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

A clinic cell that took off in FY2024

Utah therapy clinics borrowed little until recently. Annual counts ran 3, 4, 6, 2, 2, 4 and 3 through FY2023, then jumped to 13 loans in FY2024 and 11 in FY2025, with 8 more already in FY2026. Of the 56 loans on file, which add up to $16.1 million, most are therefore young. The midpoint of $125,000 is 0.89x what therapy clinics get nationally at the midpoint, and the quartiles sit at $50,000 and $394,125. No loan is franchised (0.00%). Utah ranks 18 on count, with the class at 12 of 39 inside the state.

Four holders, and an unusual county list

Zions Bancorporation, National Association has 12 loans for $1.8 million, small tickets. Mountain America FCU follows with 8 loans and $881,000, then Central Bank with 6 loans and $2.3 million and Northwest Bank with 5 loans and $1.9 million. SBA names the holder today, not always the originator. The county named Utah has 16 loans, ahead of Salt Lake at 14, then Tooele at 6, Cache and Weber at 5, Washington at 4 and Davis at 3. Utah County edging out Salt Lake is a feature of this class that a study should explain, not assume.

Cancellation floor and missing losses

Utah clinic approvals lost at least 8.1% to cancellation before funding, with the same 8.1% as ceiling, so the floor is firm. The loss rate is absent: too few loans funded for SBA's rule, so we show nothing and imply nothing. As most Utah clinic loans were approved in the last three years, rates of every kind are floors on an unfinished record.

What a Utah therapy study has to test

A therapy clinic sells visits, and visits come from referrals. The study should name the referral sources, orthopedic and primary care practices, employers and sports programs, and show how many referrals a new location can expect. Recent approvals suggest competition is rising, so map the clinics already within a short drive. Therapist supply limits revenue, so give the hiring plan, wages and the number of visits per therapist per day. State the payer mix and the collection per visit after insurer reductions. A leasehold fit-out and equipment package fits the loan size; itemise it and compare the lease term with the loan term. Coverage should be tested with a slow referral ramp and the loss of the lead therapist. Where the project follows the FY2024 wave of openings, say how it differs.