Physical Therapy Clinic Feasibility Study in New York

Therapy clinics are a New York specialty

Rehabilitation and therapy clinics are a New York strength: the state is 4 of 54 by SBA approvals in the class, 285 of them worth $91.6 million over FY2017 to FY2026. Its location quotient, 1.30x, puts therapy clinics well above the slice of SBA lending they hold nationwide. The New York median, $120,000, is 0.80x the national therapy clinic median, and the quartiles bracket it at $50,000 and $350,000. Inside the state the class ranks 13 of 39. No measure here stands apart from both benchmarks, so the New York record is best read for its shape: many small loans, many holders and a light loss history.

Loans of this size can fund a leased clinic, its treatment equipment and working capital. SBA 7(a) accounts for 261 New York clinic approvals against 24 under SBA 504, and the 7(a) book is split among large banks: JPMorgan Chase Bank, National Association holds 48 worth $11.2 million, TD Bank, National Association 39 worth $11.4 million, and Manufacturers and Traders Trust Company 37 worth $4.6 million. KeyBank National Association holds 12 and BayFirst National Bank 11. Empire State Certified Development Corporation leads the 504 side with 21 loans worth $8.0 million. Franchise brands are 1.4% of the count.

Repayment and the pace of lending

Losses are light and arrived late. Of 112 New York clinic loans that funded in FY2017 to FY2021, a 1.8% share has gone to charge-off, and nothing failed inside the first five years, where the figure reads 0.00%. Cancellation affected 10.0% of FY2017 through FY2024 approvals, or 11.4% counting undisbursed loans as cancelled. Lending has picked up: after a low of 11 approvals in FY2020, volume reached 38 in FY2024 and 45 in FY2025, the peak of the period, before 30 in FY2026.

What a New York therapy clinic study must test

Queens holds 40 approvals, Nassau 37, Suffolk 33, Manhattan 31 and Brooklyn 26, with Westchester at 19 and Erie at 18. A feasibility study has to test referral flow from physicians, surgeons and hospitals, the payer mix including injury and workers' compensation cases, and the visits per therapist the clinic can sustain. The cost side covers leasehold improvements, treatment equipment and the receivables a clinic carries while claims are paid. Build the coverage test from what each New York visit actually collects after denials, and from therapist staffing at realistic productivity. The appraisal rarely drives these loans, so the lender relies on cash flow and the lease; where 504 buys a condominium or building, it must be valued as medical space for another user. The data shows no coding caveat or shared industry code for therapy clinics in New York.