Frequently Asked Questions


Who needs to be included on the application? Every owner with 20%+ ownership in the business

What information will I need to provide during the application process? Every applicant is unique, but you may be required to submit the following:

  • Existing Business: Historical financials, business bank statements, membership reports, and corporate tax returns, if available.
  • New Businesses: Business plan and/or financial projections, including an overview of initial capital sources (personal savings, investors, etc).
  • Copy of the facility lease agreement. Pre-approval may be determined without a facility lease, but a signed lease agreement is required prior to funding.
  • Corporate organizational documents, including Articles of Organization/Formation and evidence of an employer identification number (EIN) provided by the IRS.
  • Copies of previous two year’s personal tax returns, including the first two pages, as well as ‘Schedule C – Dividends and Special Deductions’ and ‘Schedule E – Supplemental Income and Loss’.

Why is my personal guaranty requested? We require all owners of 20% or more of the business to provide their personal financial guarantee, which is a common requirement for early-stage and closely-held companies that apply for financing from any lending institution.

How long does the process take? Application to funding can be completed as quickly as 24-48 hours, but is largely dependent on the applicant’s timeline.


I am a new business owner. Can I be approved for financing? We work with both new and existing gym businesses. We do not have a “minimum time in business” requirement.

What factors are considered in Rigquipment Finance’s approval process? We may consider some or all of the following when determining approval: Employment history, business and/or personal credit bureau ratings, quality and availability of other committed financing sources, fitness and coaching experience, and financial projections and business outlook.

I have bad credit. Should I still apply? We recommend that you still apply. Our underwriting process is unique in that your FICO score alone does not determine approval.


What is an equipment lease?  Our lease product is structured as a full payout equipment lease agreement. You agree to pay a fixed monthly payment over an agreed number of months, after which you own all of the equipment. There is no balloon payment or lump sum due at the end of the agreement. For tax and accounting purposes, you are able to recognize the equipment on your balance sheet as if you purchased it outright to capture a depreciation expense deduction as well as write off the implied monthly interest as an expense.

What is a term loan? Our term loan product is similar to a traditional bank loan, whereby a fixed number of payments comprised of principal and interest are made to repay the proceeds of the loan. Our term loan product can be used for expenses relating to an expansion, renovation, relocation, business acquisition or other special project. The funds are transferred directly to the contractor, gym owner, landlord, etc. depending on the circumstance.

Do you offer a loan to help cover operating expenses? Not at this time; we require applicants to have sufficient working capital to operate the business.

What term length options are available? Our term lengths range from 12 to 60 months, but generally cannot exceed the term of the business’s facility lease (including renewal options).

Is there a minimum amount financed? Yes, $5,000.

What are your interest rates? Our implied annual rates start in the low teens (but keep in mind, an equipment lease is structured differently than a loan and there is no explicitly stated interest rate).

Can I pay-off my loan/lease early? Yes, all of our products are eligible for early pay-off, but may be subject to an administrative fee.

Is a down payment required? No, we do not require a down payment, but funds will be required at closing to cover closing costs and a security deposit (in the case of an equipment lease).  

How do I pay? Your monthly payment is automatically drafted from your business bank account on the 5th day of every month during the term of the financing.

When is my first payment due? Your financial obligation begins at the point when we process payment for the equipment with the equipment vendor(s) or when the funds are transferred for the approved project. At that time, you will be responsible for paying an origination fee as well as interim interest or a pro-rated ‘rent’ charge for the time elapsing between this date and the 5th day of the following month when your scheduled payments commence.

Do you offer an introductory payment option? Yes, you may be approved for a three and/or six month introductory payment plan.


Do I need a finalized equipment list before I apply? No; however, you should have a general estimate of your financing need prior to applying.

Can the equipment/flooring come from multiple vendors? Yes.

When can I expect to receive my equipment?  Timing of the delivery will be based on the capacity of the equipment manufacturer/vendor, which should be considered in your process of selecting a vendor and compiling a quote. Rigquipment Finance has no control over the delivery timeline and/or available inventory of the equipment vendor, but we do follow-up with all vendors to track the order(s) and confirm delivery to your facility.

Can I finance more equipment down the road? We look forward to being a long term lending partner with every one of our customers. With a positive payment record, financing additional equipment is a quick and easy process.