Guides, analysis, and resources for SBA borrowers and lenders
Original Research
Original SBA research on asset-class loan performance, cap rates, 7(a) and 504 coverage floors, supportable prices and equity gaps at October 2026 rates.
Read Article →Original Research
Flagship original research: reconciled SBA default rates by sector, the predictors of default, where SBA capital went FY2019-FY2026, and the Risk Meter sector bands.
Read Article →SBA Loan Data
15 years of SBA 7(a) loan data on charge-offs by business age, and what the SOP 50 10 8.1 1.25x acquisition coverage test means.
Read Article →Sector Analysis
Record fuel margins meet SOP 50 10 8.1 historical-only acquisition underwriting: SBA lending, default rates, EV charging, tanks, values and the outlook to 2035.
Read Article →DSCR & Financial Metrics
How SBA loan DSCR is defined, normalized, calculated and stress-tested under SOP 50 10 8.1, including 7(a), 504, acquisitions and global coverage.
Read Article →SBA Requirements
What SOP 50 10 8.1, the September 25 technical update, FY2027 fees, the Fed rate hike and OIG Report 26-14 mean for SBA feasibility studies.
Read Article →SBA Requirements
What an SBA feasibility study is, when SBA and lenders require one under SOP 50 10 8.1, what it contains, and how its methodology differs from a conventional study.
Read Article →Sector Analysis
The transient revenue test, SOP 50 10 8.1 acquisition rules, FY2027 rural fee relief, DSCR and SBA 7(a) versus 504 structuring for RV parks and campgrounds.
Read Article →Sector Analysis
Market size, express tunnel economics, memberships and churn, build costs, valuations, saturation risk, and SBA and USDA financing for car washes through 2030.
Read Article →Sector Analysis
Storage rents, the shrinking supply pipeline, REIT and private operator performance, the RV and boat storage growth niche, cap rates and lease-up through 2028, and what SBA 7(a) and 504 lenders need to see in a storage feasibility study.
Read Article →Sector Analysis
RevPAR, ADR, supply pipeline, operating costs, cap rates and hotel credit conditions through 2028, and the specific adjustments a lodging feasibility study or SBA credit memo should make in a K-shaped market.
Read Article →Sector Analysis
The most-financed category in SBA lending, and the one where the sector average hides everything that matters. Why the famous first-year failure rate is fiction, why full-service and limited-service default at opposite ends of the book, and how a restaurant projection is actually built.
Read Article →Sector Analysis
The safest credits in the SBA portfolio still fail underwriting, and not for the reason borrowers expect. How a lender-grade medical and dental feasibility study is built around provider productivity, payer mix, and the valuation that decides the file.
Read Article →Sector Analysis
A childcare centre cannot outgrow a slow lease-up. Why licensed capacity is a ceiling almost no centre reaches, why the fixed labour floor inverts normal ramp economics, and how a lender should size the cash trough.
Read Article →SBA Loan Process
Four tests decide every SBA file: eligibility, injection, repayment and evidence. The 2026 document matrix by transaction type, the numbers underwriting computes, and the checklist that says whether a feasibility study is required.
Read Article →Interest Rates
SBA borrowing cost doubled in three years and has since eased. A $500,000 loan that needed $74,883 of NOI to clear a 1.15x coverage test in FY2021 now needs $92,103. Updated quarterly.
Read Article →SBA Regulations
Four circumstances trigger a feasibility study under SOP 50 10 8. One is defined by property type rather than transaction, changes the 504 equity injection from 10% to 20%, and has no published NAICS list. This is that list.
Read Article →Timeline & Process
An approval is not a loan. One in eight SBA approvals never funds, and both cancellation rates and time to closing deteriorated sharply in FY2025.
Read Article →SBA Regulations
The SOP requires a feasibility study for special-purpose properties on the premise that they are riskier. In the loss data, hotels and gas stations are among the safest credits in the programme.
Read Article →Franchise
Franchising sells itself on reduced risk. Across 42,463 seasoned SBA loans, franchised borrowers charged off more often than independents, not less.
Read Article →Market Analysis
Every SBA lending figure worth citing, computed from the agency's own loan-level release and updated quarterly. Free to quote with attribution.
Read Article →Market Analysis
The FY2023 SBA cohort borrowed at nearly double the FY2021 rate, 85% of it on variable terms, and it is failing faster than any book measured. The losses are not close to fully expressed.
Read Article →Market Analysis
Ranked by volume the SBA lender league table looks familiar. Ranked by how those loans performed it nearly inverts, and the variable that explains the inversion is not underwriting skill.
Read Article →Market Analysis
A county-level analysis of 293,896 SBA 7(a) and 504 loans approved FY2021 to FY2025, normalized against 8.3 million businesses. The spread between the best and worst-served counties is 5.6 to 1.
