Physical Therapy Clinic Feasibility Study in North Carolina

North Carolina in the rehabilitation clinic data

For rehabilitation and therapy clinics, North Carolina logs 72 loans across FY2017 to FY2026, with $30.0 million approved. The state ranks 17 of 54 for the class, and the class ranks 15 of 39 among North Carolina's financed classes. The location quotient is 0.93x, a touch under the national share. The striking figure is the median loan: $250,000 is 1.67x the national median for the class, so a North Carolina therapy clinic borrows far more than the typical clinic elsewhere. The middle half runs from $98,250 to $544,200, so this is not driven by a few outliers alone.

Mix, franchise presence and lenders

Program counts are 66 under SBA 7(a) and 6 under SBA 504. For lenders, Wells Fargo Bank National Association shows 9 loans and $3.0 million, and Pinnacle Bank shows 5 loans and $2.7 million; these are the only lenders with at least 5 loans, which means the rest of the market is fragmented across many institutions that each lend a few times. A borrower seeking this kind of loan will often meet a lender with no prior therapy-clinic file, and a prepared package matters. The franchise share is 5.6%, so a minority of clinics are branded and most are independent practices built around a therapist-owner.

The cancellation floor is 14.5% on approvals made from FY2017 to FY2024, and the ceiling matches it at 14.5%. Roughly speaking, that is a high share of approved clinics that did not reach funding, and a lender should ask what fell through: a lease, a hire or a payer contract. No charge-off rate appears for North Carolina therapy clinics, because under 30 loans have seasoned long enough to measure. We do not print a figure and it should not be read as zero.

What a North Carolina feasibility study has to test

Mecklenburg shows 12 loans and Wake 10, with Durham at 6, so the Charlotte, Raleigh and Durham corridors lead, with coastal Brunswick and New Hanover at 4 each. The study should test referral volume from physicians and surgeons, since therapy revenue follows referrals, along with payer mix and the reimbursement rates that apply. Cost should cover gym equipment, treatment rooms and the fit-out; the higher median says lenders see real build-out needs. Debt service coverage should assume a hiring ramp, as clinic capacity depends on licensed therapists. The appraisal for leased space leans on lease terms. The yearly record, 12 loans in FY2021 and 1 in FY2020, shows how sharply this market moves.