Physical Therapy Clinic Feasibility Study in Maryland

Maryland clinics borrow small amounts and use a single dominant lender

Rehabilitation and therapy clinics across Maryland drew 69 SBA loans between FY2017 and FY2026, worth $13.5 million, which places the state 20 of 54 and gives the class a rank of 12 of 39 inside Maryland. A location quotient of 1.23x marks it as moderately overrepresented. What the cell shows most clearly is scale: a typical loan of $125,000 is 0.83x the class midpoint nationally, and requests cover $50,000 to $270,000 in the central band.

One bank, one program, a handful of counties

Of the loans, 65 are SBA 7(a) and only 4 are SBA 504. Franchise affiliation is rare at 1.4%. Manufacturers and Traders Trust Company holds 31 loans worth $4.1 million, close to half of the entire file. Newtek Bank, National Association follows with 7 loans and $790,000. Montgomery County leads by county with 14 loans and Prince Georges follows with 12; Anne Arundel, Baltimore and Frederick have 7 each, and Howard has 6, Charles and Queen Annes have 3 each, and Cecil and Washington 2 each.

Cancellations and the missing charge-off rate

For FY2017 to FY2024 approvals, at least 10.4% were cancelled, rising to 12.5% when undisbursed loans are counted. Lenders and borrowers should treat roughly one approval in ten as unfunded. The charge-off rate for Maryland is withheld, because the cohort of disbursed loans is under 30; no figure is given, and none should be assumed to be zero. The volume pattern has shifted upward recently: 2 loans worth $205,000 in FY2020 became 11 loans worth $2.5 million in FY2024, then 10 in FY2025 and 11 in FY2026. FY2018 was the largest year for dollars, with 7 loans worth $3.1 million, and FY2022 brought 9 loans worth $1.9 million.

What a Maryland therapy clinic study should test

Start with referral demand: physicians, hospitals and payers feeding patients to a clinic, and the number of competing clinics within the same trade area. Staffing deserves its own test, since licensed therapists drive revenue. Build-out and equipment cost must fit the small checks lenders approve here. Coverage should be run with a slow patient ramp and with realistic reimbursement. Where a lender takes real estate, the appraisal is another step; for leasehold deals it is mostly a business valuation.