Physical Therapy Clinic Feasibility Study in Nevada

A concentrated, high-volume market

Nevada's physical therapy lending is heavier and larger than the national pattern. SBA approved 61 loans for rehabilitation and therapy clinics from FY2017 to FY2026, worth $28.4 million. The location quotient of 1.63x means therapy clinics take a much larger share of Nevada approvals than of national ones, and the median loan of $282,700 is 1.88x the national median for the class. Nevada ranks 21 of 54 for the class, and clinics are 11 of 39 among Nevada asset classes. Half the loans fall between $100,000 and $583,300. With only 61 loans in the cell, that middle half is a better guide to a typical request than any single loan, and the median of $282,700 is 1.88x the national class median, so a Nevada request should be priced against the Nevada record, not national averages.

Lenders and places

The 7(a) program carried 52 loans and 504 carried 9. Newtek Bank, National Association heads the list at 8 loans and $4.8 million, and Zions Bancorporation, National Association has 5 loans worth $622,700. Development companies are absent from the listing. Franchises account for 4.9% of loans. Clark County has 36 loans of the 61, Washoe 11, Douglas 6 and Nye 4, so Clark County dominates the evidence.

Calendar and fallout

Approvals stopped altogether in FY2020, with no loans that year, then rebuilt to 11 loans and $4.7 million in FY2024 and $7.2 million across 7 loans in FY2026. Cancellation after approval is high: a floor of 20.0% for FY2017 to FY2024 approvals, rising to a ceiling of 22.2% when undisbursed loans are counted. Charge-offs get no rate here, because the funded cohort is under 30 loans, a threshold Loan Analytics applies to every rate.

What the study has to test

A Nevada study begins with who sends patients: physician referrals, direct access, employer contracts and the mix of insurers and self-pay. It should count nearby clinics and the therapists available to staff the schedule, and convert visits per day and revenue per visit into a monthly figure. Leases and equipment need costing against the $282,700 median. Debt service coverage should assume a slow ramp and a delay before payers reimburse. The appraisal should separate goodwill and equipment, and the cash flow case has to stand on its own, particularly with a cancellation floor this high.