COLORADO · NAICS NAICS 445310, 445320
Colorado liquor store projects run through a license framework reshaped by the post-2023 grocery wine expansion, which has redrawn independent store trade areas. 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 Colorado's post-2023 grocery wine expansion has reshaped independent store trade areas, making demand analysis the center of the model.
From FY2010 through FY2026, Colorado recorded 941 SBA-disbursed liquor store loans across the 7(a) and 504 programs, representing $595.8 million in approved financing at an average loan size of $633,000. The state sits at rank #2 of 38 for liquor store SBA lending volume and holds 10.8% of the national liquor store dollar pool. 7(a) accounts for 97.1% of the count, 504 for the rest, with 156 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 941 |
| Approved volume | $595.8 million |
| Average loan size | $633,000 |
| 7(a) share | 97.1% |
| Approvals since FY2024 | 156 |
| State rank by loan count | #2 of 38 |
Among the 672 seasoned loans in this segment (approvals FY2010–FY2021), 4.6% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for liquor store is 4.4%, against 7.3% across all industries. That is broadly in line with the national benchmark for this asset class.
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 4.6%, close to the national liquor store benchmark of 4.4%, puts Colorado deals in this class on ordinary SBA credit footing. Across 941 loans averaging $633,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Colorado 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.
Colorado 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, decisive in a state where Front Range land costs run high. 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.
Colorado's post-2023 grocery wine expansion has reshaped independent store trade areas, putting demand analysis at the center of the deal.
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, Connecticut, Texas.
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