MINNESOTA · NAICS NAICS 447 and 457 families
Minnesota gas station and convenience store deals run along the I-94 and I-35 corridors that carry the Upper Midwest's freight through travel center and c-store trade areas. The state's homegrown c-store operators set a high competitive bar for independent sites, and lenders require Phase I environmental due diligence alongside a third-party feasibility study.
FEASIBILITY TRIGGER
Gas stations and c-stores are special-purpose; a third-party study is normally required, with Phase I environmental due diligence and elevated equity.
Minnesota generated 330 SBA-disbursed gas station and c-store loans between FY2010 and FY2026, worth $159.9 million in approved 7(a) and 504 financing at an average of $485,000 per deal. Ranked #12 of 38 states for gas station and c-store SBA volume, the state captures 1.2% of national gas station and c-store dollars. 78.2% of the loans ran through 7(a) with 504 covering the remainder; 28 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 330 |
| Approved volume | $159.9 million |
| Average loan size | $485,000 |
| 7(a) share | 78.2% |
| Approvals since FY2024 | 28 |
| State rank by loan count | #12 of 38 |
Among the 283 seasoned loans in this segment (approvals FY2010–FY2021), 10.6% 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 10.6% 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 Minnesota 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 $485,000 across 330 loans.
Every Minnesota 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.
Minnesota projects 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 calendar 2025 average rate ran 0.63 points below the national figure. 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 and I-35 corridors carry the Upper Midwest's freight through travel center and c-store trade areas, and Minnesota's homegrown c-store operators set a high competitive bar for independent sites.
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.
Public SBA and CDC program records, cited as program evidence
SBA 504 through B:Side Capital with InBank
Convenience store and fuel concept, national program evidence
Denver, Denver County, Colorado
Fifteen-minute scoping call, written proposal inside one business day, firm fixed fee before you sign.
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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