MICHIGAN · NAICS NAICS 447 and 457 families
Michigan gas station and c-store projects sit on the I-94, I-96, and I-75 freight corridors, with travel-center demand layered onto local trade areas. Studies translate traffic counts, fuel margins, inside sales, and food service into projections, reconcile Phase I environmental scoping against site history, and stress-test coverage where the inside-sales mix increasingly carries the model.
FEASIBILITY TRIGGER
Gas stations and c-stores are special-purpose under SOP 50 10 8, so a third-party feasibility study is normally required, Phase I environmental due diligence applies, and elevated equity is expected.
Michigan generated 434 SBA-disbursed gas station and c-store loans between FY2010 and FY2026, worth $229.4 million in approved 7(a) and 504 financing at an average of $529,000 per deal. Ranked #9 of 38 states for gas station and c-store SBA volume, the state captures 1.7% of national gas station and c-store dollars. 93.8% of the loans ran through 7(a) with 504 covering the remainder; 49 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 434 |
| Approved volume | $229.4 million |
| Average loan size | $529,000 |
| 7(a) share | 93.8% |
| Approvals since FY2024 | 49 |
| State rank by loan count | #9 of 38 |
Among the 352 seasoned loans in this segment (approvals FY2010–FY2021), 5.1% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for gas station and c-store is 4.3%, against 7.3% across all industries. That performance runs above the national benchmark for this asset class, which is a factor lenders weigh in their credit decision.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 5.1% adverse-resolution rate against the national gas station and c-store benchmark of 4.3% tells credit committees to scrutinize revenue projections and coverage assumptions closely on Michigan deals in this class. A rigorous third-party feasibility study — built on documented demand, defensible pricing, and stressed coverage — carries meaningful weight in that underwriting conversation, particularly at an average loan size of $529,000 across 434 loans.
Every Michigan gas stations and c-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.
Michigan 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, and the state's Collateral Support Program can layer up to 40 percent collateral coverage onto qualifying deals. 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.
The I-94, I-96, and I-75 corridors carry the automotive freight economy through travel center and c-store trade areas.
For a national view of this asset class, see our gas station and c-store SBA feasibility overview, and read our related analysis in the gas station and c-store lending research on our blog. Lenders and CDCs can order an SBA gas station feasibility study tested against SBA’s Appendix 7 environmental rules.
Compare neighboring markets: Massachusetts, Minnesota, Texas.
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Book a MeetingOur SBA feasibility study consultants prepare fuel, convenience store and travel center studies for lenders, CDCs and sponsors. See pricing, methodology or request a fixed fee quote.
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