ARIZONA · NAICS NAICS 445310, 445320
Arizona liquor store projects run through the state's series license structure, where license value concentrates deal economics in intangibles. Studies translate trade-area density, product mix, and license economics into projections, and reconcile goodwill-heavy acquisitions against the going-concern appraisal triggered above the SOP's intangibles threshold.
FEASIBILITY TRIGGER
License and goodwill value above $250,000 of intangibles triggers the independent going-concern appraisal alongside any study, and Arizona series license transfer timing enters the closing schedule.
Arizona generated 40 SBA-disbursed liquor store loans between FY2010 and FY2026, worth $27.0 million in approved 7(a) and 504 financing at an average of $676,000 per deal. Ranked #26 of 38 states for liquor store SBA volume, the state captures 0.5% of national liquor store dollars. 100.0% of the loans ran through 7(a) with 504 covering the remainder; 4 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 40 |
| Approved volume | $27.0 million |
| Average loan size | $676,000 |
| 7(a) share | 100.0% |
| Approvals since FY2024 | 4 |
| State rank by loan count | #26 of 38 |
The state-level seasoned cohort in this segment is below our publication threshold of 30 loans, so no state rate is shown. Nationally, seasoned liquor store loans (approvals FY2010–FY2021) show an adverse-resolution rate of 4.4%, against 7.3% across all industries.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
An adverse-resolution rate of 4.4%, close to the national liquor store benchmark of 4.4%, puts Arizona deals in this class on ordinary SBA credit footing. Across 40 loans averaging $676,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Arizona liquor stores project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Arizona projects most often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, which is decisive in a state where Sun Belt growth has pushed land and improvement costs higher each cycle. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Arizona's series license system concentrates value in license intangibles, putting most acquisitions in going-concern appraisal territory.
For a national view of this asset class, see our liquor store SBA feasibility overview, and read our related analysis in the liquor store lending research on our blog.
Compare neighboring markets: California, Texas.
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