Read Article →SBA Feasibility Study Guide
A plain-language beginner guide covering what a feasibility study is, when your lender requires one, what it contains, how the process works, what it costs, and common myths debunked.
Read Article →Sample Report
Walk through a redacted sample feasibility study report section by section. See example exhibits, tables, maps, and charts from an actual SBA-compliant deliverable.
Read Article →Common Mistakes
Insider perspective on the most common errors that cause feasibility studies to fail lender review: understated competition, optimistic projections, missing sensitivity analysis, stale data, and more.
Read Article →Timeline & Process
Realistic timelines by project complexity, the factors that accelerate or delay delivery, data availability issues, rush vs standard options, and how your responsiveness affects the schedule.
Read Article →Franchise
Franchise-specific feasibility considerations: SBA Franchise Directory compliance, Item 19 Financial Performance Representations, franchisor territory protection, and unit economics validation.
Read Article →SBA Regulations
What makes a property 'special purpose' under the SBA SOP, why it triggers a mandatory feasibility study, examples by asset class, conversion risk analysis, and limited market analysis requirements.
Read Article →Comparison
The clear distinction between feasibility studies and appraisals for SBA loans. Prospective vs retrospective analysis, USPAP vs SBA SOP standards, when you need both, cost comparison, and timeline considerations.
Read Article →Market Analysis
Data-driven analysis of SBA lending volumes through FY2025. Which asset classes are growing, geographic trends, interest rate environment impact, and how lending patterns affect feasibility study demand.
Read Article →Loan Approval
How credit committees weigh feasibility studies in underwriting decisions, what happens when findings are negative or conditional, and how study quality affects approval timeline.
Read Article →New Construction
Construction-specific feasibility requirements including cost estimation integration, lease-up period analysis, construction timeline risk, stabilized occupancy projections, and SBA construction loan disbursement requirements.
Read Article →Consultant Selection
Borrower selection criteria for feasibility study consultants. Questions to ask, red flags to avoid, credentials that matter, experience by asset class, independence requirements, and why cost should not be the primary criterion.
Read Article →Mixed-Use Development
Unique challenges of mixed-use feasibility analysis: how to allocate revenue and expenses across components, SBA eligibility for the commercial portion, residential component treatment, and parking and shared infrastructure analysis.
Read Article →DSCR & Financial Metrics
DSCR explained for non-finance audiences. SBA minimum thresholds by program and lender, how feasibility studies project DSCR, sensitivity analysis around DSCR, and what happens when the projected ratio is marginal.
Read Article →Rural Markets
Data availability challenges in rural markets, population density impact on demand analysis, limited comp set approaches, USDA alternative financing for rural projects, and drive-time vs radius analysis.
Read Article →Project Types
Different analytical frameworks for acquisitions versus startups. Existing revenue streams versus projected, historical performance validation, goodwill and going concern analysis, and startup risk premium in financial modeling.
Read Article →Interest Rates
How the rate environment affects DSCR projections. Sensitivity analysis for rate changes, fixed vs variable rate modeling, impact on project feasibility thresholds, and historical rate context.
Read Article →Environmental
How environmental factors integrate into feasibility analysis. Environmental screening findings and their impact, brownfield considerations, wetlands and flood zone implications, FEMA flood zone analysis, and remediation cost effects on projections.
Read Article →Quality Indicators
The warning signs experienced credit officers identify in deficient feasibility studies. Overly optimistic projections, insufficient market data, template-quality analysis, missing sensitivity analysis, and unvalidated operator assumptions.
Read Article →Business Expansion
Expansion-specific analytical approach using existing performance as baseline. Market capacity for additional supply, cannibalization risk from new location, and economies of scale in operating expenses.
Read Article →Post-Pandemic Analysis
Lasting changes in feasibility methodology from the pandemic era. Remote work impact on commercial demand, pandemic risk scenario modeling, changed consumer behavior patterns, lender risk tolerance shifts, and updated data normalization approaches.
Read Article →Sector Analysis
An SBA feasibility lens on two non-cyclical verticals. Market size, the recession-resistance evidence and its limits, unit economics, 7(a) and 504 financing including loan performance, and the feasibility factors that separate financeable projects from marginal ones.
Read Article →Franchise
Most fuel brands are not franchises and most big car wash chains are company-owned. A unit-economics ranking of the genuine SBA-financeable franchises in both verticals, with loan performance, build-out cost, and the structural risk in each category.
Read Article →Sector Analysis
A return-on-invested-capital ranking of SBA-financeable businesses: veterinary, dental, self-storage, car wash, funeral home, home care, RV park, and the sectors to avoid.
Read Article →Sector Analysis
An underwriter's breakdown of revenue, margin, owner take-home, and cash-on-cash return for car washes, gas stations, and self-storage facilities, using sold-transaction data and public filings.
