SBA Feasibility Study Checklist

Everything you need to prepare before commissioning a feasibility study

This checklist covers the documents, information, and decisions you should have ready before engaging a feasibility study consultant. Borrowers who arrive prepared on Day 1 save 3 to 5 business days on the study timeline. Borrowers who are missing key items add that same time to the schedule while the analyst waits for information.

Review the checklist below, then download the PDF version to use as a preparation guide alongside your loan application.

Section 1: Project Information

The analyst needs these details to scope the engagement and begin work.

Item	Details	Why It Matters
Property type and proposed use	Hotel, gas station, restaurant, self-storage, etc.	Determines the demand model, data sources, and competitive analysis approach
Property address or location	Exact address or parcel ID if available; general area if still searching	Defines the trade area and determines which market data applies
Property size and capacity	Square footage, room count, unit count, bay count, seat count, or other capacity metric	Drives the revenue projection scale
New construction or acquisition?	Ground-up build, renovation, or purchase of existing business	Determines whether historical financials or projection-only methodology applies
Total estimated project cost	Include land, construction/acquisition, FF&E, soft costs, working capital	Directly affects the loan amount, equity calculation, and DSCR
Proposed SBA program	7(a), 504, Express, or unsure	Determines DSCR threshold, equity injection requirements, and review process
Franchise or independent?	If franchise: brand name and whether you have the FDD	Franchise studies use Item 19 data and require Franchise Directory verification

Section 2: Documents to Gather

Have these ready before signing the engagement letter.

Document	Applies To	Notes
Business plan or concept overview	All projects	Does not need to be polished; the analyst needs to understand the concept, not judge the writing
Site plans or architectural drawings	New construction, major renovation	Floor plans, site layout, building elevations if available
Property listing or offering memorandum	Acquisitions	Includes asking price, property details, sometimes seller financials
Purchase contract or letter of intent	Acquisitions	Confirms price, terms, contingencies, and closing timeline
Seller's financial statements (2-3 years)	Acquisitions of existing businesses	Income statements, balance sheets, tax returns; request from seller early
Franchise Disclosure Document (FDD)	Franchise projects	Specifically Item 19 (Financial Performance Representations) if disclosed
Proposed loan terms from lender	All projects	Loan amount, rate, term, amortization, equity injection; ask your lender for a term sheet
Appraisal (if already completed)	If available	Not required before the feasibility study; but if you have it, share it
Environmental reports (if any exist)	If available	Phase I ESA, soil reports, flood certificates; share anything you have
Zoning confirmation or pre-application notes	If available	Any communication with the local planning department about permitted use
Construction cost estimate	New construction	GC bid, construction manager estimate, or architect's cost projection
Personal resume / CV of borrower	Startups, first-time operators	Industry experience, management background, relevant certifications

Section 3: Lender Requirements to Confirm

Ask your lender these questions before commissioning the study. Getting the answers upfront avoids revision cycles after delivery.

Question for Your Lender	Why It Matters
What is your internal DSCR threshold?	SBA minimum is 1.15x (Standard 7(a)) but your lender may require 1.25x or higher
Who should the reliance letter be addressed to?	Must include lender name, SBA, and CDC (if 504); get the exact legal entity names
Do you have a preferred feasibility study provider list?	Some lenders prefer specific firms; using one can speed review
Are there any specific analytical elements you require?	Some lenders want specific sensitivity scenarios, site visit requirements, or report formats
What is your target closing date?	Determines whether standard (9-15 days) or rush (5-7 days) delivery is needed
Will this go to the SBA processing center or is this PLP-approved?	PLP review is internal and faster; non-PLP goes to Sacramento, Little Rock, etc.

Section 4: Timeline Expectations

Phase	Standard Timeline	What You Control
Engagement and scope confirmation	1 to 2 days	Sign and pay promptly; delays here delay everything
Your document delivery to analyst	1 to 5 days	This is 100% in your control — have documents ready on Day 1
Specialized data procurement (STR, CoStar)	0 to 5 days	Cannot be accelerated; analyst works in parallel
Site visit	1 day on-site	Ensure property access; coordinate early
Analysis and drafting	5 to 10 days	Nothing required from you during this phase
Draft review (if applicable)	1 to 2 days	Review for factual accuracy within 24 hours, not 5 days
Final delivery	Same day	Forward to lender immediately

Total: 9 to 15 business days standard. Rush delivery (5-7 days) available at 25-50% premium. The single biggest delay factor is the borrower's document delivery in phase 2. For complete timeline details, see our timeline guide.

Section 5: Consultant Evaluation Quick Check

Use these five questions to evaluate any consultant before engaging.

Question	Strong Answer	Red Flag
How many studies for my property type in the past 24 months?	Specific number with examples	Vague or 'we do all types'
Will you conduct an in-person site visit?	Yes, standard for projects above $500K	'Sometimes' or 'for additional fee'
Is the fee fixed regardless of conclusion?	Yes, 50/50 payment structure	Contingent fee or outcome-based pricing
Can I see a redacted sample study?	Yes, here is a sample	Hesitation or refusal
What is the reliance letter addressed to?	Lender, SBA, and CDC (if 504)	'Borrower only' or 'if requested'

For a complete consultant selection framework, see our consultant selection guide. For detailed pricing by property type, see our cost and timeline page.

Download the PDF Checklist

Get a printable version of this checklist to use alongside your SBA loan application. Enter your email and we will send the PDF directly.

Ready to Start Your Feasibility Study?

If you have the items on this checklist ready, you are prepared to engage a consultant. Request a scope of work and fixed-fee quote within 24 hours.

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