504 side with 23 loans worth $22.1 million and Racine County Economic Development Corporation has 6 worth $7.3 million; SBA 504 carried 31 loans in all against 215 under 7(a). The Huntington National Bank tops the Wisconsin 7(a) list with 20 loans worth $6.9 million, ahead of Wisconsin Women's Business Initiative Corporation at 15 worth $2.3 million, Summit CU at 13 worth only $737,500, Byline Bank at 10 worth $9.0 million and Nicolet National Bank at 8. Franchises account for 39.8% of loans, and the middle half of Wisconsin approvals runs from $71,250 to $502,250. Dane County leads with 54 approvals, Waukesha has 34, Milwaukee 25 and Outagamie 18. FY2026 brought 36 loans, the most in the record.

What the floors show

Wisconsin gym cancellations reached at least 10.8% of approvals dated FY2017 to FY2024, 11.8% at the ceiling. Of 109 Wisconsin loans disbursed over FY2017 to FY2021, 3.7% are charged off so far, yet only 0.92% failed inside five years, which places most of the loss in the later years. Both are floors.

A Wisconsin fitness feasibility study has to fit the smaller ticket. Near $191,900, the deal is often a franchise studio, a small independent gym or an equipment purchase, and the study has to show membership demand within the catchment, competing gyms, pricing and churn, and staffing cost. With so much of the Wisconsin loss arriving after year five, the study should carry coverage of debt service through an equipment replacement cycle and a lease renewal, not only in the launch years. If the gym buys its building through WBD, Inc. or a similar 504 lender, the appraisal must stand on the property as real estate.

No coding caveat is recorded for this class; the Wisconsin figures follow the industry code on each SBA loan.