Physical Therapy Clinic Feasibility Study in New Mexico

A small-ticket class that New Mexico finances often

Rehabilitation and therapy clinics, the class that holds physical therapy practices, are over-represented in New Mexico's SBA book. The location quotient reads 2.05x, so these clinics make up roughly twice the national share of the state's loans, and within New Mexico they hold position 11 of 39. Counted against other states the rank is 31 of 54, a reminder that a high quotient in a small state does not make a large market: 32 loans were approved from FY2017 to FY2026, for $11.4 million in gross dollars.

Loan size and structure

The median loan of $276,000 is 1.84x the national median for the class, so New Mexico borrowers take bigger loans than peers elsewhere, though the middle half still runs only from $93,750 to $578,000. That range points to leasehold improvements, equipment and working capital more than to ground-up construction. SBA 7(a) supplied 21 of the loans and SBA 504 supplied 11. The 504 share is notable for a clinic class, and Capital Certified Development Corporation leads that program with 6 loans and $3.4 million. Franchising reaches 6.3% of loans, a visible minority. Dona Ana County leads with 8 loans, Bernalillo and Santa Fe follow with 6 each, and Eddy has 4. Yearly volume swung from 6 loans in FY2017 and FY2018 to none in FY2019 and FY2022, then climbed to 5 in FY2026, so lenders should treat the series as lumpy rather than trending.

Withheld outcomes

The cancellation and the charge-off figures are blank here because the cohort is too small to support either one. We do not give them a number and we do not describe them as nil; they are simply unknown at this level.

Testing a New Mexico therapy clinic

Any study of a therapy clinic in New Mexico should begin with referral flow: the physicians, hospitals and employers whose patients would reach the clinic, and the competing practices already drawing from them. Payer mix deserves its own line, along with what a visit actually reimburses, since revenue rests on both. Build-out cost and equipment should be compared with a loan that tends to land near the state median, and payment coverage should be worked out at a realistic caseload after the first months of ramp-up, with a slower case beside it. Lease terms matter too, since many of these loans finance improvements to rented space; the appraiser will want to see the lease and the earnings together.