STATE GUIDE
Independent third-party feasibility studies for SBA 7(a) and SBA 504 projects across Arizona, prepared to SOP 50 10 8 standards for lenders, CDCs, and SBA review.
$847M
Arizona 7(a) dollars, calendar 2025
1,648
7(a) loans, calendar 2025
$514K
Average Arizona 7(a) loan, calendar 2025
17,963
Jobs supported, calendar 2025
$226.9M
Phoenix SBA lending, calendar 2025
5.6 sq ft
Phoenix self-storage supply per resident
$165B
TSMC announced Arizona investment
$10M
Combined 7(a) and 504 cap from July 4, 2026
Arizona writes the largest average SBA check in its peer group: $514,000 across 1,648 calendar 2025 loans totaling $847 million, 1.1 times the national average, supporting 17,963 jobs through 121 active lenders. The geography is concentrated: Phoenix alone drew $226.9 million across 363 loans, with Scottsdale, Tucson, Mesa, and Gilbert filling a metro table that reflects one of the fastest-growing small business markets in the country.
The named program record runs through TMC Financing, Arizona's SBA 504 Lender of the Year for four consecutive years with 137 Arizona loans for $192 million in fiscal 2025: the Splash and Dash car wash and express fuel operation financed across multiple 504 loans totaling roughly $3.4 million for three facilities with 15 percent down, and the Speedway Car Wash project at $735,000 with about 80 percent financing. Tucson-based Arizona Capital Source, established in 1979 with more than $1.5 billion financed, anchors the in-state CDC field.
Under SOP 50 10 8, special-purpose properties such as hotels, car washes, gas stations, self-storage, RV parks, and marinas normally require a third-party feasibility study, and projection-based deals carry the same expectation. The SBA serves Arizona through the district office at 4041 North Central Avenue in Phoenix, led by District Director Robert J. Blaney, with a branch office on West Congress Street in Tucson.
Arizona saw 17,795 SBA-disbursed 7(a) and 504 loans across all industries between FY2010 and FY2026, worth $9.96 billion at an average ticket of $559,000. 7(a) carried 89.3% of the loan count; 504 covered the balance. 2,950 approvals have landed since FY2024.
Among the 12,782 seasoned loans in Arizona (approvals FY2010–FY2021), 6.6% reached adverse resolution — purchased, liquidated, or charged off — compared with 7.3% nationally. That performance runs below the national all-industry benchmark, a credit-positive signal. The state's most active SBA asset classes by loan count are restaurant, manufacturing, and medical or dental practice.
| Asset class | Loans FY2010–FY2026 | Approved volume | Average loan | Seasoned adverse rate |
|---|---|---|---|---|
| Restaurant | 1,355 | $742.3 million | $548,000 | 7.6% |
| Manufacturing | 1,212 | $810.9 million | $669,000 | 7.8% |
| Medical or dental practice | 964 | $573.4 million | $595,000 | 4.4% |
| Hotel | 377 | $818.3 million | $2.2 million | 2.8% |
| Trucking and logistics | 347 | $135.2 million | $390,000 | 12.8% |
| Fitness center | 332 | $158.4 million | $477,000 | 9.9% |
| Assisted living | 220 | $184.9 million | $840,000 | 4.3% |
| Gas station and c-store | 211 | $246.5 million | $1.2 million | 3.5% |
| Childcare center | 162 | $113.9 million | $703,000 | 0.0% |
| Veterinary clinic | 151 | $141.6 million | $938,000 | 1.5% |
| Event venue | 135 | $49.6 million | $367,000 | – |
| Car wash | 119 | $125.6 million | $1.1 million | 9.1% |
| Self-storage | 73 | $111.8 million | $1.5 million | 2.1% |
| Brewery, distillery, or winery | 54 | $34.9 million | $646,000 | 4.8% |
| Liquor store | 40 | $27.0 million | $676,000 | – |
| Laundromat | 32 | $13.4 million | $418,000 | – |
| RV park | 22 | $35.9 million | $1.6 million | – |
| Marina or boat storage | 3 | $6.6 million | $2.2 million | – |
– State-level rate not published where the seasoned cohort is under 30 loans; national benchmarks apply. Details in our data methodology.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only.
Arizona's 17,795 disbursed SBA loans and $9.96 billion in approved capital give lenders here a deep track record to underwrite against — which means projections in a feasibility study are read against a real local comp set, not a national average alone. For structuring, most owner-occupied real estate deals will map to SBA 7(a), while owner-occupied real estate and heavy equipment typically fit SBA 504. A rigorous third-party feasibility study is what turns those local numbers into a defensible credit narrative for the lender's underwriter and credit committee.
State loss experience
Mature-cohort SBA 7(a) loans in Arizona charged off at 6.07 percent by count and 2.31 percent by dollar, against national baselines of 6.44 and 2.92 percent. See the full 50-state analysis.
INDUSTRY SPOTLIGHT
Arizona is where Sun Belt growth meets the discipline of supply analysis. Phoenix carries 163 self-storage facilities totaling 11.24 million square feet, 5.6 square feet per resident, already above the national average, and per Yardi Matrix the metro held the number two construction pipeline in the country through late 2025 at 6.5 to 6.8 percent of existing inventory, with 260,232 square feet delivered in 2025 and 306,143 more projected for 2026. That is precisely the condition where a credible feasibility study earns its keep: absorption and rent benchmarks against a known pipeline, not against last year's occupancy.
