“My Pursuit team was so helpful. Anytime I needed help, they were ready,” says James Lenhart, owner of Lenhart Fitness, which operates two Anytime Fitness studios in New York’s Glens Falls metro area. “When the time came to close the loan, it was a slam dunk!”
Here’s how Pursuit helped James secure an SBA 7(a) loan to complete a rebrand and renovation of the Glens Falls and Hudson Falls studios to meet franchise requirements and better serve 1,000+ members today, with a goal of additional growth in the years ahead.
A lifelong commitment to fitness and health leads to an ownership opportunity
James earned a bachelor’s degree in Kinesiology and Fitness Development, as well as several industry certifications. Before taking on ownership of two fitness studios, his professional experience included work with the NY Jets Strength and Conditioning Department and at the University of South Florida.
He moved back to the North Country region of New York State to be closer to family and became manager of the Anytime Fitness location in Latham, then also took on management and personal-trainer roles for the two locations he now owns in Glens Falls and Hudson Falls, NY.
When the owner of those locations approached James with the opportunity to acquire them, James worked with Arrow Bank on the purchase, closing on the deal in January 2024. And when he needed additional financing to rebrand and renovate the studios to meet franchise compliance, his connections at Arrow Bank sent him to Pursuit for the funding he needed.
Pursuit helps with an SBA 7(a) loan
Through Arrow Bank, James was introduced to Pursuit VP Nicole Deyo. Nicole and her team worked with James to secure an SBA 7(a) loan. The SBA 7(a) is the most popular SBA loan option thanks to its more flexible approval criteria, higher loan amounts, huge range of uses, and longer loan terms than similar conventional bank loans.
Among its many benefits for borrowers, the SBA 7(a) offers:
- Funding for almost any business need, including startup costs, renovations, working capital, equipment purchases, business acquisitions, and more.
- Financing from $50,000 to $5 million for startups and growing businesses in any qualified industry.
- Approvals in 30-45 days after the submission of a complete application.
About the loan process, James says, “It’s extensive, but that’s understandable, and working with Pursuit makes all the difference. I was on the phone with questions two or three times a week and the team was always responsive and helpful.”
He adds, “Thanks to the great communication we had, I was never concerned about whether the financing would come through. I got the financing I needed and got the renovations and branding updates completed.”
Nicole says, “James was such a pleasure to work with – responsive, organized, thorough, and very eager to work with us. I did his site visit following the construction and the rebrand and both gyms looked fantastic. And, truly, the referral from Arrow was exactly ‘picture perfect.’”
Steady growth and more member services are in store
“Currently, we have about 1,000 members between both locations. To continue our growth and further serve our members, my goal is to add small-group training sessions, as well as focused programs in yoga, one-on-one personal training, and some additional robust training options,” James says.
When it comes to those he’d like to engage, James says, “Our target market is straightforward – people in our communities who want to improve overall health and wellness as a longer-term goal. Also, given the round-the-clock accessibility of Anytime Fitness, our studios are great for people whose schedules prevent them from accessing other gyms.”
Pursuit’s loan options help entrepreneurs get fast, responsible financing
“In my experience, if you don’t ask, you’ll never know about all the help that you can get,” James says. “There are so many resources that I didn’t know about until I started the process. The financing and help that Pursuit gave me were amazing. So, if you need financing for your small business, get your documentation and plans together and ask!”
If you’re looking to launch a new business or expand, Pursuit can help. With loans from $10,000 to $5.5 million, we have SBA and other financing options to launch, for business and franchise acquisitions, working capital, equipment, the purchase or construction of commercial real estate, to refinance business debt, and more for businesses in New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington.
Contact us to learn more.