Colorado gym struggles to bounce back and failed to secure P3 loan
ENGLEWOOD, Colorado – It’s hard to say who’s more enthusiastic about Edge movement being open again, kids or coaches. The parkour gymnasium opened in late 2019 and March was set to be its first profitable month until a governor’s tenure forced the business to shut down.
“The first month we had to pay all of our bills on our own,” said Ryan Kinney, part owner and coach.
Kinney and co-owner Erica Madrid are passionate about sharing their love of Parkour with the community. Madrid competed professionally and were invited to compete in Olympic qualifiers, but suspended competitions to fulfill her dream of opening a gym.
“Everyone put everything they had in this gym,” Madrid said.
During the shutdown, it became apparent that they would need some financial assistance to keep the new business afloat. Her mother and business partner, Karen Smith, began applying for loans, including the Paycheck Protection Program, or PPP.
“The SBA had a criterion that you had to have a net profit or have employees to qualify for the PPP loan, so we just weren’t eligible,” Smith said.
Smith said he was successful in securing an economic disaster loan but it was based on 2019 income and since the gymnasium opened in November the loan amount was only $ 3,800.
In the meantime, rent and other bills add up quickly. The gym pays $ 12,000 a month, but Madrid is grateful that their owner is working with them.
“We would have been shut down the first month if he hadn’t worked with us, so he’s been working with us month to month and we’ve paid everything we can,” Madrid said.
After struggling to get a loan, the homeowners launched a GoFundMe page hoping to raise enough money to help with makeup during the months they have been closed.