$1.2 new business funding in the fitness industry

$1.2 new business funding in the fitness industry

Client background

The client was seeking to open a greenfield site for a fitness franchise in Melbourne and was looking for startup funding. Swoop had an ongoing funding relationship with the franchise network hence making it easy for the client to get in touch with Swoop. The client had minimal capital contribution but had been a past club owner for 15 years and was currently on a PAYG income. She did not have significant management experience however data showed her to be a great operator.

Case complication

The client was seeking a business loan against a property under her and her husband’s name where both the client and her husband were PAYG. They had previously been in touch with alternative finance providers but were overwhelmed with the application process. The lenders were also asking for a detailed business plan and financial modelling. The client was not receiving adequate start up guidance and were having difficulty establishing debt serviceability.

Swoop outcome

Swoop team worked very closely with the client to understand their exact needs and offer tailored options. As highlighted, detailed business plans and financial modelling had to be created for funding matching. The Swoop team was able to work with the client and the franchisor to create the modelling documents as well as arrange valuations for the business as per the lenders criteria.

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