U.S. Bank helps Success Fitness bulk up its gym business

The bank funded a renovation and equipment purchase for the small, boutique gym in Minnesota

Grace Rasmussen’s vision for her boutique gym, Success Fitness, with two locations in the Minneapolis area, is centered all around her clients and the growth of her business.

“We’ve been in the community since 2001,” she said, noting that the founders were looking to offer a local alternative to big box gyms for personal training. “In the post-COVID era, a lot of people found themselves in a situation where they had been drastically inactive. So, we kind of had this increased demand for both gym members and for personal training.”

For most of its existence, Success Fitness was used exclusively for personal training and didn’t offer gym memberships at either of its locations due to limited space. At its primary location in Maplewood, its basement space didn’t allow for outward expansion, and it needed security upgrades for key card access for members. It wasn’t until Rasmussen saw continued and steady demand that she decided to take the steps needed to expand.

“I started putting one foot in front of the other, walking in that direction to see if it was even feasible,” she said. “Through U.S. Bank and working with them, we were able to put the pieces in place to make that happen.”

In a way, the stars aligned for Success Fitness, Rasmussen said. The business above its Maplewood location vacated, leaving it open for Success Fitness to purchase the space. To get there, Rasmussen said Dot Moore, her U.S. Bank small business specialist, helped her navigate an unfamiliar situation: seeking funding for equipment.

“I didn’t understand how, exactly, equipment loans work because that’s something we’ve never done before,” Rasmussen said. “It was just such a simple process, and I don’t know if it’s easy at all banks. Working with Dot was so easy and fun … and when I think of working with a business banker, it’s a little bit intimidating as someone who’s never gone through it.”

Equipment finance was a natural entry point, Moore said. Designed to meet specific business needs, equipment finance loans help cover the purchase of equipment – whether gym equipment or manufacturing machinery – and are often at lower rates because the equipment acts as collateral.

“It also helps better segregate the purpose of types of lending,” Moore said. “At Success Fitness, new equipment was purchased through an equipment finance loan while we were able to do a general business loan to help with the space remodel. In this case, it was the best way for us to map out how to allocate expenses – and it’s why it’s important to have a conversation with a banker. If you qualify for a variety of loans, determining what the best mix is for your specific situation is key.”

Through lending from U.S. Bank, Success Fitness renovated the space to fit its needs and opened it to the community for gym memberships for the first time this past May.

“We’ve continued to see consistent growth week after week of new people coming in,” Rasmussen said. “It’s really exciting for the team and the clients alike, as well as for new members who are coming in to experience the space for the first time.”

Moore, who worked with Rasmussen through Success Fitness since the beginning of the expansion plans, said Rasmussen’s desire to grow was apparent early on.

“Her focus has been on making sure that the space she has currently is developed and receiving the kind of attention that it deserves and fits expansion,” Moore said. “Grace is not the kind of person to just sit still and be content with what she has at the moment. She finds that contentment in pushing forward and finding new opportunities.”

Rasmussen is already thinking about the future. With a lease up at the second Success Fitness location in Coon Rapids next summer, she said she is working on growth plans for that and exploring entering new Twin Cities suburbs as soon as 2027.

“We try very hard to make Success Fitness welcoming, and we know that going into a gym is a scary thing for a lot of people,” she said. “We love being able to just teach people and empower them to not be scared and show them what all the things mean and help them on that journey.”

For more about Success Fitness, watch the video above.