NEW JERSEY · NAICS NAICS 447 and 457 families
New Jersey gas station and c-store deals run under a structural labor mandate that exists nowhere else in the country. Studies reprice fuel margin off national benchmarks, weight inside sales and food service accordingly, and reconcile Phase I environmental work with lender and SBA expectations.
FEASIBILITY TRIGGER
Gas stations are special-purpose under SOP 50 10 8, so a third-party feasibility study is normally required, Phase I environmental due diligence applies, elevated equity is the norm, and in New Jersey a structural labor mandate found nowhere else in the country sits on top.
From FY2010 through FY2026, New Jersey recorded 220 SBA-disbursed gas station and c-store loans across the 7(a) and 504 programs, representing $101.3 million in approved financing at an average loan size of $460,000. The state sits at rank #17 of 38 for gas station and c-store SBA lending volume and holds 0.7% of the national gas station and c-store dollar pool. 7(a) accounts for 98.6% of the count, 504 for the rest, with 37 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 220 |
| Approved volume | $101.3 million |
| Average loan size | $460,000 |
| 7(a) share | 98.6% |
| Approvals since FY2024 | 37 |
| State rank by loan count | #17 of 38 |
Among the 169 seasoned loans in this segment (approvals FY2010–FY2021), 4.7% 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 4.7% 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 New Jersey 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 $460,000 across 220 loans.
Every New Jersey 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.
New Jersey 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, which matters where North Jersey land and improvement costs run with the metro New York market. 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.
New Jersey is the sole remaining state prohibiting self-service fuel under the Retail Gasoline Dispensing Safety Act of 1949, codified at N.J.S.A. 34:3A-1, with more than 1,900 stations and roughly 10,000 attendants, and the state association puts the attendant premium near 12 cents per gallon; a credible study therefore reprices fuel margin off national benchmarks, weights inside sales and food service accordingly, and models the mandate as a permanent cost line.
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: New Hampshire, New Mexico, 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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