NEW JERSEY · NAICS NAICS 445310, 445320
New Jersey liquor store deals concentrate value in license and goodwill above the threshold that triggers an independent going-concern appraisal. Studies translate license value, trade area, product mix, and basket size into projections that lenders can underwrite, and reconcile the state's population-capped municipal license framework.
FEASIBILITY TRIGGER
License and goodwill value above $250,000 of intangibles triggers the independent going-concern appraisal alongside any study, and New Jersey's population-capped municipal license system makes licenses among the scarcest and most expensive in the country, concentrating deal value in exactly the intangibles the SOP scrutinizes.
Between FY2010 and FY2026, SBA lenders approved and disbursed 580 7(a) and 504 loans for liquor store projects in New Jersey, totaling $516.5 million in approved financing at an average of $890,000 per loan. New Jersey ranks #5 of 38 states tracked for liquor store SBA lending volume and accounts for 9.4% of national liquor store SBA dollar volume. 97.4% of these loans were made under the 7(a) program, the remainder under 504. 74 loans have been approved since FY2024.
| Disbursed loans (FY2010–FY2026) | 580 |
| Approved volume | $516.5 million |
| Average loan size | $890,000 |
| 7(a) share | 97.4% |
| Approvals since FY2024 | 74 |
| State rank by loan count | #5 of 38 |
Among the 432 seasoned loans in this segment (approvals FY2010–FY2021), 3.0% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for liquor store is 4.4%, against 7.3% across all industries. That performance runs below the national benchmark for this asset class, a credit-positive signal for lenders.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 3.0% adverse-resolution rate below the national liquor store benchmark of 4.4% supports the credit story for well-underwritten New Jersey projects in this class. Across 580 SBA loans averaging $890,000, that track record does not eliminate the need for a third-party feasibility study, but it means a rigorous study reinforces rather than defends the projections.
Every New Jersey 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.
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's population-capped municipal license system makes liquor licenses among the scarcest and most expensive in the country, concentrating deal value in the intangibles the SOP scrutinizes.
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: New Hampshire, New Mexico, Texas.
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