Physical Therapy Clinic Feasibility Study in New Jersey
What SBA's own loan files show about rehabilitation and therapy clinic lending in New Jersey, and what a feasibility study for a project there has to test.
New Jersey: a top state for therapy clinics
With 132 approvals worth $37.1 million over FY2017 to FY2026, New Jersey ranks 5 of 54 among states in SBA lending to rehabilitation and therapy clinics. Its 1.13x location quotient shows the class taking a larger share of New Jersey lending than it does nationally, and it places 13 of 39 among the state's classes. Loans are small: the median is $102,500, 0.68x the national median for therapy clinics. Read the loan size first, then the outcome floors further down.
One bank and very small tickets
The New Jersey middle half of approvals runs from $33,750 to $253,000. Nearly every New Jersey clinic loan, 126 of them, came under 7(a); SBA 504 had 6. TD Bank, National Association holds 40 of the loans, worth $8.3 million, far more than Newtek Bank, National Association with 9, Manufacturers and Traders Trust Company with 7 worth just $564,000, and PNC Bank, National Association and Northeast Bank with 6 each. Franchised clinics take 7.6% of loans. Bergen County leads with 18 approvals, Ocean has 17, Middlesex 13 and Monmouth 12. FY2025 brought the most loans, 22 worth $5.3 million.
Outcome floors for New Jersey clinics
Cancellation took at least 11.5% of New Jersey clinic approvals in FY2017 to FY2024, with the ceiling the same 11.5%. Of the 51 New Jersey clinic loans funded from FY2017 through FY2021, 5.9% are charged off to date and 2.0% within five years, so more of the loss came after the fifth year than before it. These figures are floors.
A feasibility study for a New Jersey physical therapy clinic has to start from referrals and reimbursement. It must show where patients will come from, the orthopedic practices, hospitals and direct-access patients in the trade area, and how payer mix and visit rates translate into collections. It should test therapist hiring and pay against a loan near $102,500 and prove debt service coverage once caseloads mature and payer contracts renew. If the clinic buys its space, the appraisal has to support the property as ordinary office or retail real estate.
The clinic class carries no coding limitation; New Jersey's counts follow each loan's industry code.
SBA 7(a) and 504 rehabilitation and therapy clinic loans in New Jersey
| Loans approved, FY2017 to FY2026 | 132 |
|---|---|
| Gross dollars approved | $37.1 million |
| Median loan | $102,500 |
| Middle half of loans, from | $33,750 |
| Middle half of loans, to | $253,000 |
| SBA 7(a) loans | 126 |
| SBA 504 loans | 6 |
| Franchise share of loans | 7.6% |
| Rank among states for rehabilitation and therapy clinic loans | 5 of 54 |
| Rank of rehabilitation and therapy clinic among classes in New Jersey | 13 of 39 |
| Location quotient (share of loans against the national share) | 1.13x |
| Median loan against the national median for the class | 0.68x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | 11.5% |
|---|---|
| The same, counting loans still undisbursed as cancelled (a ceiling) | 11.5% |
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | 5.9% |
| Charged off within five years of approval | 2.0% |
| Loans in that cohort | 51 |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA 7(a) and 504 rehabilitation and therapy clinic loans approved in New Jersey, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | 10 | $745,000 |
| FY2018 | 17 | $3.6 million |
| FY2019 | 15 | $6.3 million |
| FY2020 | 7 | $563,300 |
| FY2021 | 9 | $4.5 million |
| FY2022 | 8 | $2.2 million |
| FY2023 | 15 | $7.1 million |
| FY2024 | 15 | $3.8 million |
| FY2025 | 22 | $5.3 million |
| FY2026 | 14 | $2.9 million |
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| TD Bank, National Association | 40 | $8.3 million |
| Newtek Bank, National Association | 9 | $3.2 million |
| Manufacturers and Traders Trust Company | 7 | $564,000 |
| PNC Bank, National Association | 6 | $1.3 million |
| Northeast Bank | 6 | $643,300 |
Where the loans are, by county
| County | Loans |
|---|---|
| BERGEN | 18 |
| OCEAN | 17 |
| MIDDLESEX | 13 |
| MONMOUTH | 12 |
| ATLANTIC | 8 |
| ESSEX | 8 |
| HUDSON | 8 |
| UNION | 8 |
| GLOUCESTER | 6 |
| MERCER | 6 |
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; Loan Analytics loan-outcome cell SA-NJ-C22.
Related feasibility study pages
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- Rehabilitation and therapy clinic feasibility study company
- SBA 7(a) Physical Therapy Clinic Feasibility Study
- SBA 504 Physical Therapy Clinic Feasibility Study
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