ClubReady, the provider of full-suite studio fitness and wellness club management software, and Cross River Bank, a provider of banking services for technology companies, announced a new partnership to offer access to the Paycheck Protection Program (PPP) loans to its fitness studio customers.
This program offers an integrated online application, underwriting approval and funding process that is 100 percent electronically enabled expediting the fund flow from the bank to the studio.
ClubReady noted that the $94 billion fitness industry has taken a major hit in a matter of weeks. Across the United States, virtually all studios have been mandated to close their doors. While some studios are pivoting to live-streaming classes, the financial impact is still palpable.
“This has been a devastating period for so many businesses, especially those in the fitness industry,” said Darol Lain, ClubReady president. “We know this is a temporary setback, and we want to partner with our customers to provide them with every resource possible to weather this storm and reopen with the financial and emotional momentum needed to be successful.”
“Cross River was founded in the wake of the great recession with a singular focus on community service, and we continue to be deeply committed to supporting companies in times of need,” said Gilles Gade, founder, president, and CEO of Cross River.
The PPP loan application process can be cumbersome and overwhelming for many small business owners who don’t have access to sophisticated legal and financial resources, said Randy Eckels, the CEO of ClubReady parent Clubessential Holdings. Eckels is also the owner of a Goddard School franchise and relates to what many of these ClubReady customers are experiencing.
“Having just completed the Paycheck Protection Program application process this past weekend for our small business, what impresses me about the Cross River online application is the robust user experience that guides the small business owner seamlessly through every step of the process,” said Eckels. “Cross River has provided a very valuable tool for small business owners to accelerate the application, underwriting and fast funding of approved SBA PPP loans at a time when these critical funds can make the most difference.”
Information about this program and partnership, including the link to the online application, FAQs, and additional SBA resources can be found on the ClubReady Quickstart PPP Resource Center.
Photo courtesy ClubReady
