WASHINGTON · NAICS NAICS 445310, 445320
Washington liquor store projects run through a post-privatization landscape where spirits retail moved to private stores under a square-footage threshold and layered fees after 2012. Studies translate trade-area density, product mix, and the regulatory cost structure into projections, and reconcile goodwill-heavy acquisitions against the going-concern appraisal triggered above the SOP's intangibles threshold.
FEASIBILITY TRIGGER
License and goodwill value above $250,000 of intangibles triggers the independent going-concern appraisal alongside any study, and Washington's post-privatization landscape, where spirits retail moved to private stores under a square-footage threshold and layered fees after 2012, makes regulatory cost structure part of the demand model itself.
Washington generated 44 SBA-disbursed liquor store loans between FY2010 and FY2026, worth $16.0 million in approved 7(a) and 504 financing at an average of $364,000 per deal. Ranked #25 of 38 states for liquor store SBA volume, the state captures 0.3% of national liquor store dollars. 95.5% of the loans ran through 7(a) with 504 covering the remainder; 6 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 44 |
| Approved volume | $16.0 million |
| Average loan size | $364,000 |
| 7(a) share | 95.5% |
| Approvals since FY2024 | 6 |
| State rank by loan count | #25 of 38 |
Among the 34 seasoned loans in this segment (approvals FY2010–FY2021), 0.0% 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 0.0% adverse-resolution rate below the national liquor store benchmark of 4.4% supports the credit story for well-underwritten Washington projects in this class. Across 44 SBA loans averaging $364,000, 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 Washington 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.
Washington 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, decisive in a Puget Sound market where land costs run high. 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.
Washington's post-privatization liquor framework keeps regulatory cost structure inside the demand model itself.
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: Virginia, West Virginia, Texas.
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