Read Article →SBA Acquisition Strategy
How the 2026 SBA 5% down seller-note structure works under SOP 50 10 8, why the old zero-down rule ended, and the reality checks that decide whether a low-cash closing actually closes.
Read Article →Sector Analysis
Why insurance agencies lead the lowest-default industries in SBA lending, how recurring revenue drives their returns, and what buyers should verify before financing 90% of one.
Read Article →Sector Analysis
A data-led ranking of SBA 7(a) loan performance across the major financed sectors, from the lowest-default businesses to the highest, and the structural reasons the ranking looks the way it does.
Read Article →SBA Regulations
A precise, current reference on how a borrower funds an SBA down payment under SOP 50 10 8, covering every compliant source of equity, the full-standby seller note, and the lender realities that separate the rule on paper from money changing hands.
Read Article →SBA Regulations
A precise reference on how the SBA defines a special-purpose property, which asset types qualify, why the classification is the single rule that most often requires a feasibility study, and the consequences it carries for equity injection and appraisal.
Read Article →SBA Regulations
A precise, current decision guide comparing SBA 7(a) and 504 loans across use of proceeds, structure, rates, terms, down payment, and fees, with a framework for choosing the right program for your project.
Read Article →SBA Acquisition Strategy
A precise, current playbook for buying a business with an SBA 7(a) loan under SOP 50 10 8: eligibility, equity injection, the valuation requirement, debt-service coverage, the step-by-step process, and the pitfalls that sink deals.
Read Article →Feasibility Methodology
Why understated expenses, not overstated revenue, are the leading cause of feasibility study rejection, and how a rigorous analyst rationalizes each operating expense line against named industry benchmarks.
Read Article →SBA Regulations
A precise, dated current-state briefing on the SBA lending rules in effect for 2026, covering equity injection, the March 2026 citizenship rule, the July 2026 combined-cap decoupling, change of ownership, collateral, and underwriting.
Read Article →Feasibility Methodology
A transparent guide to the cost of a lender-grade SBA feasibility study: the typical ranges, the drivers that move the price, what a borrower gets at each tier, and why the cheapest study is often the most expensive.
Read Article →Feasibility Methodology
The complete methodology for building the multi-year financial projection an SBA lender will accept, from the demand-driven revenue build through net operating income, debt-service coverage, break-even, and sensitivity analysis.
Read Article →SBA Regulations
Why ground-up construction faces the most demanding feasibility standard under SOP 50 10 8, how a construction study differs from an acquisition study, and what a new build must prove to secure SBA financing.
Read Article →Feasibility Methodology
The specific, recurring defects that cause an SBA feasibility study to fail lender and reviewer scrutiny, from optimistic revenue to absent sensitivity analysis, and how a rigorous study avoids each.
Read Article →Feasibility Methodology
A precise account of the four analytical documents an SBA deal touches, the distinct question each answers, why they are not substitutes, and when a project needs more than one.
Read Article →Sector Analysis
How a lender-grade hotel feasibility study is built around the metrics a lodging deal turns on: occupancy, ADR, RevPAR, penetration against the competitive set, demand segmentation, and break-even occupancy.
Read Article →Sector Analysis
How a lender-grade self-storage feasibility study is built around the saturation ratio of net rentable square feet per capita, the supply pipeline, effective rates, economic occupancy, and the multi-year lease-up.
Read Article →Sector Analysis
How a lender-grade car wash feasibility study is built around the traffic and capture chain, cars washed per day, revenue per car, and the unlimited-wash membership economics that define the modern express-tunnel model.
Read Article →Sector Analysis
How a lender-grade gas station and convenience store feasibility study is built around the sector's defining two-business frame, with fuel and in-store analyzed separately on gross profit rather than revenue.
Read Article →DSCR & Financial Metrics
How the rate environment flows through the feasibility math, raising debt service, compressing debt-service coverage, and turning financeable deals marginal, and how a rigorous study models and stress-tests rate risk.
Read Article →Sector Analysis
How a lender-grade assisted living and senior care feasibility study is built around the age and income-qualified penetration analysis, the payor mix, the labor-intensive cost structure, and the multi-year lease-up.
Read Article →Investment Analysis
An evidence-based ranking of the best businesses to acquire or develop with an SBA loan, synthesizing default risk, return, cash-flow durability, and financeability into a single risk-adjusted framework.
Read Article →We are an independent SBA feasibility study company. Our SBA feasibility study consultants prepare lender ready studies under SOP 50 10 8 standards. See feasibility study cost and pricing, then request a fixed fee quote. Every study is benchmarked against our flagship SBA Feasibility Risk Meter research on 1,036,077 SBA loans.
Also useful: completed engagement record, our methodology, original SBA loan research and the firm and analyst profile.