SBA 504 Physician Office Industry Analysis
SBA 504 loans are a key financing tool for physician offices, supporting real estate purchases, expansions, and facility upgrades.
Explore real lending data, average loan sizes, and market trends across the U.S.
Physician Offices
Market Analysis
A comprehensive look at SBA 504 lending activity for Offices of Physicians (NAICS 621111 & 621112), covering loan volume, geography, lender participation, and borrower profile from FY2023 through FY2026 (as of 12/31/2025).
Number of Loans by Fiscal Year
Dollar Volume by Fiscal Year
Key Takeaway
Physician office 504 lending is on a strong growth trajectory — loan counts jumped 29% from FY2023 to FY2025 (123 → 159), and dollar volume is up 49% ($123M → $183M) over the same period. This is one of the fastest-growing medical-sector segments in the SBA 504 portfolio.
SBA 504 Approval Amount Brackets
Loan Term & Business Profile
Loan Term Length
Business Maturity
Key Takeaway
Physician office loans cluster in the $500K–$1M bracket (152 loans, 33% of total), with another 94 loans in the $250K–$500K range. The average loan of $1.10M is notably larger than dental practices ($963K) but smaller than gas stations ($1.49M). 87% of borrowers are established practices (2+ years old) — a mature, low-risk borrower profile similar to dentists.
Top 15 States by Loan Count
Top 15 States by Dollar Volume
Top Counties
| County | State | Loans |
|---|---|---|
| Los Angeles | CA | 48 |
| Orange | CA | 29 |
| Miami-Dade | FL | 13 |
| San Diego | CA | 13 |
| Maricopa | AZ | 12 |
| Washoe | NV | 11 |
| San Bernardino | CA | 8 |
| Clark | NV | 8 |
| Broward | FL | 8 |
| Hillsborough | FL | 6 |
| Riverside | CA | 6 |
Key Takeaway
California and Florida together account for 47% of all physician office 504 loans nationally. Los Angeles County alone has 48 loans — more than any full state outside of California and Florida. Southern California (LA, Orange, San Diego, San Bernardino, Riverside) combines for 104 loans, representing 23% of the entire U.S. market. Puerto Rico is a notable entrant with 17 loans, reflecting a unique sub-market served by local CDCs and Banco Popular.
| CDC Name | Loans | Total Volume | Avg Loan |
|---|---|---|---|
| California Statewide Certified | 57 | $84,125,000 | $1,475,877 |
| Mortgage Capital Development Corp | 48 | $76,735,000 | $1,598,646 |
| Florida Business Development Corp | 47 | $50,547,000 | $1,075,468 |
| Florida First Capital Finance | 31 | $28,023,000 | $903,968 |
| Business Finance Capital | 26 | $31,335,000 | $1,205,192 |
| Empire State Certified Development | 18 | $21,169,000 | $1,176,056 |
| CDC Small Business Finance Corp | 10 | $13,873,000 | $1,387,300 |
| Mountain West Small Business Finance | 9 | $11,520,000 | $1,280,000 |
| Corp. Financiamiento Empresarial | 9 | $3,590,000 | $398,889 |
| LiftFund, Inc. | 8 | $9,422,000 | $1,177,750 |
Key Takeaway
California Statewide Certified leads in loan count (57) and volume ($84.1M), closely followed by Mortgage Capital Development Corp (48 loans, $76.7M). The Florida CDCs (Florida Business Development + Florida First Capital) collectively account for 78 physician office loans — showing strong penetration in the Florida medical market. Corp. Financiamiento Empresarial is the dominant Puerto Rico CDC, with smaller average deal sizes reflecting that market's profile.
| Lender | Loans | 504 Volume |
|---|---|---|
| JPMorgan Chase Bank, N.A. | 49 | $47,189,000 |
| First-Citizens Bank & Trust | 24 | $36,950,000 |
| Bank of America, N.A. | 13 | $14,568,000 |
| Wells Fargo Bank, N.A. | 11 | $15,642,000 |
| Harvest Commercial Capital, LLC | 10 | $10,263,000 |
| First Citizens Bank | 9 | $14,557,000 |
| Zions Bank | 9 | $10,064,000 |
| Banco Popular de Puerto Rico | 9 | $3,586,000 |
| Glacier Bank | 8 | $7,644,000 |
Key Takeaway
This is a national-bank-dominated market. JPMorgan Chase is the runaway leader with 49 loans and $47.2M in volume — nearly double the next closest lender. The top four lenders (Chase, First-Citizens, Bank of America, Wells Fargo) are all major national players, which is a notable difference from gas stations (community-bank driven) and dental practices (mixed). Banco Popular de Puerto Rico holds the top spot in the Puerto Rico sub-market.
Loan counts up 29% and dollar volume up 49% from FY2023 to FY2025. Physician offices represent one of the most active growth segments in SBA 504 lending, with 455 total loans and over $500M in approvals.
87% of borrowers are established practices (2+ years old) with stable patient revenue and essential-service demand. 96% are structured as corporations — a mature, bankable borrower base well-suited to SBA 504 lending.
Unlike gas stations, physician offices are dominated by major national banks. JPMorgan Chase alone accounts for 11% of all third-party loans in this space. For CDCs, building relationships with Chase, First-Citizens, BofA, and Wells Fargo is essential.