SOP 50 10 8

The four circumstances that trigger a feasibility study

Effective 1 June 2025. A single transaction frequently meets more than one.

1

Startup or under two years

No operating history exists, so the projection carries the file. Applies to 54.0% of fitness-centre borrowers and 53.0% of surgical-centre borrowers.

Study expected
2

Complete change of ownership

Historical performance belongs to the seller's operation. The question is whether it survives the transfer.

Study expected
3

New construction or major expansion

The asset does not exist, or exists at a materially different scale than proposed.

Study expected
4

Special-purpose or limited-purpose property

Collateral built for one use with limited alternative use. Also raises the 504 equity injection and triggers a specialist going-concern appraisal above $250,000 of intangible value.

Study + equity

The first three are transaction characteristics a lender can identify immediately. The fourth is a property classification, and it is the one that changes the economics of the deal — because it also sets the 504 equity injection.

10%
504 equity injection, standard transaction
15%
Special-purpose property
20%
Startup acquiring a special-purpose property
Source: SBA SOP 50 10 8 (effective 1 June 2025) and analysis of SBA 7(a) and 504 FOIA loan-level data (as of 31 March 2026), FY2021–FY2025 originations. Published by sba-feasibility-study.com.