SBA 7(a) Physical Therapy Clinic Feasibility Study in Kansas

Kansas therapy clinics: a $100,000 median

The median loan for Kansas rehabilitation and therapy clinics under 7(a) is exactly $100,000, which is 0.71x the nationwide figure; the middle loans run from $40,125 to $358,075. With 30 approvals worth $11.7 million in all, a handful of big loans, including $6.0 million of FY2026 lending, lift the total far above what the median would imply. Franchising is 0.00%. Kansas stands at 30 among states by count, and clinics occupy 13 of 39 in the state. Our margin test flags nothing here.

Two banks and the metro counties

The Bank of Missouri holds 8 loans and $1.2 million, and First National Bank of Omaha 5 loans and $1.4 million, as SBA now records the holders; the second has fewer loans but a larger total. Johnson County has 13 loans and Sedgwick 8, Crawford 4 and Wyandotte 2. Approvals include a single loan of $2.1 million in FY2019, none in FY2020, 6 loans and $735,500 in FY2024, and 7 loans and $6.0 million in FY2026.

Kansas offers too thin a count for any cancellation share or charge-off share, so none appears, and no zero is implied.

Testing a Kansas clinic

The study must say what the loan buys. A therapist opening a first clinic needs a different analysis from an owner buying an established practice, where retention of the therapist-owner and of referral relationships decides value. Referrals from surgeons, primary care physicians and employers should be named and their volume estimated. Capacity follows therapist headcount and treatment rooms. Revenue per visit depends on payer mix and limits on covered visits, so project income from payer assumptions instead of a single average. In smaller Kansas communities one clinic may serve a wide area, and the study should show the distance patients travel. Show the ramp from opening to a working caseload and the owner's pay. A lease should outlast the payback of the improvements. Appraisal will favour the going concern over the premises, so the study should explain how lease terms, signage and parking will support steady visits, and how the owner will handle the weeks after opening when the schedule is still partly empty.

A median of $100,000 is small enough that the owner's own pay becomes a large part of coverage. The study should show a salary the owner can live on, because a lender will test whether the clinic survives after that pay, and the figure also affects how willing the owner is to stay.