10X Fitness, LLC, located in Mountain Top, Luzerne County, PA, was conceived in 2016, as Dan and Danny Cronauer, father and son, who have historically been entrepreneurs in their own right, had perceived a need for a fitness facility that had flexible hours and was also relatively affordable for the community.

The Mountain Top area had long been without a fitness center presence, and because of the location of Mountain Top, travel to fitness centers in nearby areas such as Kingston and Wilkes-Barre could be perilous, most especially in the winter months. The Cronauers communicated with local lenders as well as SEDA-COG to articulate their plans and financing needs, and through the efforts of SEDA-COG staff, were presented with a financing structure that made the construction of the facility realistic yet also enables the repayment of debt obligations to be palatable. This was especially appreciated given the start-up nature of the gym operation.

SEDA-COG assisted the Cronauers in obtaining a $201,250 SBA 504 loan for 20 years with an interest rate close to Prime fixed for the life of the loan. The Fidelity Deposit and Discount Bank partnered in the financing of the building construction project that only required the Cronauers to provide 15% down for their start-up business.

According to Danny Cronauer, “The SEDA-COG staff was wonderful to work with. They responded quickly and were friendly. What was really appreciated was how they utilized their partnerships with other economic development operations, namely the Wilkes SBDC, to facilitate a loan closing that was expedited. We are thankful to the SEDA-COG staff as our operation likely would not have been possible without the programs they administer and the connections they have fostered over the years.”

For more information on 10X Fitness, visit www.10xfitness.com or call (570) 261-3036.