The demand side is anchored by the largest single foreign direct investment in U.S. history: TSMC's announced $165 billion Phoenix semiconductor buildout, projected to support 6,000 direct fab jobs and 40,000 construction jobs over four years, in a metro already counting more than 140,000 semiconductor-relevant jobs. For feasibility work the implication runs through every class: manufacturing and supplier projections rest on an order book the SOP expects an independent study to test, while housing-led population growth feeds the storage, car wash, and childcare classes whose pipelines are growing just as fast as their demand.
11.24M
Phoenix self-storage square feet
#2
Phoenix construction pipeline rank, late 2025
$165B
TSMC announced investment
40,000
Projected TSMC construction jobs
Anonymized summaries of comparable feasibility studies we have delivered, including scope, methodology, and lender outcome.
NAICS NAICS 7211 family
NAICS 721211
NAICS NAICS 7225 family
NAICS No dedicated NAICS; 812990 proxy segment
NAICS 811192
NAICS NAICS 447 and 457 families
NAICS 531130
NAICS 624410
NAICS NAICS 6233 family
NAICS NAICS 6211, 6212
NAICS 541940
NAICS 713940
NAICS 812310
NAICS NAICS 445310, 445320
NAICS NAICS 484, 4885, 4931 families
NAICS 31-33
NAICS 3121
NAICS 713930
The SBA serves Arizona through the district office at 4041 North Central Avenue, Suite 1000, in Phoenix, led by District Director Robert J. Blaney with Deputy District Director Shivani Dubey, and a branch office at 300 West Congress Street in Tucson. Arizona Capital Source, established in 1979 in Tucson with offices in Phoenix and more than $1.5 billion financed under President Gary Molenda, anchors the in-state CDC field, with California-based TMC Financing named Arizona's SBA 504 Lender of the Year four consecutive years; the SBDC network runs through the Maricopa and Pima community college systems.
SBA lending has no geographic eligibility test, so Arizona feasibility work follows the growth corridors: greater Phoenix dominates, ranking ninth among all U.S. cities in SBA volume, with Scottsdale, Mesa, Gilbert, Tempe, and Chandler each carrying substantial books, while Tucson anchors the south at 161 calendar 2025 loans for $71.7 million. The north Phoenix semiconductor cluster, the I-10 freight corridor, Maricopa and Pinal County growth rings, and the Sedona and Grand Canyon resort gateways define where each project class concentrates, and HUBZone geography covers tribal lands and rural Arizona.
Live Oak leads Arizona at $76.9 million across 63 calendar 2025 loans, followed by Newtek, Wells Fargo, Zions through National Bank of Arizona, and Oklahoma City-based MidFirst Bank, a major Arizona presence carrying the state's lowest average rate at 7.29 percent, with Phoenix-headquartered Western Alliance, Arizona Financial Credit Union, and Mountain America in the table. The oversight climate is more prominent here than in most states: ReadyCap ranks fourth in Arizona at $32.2 million across 64 loans, its highest position in any state in this build, and Celtic Bank ranks seventh at $28.1 million across 53, and both were among the ten lenders USDA revoked from its own guaranteed programs in May 2026; a June 2026 Senate letter asked the SBA to review the revoked lenders' records, no SBA action has been announced, and the practical step is to confirm any lender's current preferred status and recent program activity before committing a deal to it.
Arizona Capital Source, established in 1979 and headquartered in Tucson with Phoenix offices, has financed more than $1.5 billion and anchors the in-state CDC field, while TMC Financing has been named Arizona's SBA 504 Lender of the Year four consecutive years, closing 137 Arizona loans for $192 million in fiscal 2025 after a combined 155 loans, $543 million in total project value, and 1,800 jobs across fiscal 2023 and 2024. The CDC underwrites the debenture, addresses special-purpose status in its credit memorandum, and carries the package through SBA processing.
For loans in fiscal 2026 under SOP 50 10 8, effective June 1, 2025 and amended March 1, 2026: 7(a) loans run to $5 million with an 85 percent guaranty up to $150,000 and 75 percent above, statutory fees restored, and a 0.55 percent annual service fee, with fees waived for small manufacturers on loans up to $950,000. 504 debentures run to $5 million, or $5.5 million for manufacturers and energy projects, on the 50/40/10 structure, with manufacturer fees waived and other 504 loans at a 0.50 percent upfront fee and 0.209 percent annual fee. Equity injection follows the 10/15/20 ladder, and from July 4, 2026 eligible borrowers can combine programs for up to $10 million under Policy Notice 5000-879058, with sequencing that matters: a 7(a) balance no longer reduces 504 capacity, but 504 balances still count against 7(a) room. Arizona stacking is thinner than most states, which makes the SBA programs proportionally more central to the capital stack: the state's SSBCI allocation of up to $111 million through the Arizona Commerce Authority runs a loan guarantee program covering up to 50 percent through CDFI partners plus two venture programs, with no loan participation, collateral support, or capital access tracks, and C-PACE is available for energy components.
Lenders and Certified Development Companies in Arizona do not need a business plan writer, they need an independent SBA feasibility study consultant whose conclusions survive credit committee. Our feasibility study company prepares signed, sourced studies to SOP 50 10 8 standards, with the analyst and reviewer named on the report.
Every Arizona engagement is calibrated to the program the file routes through: 7(a), 504 or Express. See when SBA requires a feasibility study, cost and turnaround, projections and DSCR testing and the methodology behind each Arizona study. Lenders and CDCs can start at for lenders or the CDC compliance guide.
About the firm and the analyst signing Arizona work: David Jones, MAI, CCIM, over 4,300 feasibility studies completed.
Fifteen-minute scoping call, written proposal inside one business day, firm fixed fee before you sign.
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