A wide range of solutions is required to meet the demands of growing businesses
and organizations. At Main Street Bank’s Fitness Division, we provide a comprehensive menu of financial solutions for your fitness equipment, non-fitness equipment as well as other needs key to operating a successful business.
We serve the following:
- Commercial fitness clubs and facilities
- YMCAs and YWCAs
- JCCs (Jewish Community Centers)
- Public and private schools and universities
- Non-profit and not-for-profit organizations
- Municipal agencies including police, fire and parks and recreation departments
- The hospitality industry-hotels and motels
- Corporate fitness centers
- Other fitness centered businesses
Providing total solutions to customers requires partnering with experts.
This is particularly essential for the growing fitness industry. Main Street Bank is a direct lender and we are strategically partnered with other banks and lenders to help provide solutions to our customers. We provide financing options to as many of our customers as possible. Currently, we are successful in arranging financing for 90% of the applications we receive. We understand the fitness industry and our customers… no one does it better than MSB!
Main Street Bank finances strength and cardiovascular equipment along with non-fitness equipment such as:
- Cardio equipment
- Lockers & benches
- Laundry
- Sound system
- Furniture
- Phone system
- Juice bar set ups |
- Pilates equipment
- Mirrors
- Steam & saunas
- Strength equipment
- Flooring
- Cardio theater
- Tanning beds |
- Computers & software
- Playground sets
- Security systems
- Signage
- HVAC
-
Plates & dumbbells |
...and other non-fitness equipment products and some soft costs such as
leasehold improvements.
Fair Market Value (FMV) Program – 6 Months Deferred
YMCAs, Schools and Universities |
| Term: |
36 months (payments made quarterly) |
| Quarterly Payments: |
6 months deferred (2 quarters) followed by 10 quarterly
payments.
First payment due 6 months after lease commencement |
| Purchase Option: |
FMV |
| Minimum Purchase: |
$10,000 |
| Customer Benefits: |
- Lower monthly payments
- No end of lease obligation
- No balloon payment at end of lease
- No reliance on dealer or 3rd party for responsibility of the end of
lease obligation
- New equipment every three years
- Free to change manufacturer at the end of the lease
- No trade in or reselling of equipment issues
- No security deposit requirement
|
$1.00 Purchase Option Program
Schools & Universities |
| Term: |
3 to 5 years |
| Annual Payments: |
First annual payment made in arrears
First payment due 1 year after lease commencement |
| Interest Rates: |
Fixed or floating. Competitive in the marketplace. |
| Purchase Option: |
$1.00 |
| Minimum Purchase: |
$10,000 |
| Non-appropriation of funds language incorporated into documentation for public schools and universities. |
| Customer Benefits: |
- Reduced interest rates
- No payments due for 1 full year
|
|
