VIRGINIA · NAICS NAICS 447 and 457 families
Virginia gas station and convenience store deals run along the I-95 and I-81 corridors, which carry some of the heaviest East Coast through-freight in the country. The state sits inside the home range of the strongest food-service c-store operators in America, raising the competitive bar for any independent site and pushing lenders to 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.
From FY2010 through FY2026, Virginia recorded 131 SBA-disbursed gas station and c-store loans across the 7(a) and 504 programs, representing $81.1 million in approved financing at an average loan size of $619,000. The state sits at rank #25 of 38 for gas station and c-store SBA lending volume and holds 0.6% of the national gas station and c-store dollar pool. 7(a) accounts for 85.5% of the count, 504 for the rest, with 19 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 131 |
| Approved volume | $81.1 million |
| Average loan size | $619,000 |
| 7(a) share | 85.5% |
| Approvals since FY2024 | 19 |
| State rank by loan count | #25 of 38 |
Among the 97 seasoned loans in this segment (approvals FY2010–FY2021), 6.2% 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 6.2% 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 Virginia 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 $619,000 across 131 loans.
Every Virginia 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.
Virginia 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, decisive in Northern Virginia and Hampton Roads land markets. 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-95 and I-81 corridors carry some of the heaviest East Coast through-freight in the country, and Virginia sits inside the home range of the strongest food-service c-store operators in America, raising the competitive bar for any independent site.
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: Texas, Washington.
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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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