PENNSYLVANIA · NAICS NAICS 445310, 445320
Pennsylvania liquor projects run through the state's distinctive control structure: wine and spirits retail sits inside the Fine Wine and Good Spirits system, so private ownership concentrates in beer distributors and licensed grocery and restaurant models. Studies translate license value, trade-area density, and product mix into projections, and reconcile goodwill-heavy acquisitions against the going-concern appraisal.
FEASIBILITY TRIGGER
Pennsylvania is a control state where wine and spirits retail runs through the state's Fine Wine and Good Spirits system, so private ownership concentrates in beer distributors and licensed grocery and restaurant models; where an acquisition carries goodwill above $250,000 of intangible value, the independent going-concern appraisal applies alongside any study.
SBA 7(a) and 504 lenders funded 242 liquor store projects across Pennsylvania between FY2010 and FY2026, moving $129.9 million in approved capital at an average ticket of $537,000. That volume places Pennsylvania at #13 of 38 states measured for liquor store SBA activity, or 2.4% of national liquor store dollars. The 7(a) program carried 97.9% of the loan count, with 504 taking the balance, and 31 approvals have hit the pipeline since FY2024.
| Disbursed loans (FY2010–FY2026) | 242 |
| Approved volume | $129.9 million |
| Average loan size | $537,000 |
| 7(a) share | 97.9% |
| Approvals since FY2024 | 31 |
| State rank by loan count | #13 of 38 |
Among the 177 seasoned loans in this segment (approvals FY2010–FY2021), 3.4% 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 3.4% adverse-resolution rate below the national liquor store benchmark of 4.4% supports the credit story for well-underwritten Pennsylvania projects in this class. Across 242 SBA loans averaging $537,000, 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 Pennsylvania 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.
Pennsylvania 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 PIDA's low-interest second-mortgage loans stack directly behind the 504. 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 private side of the class runs through the distributor license system, where license scarcity concentrates deal value in exactly 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: Oregon, Rhode Island, Texas.
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