4,000+Engagements Completed1,300+SBA Studies Accepted by Lenders950+USDA Studies in Agency Financing$43.8BProject Value Evaluated1998Feasibility Consultants Since
A financing decision deserves more than a forecast. Understand what a feasibility study should test, why relevant experience matters, which programs use these reports, and how to commission the right scope.
Engagements Completed4,000+
SBA Studies Accepted by Lenders1,300+
USDA Studies in Agency Financing950+
Project Value Evaluated$43.8B
Feasibility Consultants Since1998
Wert-Berater · In two minutes
Why feasibility study providers are not the same
A two-minute introduction to evidence, experience, program-specific scope, and ordering an independent study.
Firm-wide engagement figures are distinct from project-specific findings and their stated source periods.
2:00 · AI narration and illustrative imagery. Not a specific client project. General educational overview; not legal, financial or investment advice, and no financing, program or immigration approval is implied.
Read the video transcript
A feasibility study should test a project, not simply repeat its forecast. Providers differ in experience, research, independence, and review. The right question is not how polished the report looks, but how well its conclusions are supported.
Look for local demand and competition, realistic costs, operating assumptions, and a financial model that can be challenged. Ask how the analysis handles delays, weaker revenue, and changing financing conditions. A favorable forecast alone is not enough.
Relevant experience helps reveal the questions a generic model misses. Ask about comparable assignments, who will perform the work, and how findings are reviewed. Past acceptance of other reports never guarantees approval of your project.
Programs need different evidence. S B A and U S D A requirements depend on the program and transaction. EXIM project finance uses project-specific feasibility information. E B five projects require appropriate business-plan and job-creation evidence. Confirm the requested scope with the reviewing team.
A business plan, market study, appraisal, and economic impact report serve different purposes. One does not automatically replace another. Clarify intended users, supporting documents, and the engineering, legal, or other work that needs a separate professional.
Order early enough to change the plan, before major commitments or final underwriting. Leave time for missing information and reviewer questions. If the site, costs, financing, or operating plan changes, check whether the report needs updating.
Share the project, location, financing program, and decision deadline. Provide the lender's requirements and available documents. Agree on scope, fee, timing, and reliance terms. Use Order a Report or Get a Quote to start the conversation.
Wert-Berater provides independent market intelligence and feasibility advisory. Conclusions follow the evidence. No study guarantees financing, investment performance, or program approval.
A feasibility study tests whether a proposed project can work under clearly stated assumptions. It examines the relationship between a specific market, a site or business, the operating plan, development costs, financing, and the risks that could change the result. A useful conclusion explains its evidence and limitations; it does not simply repeat the sponsor’s target.
The questions change with the assignment. A new hotel needs support for room demand, competitive supply and its ramp-up. A manufacturing expansion needs credible feedstock, production, customer and working-capital assumptions. An acquisition requires attention to historical performance, the proposed changes and the debt structure. A report for one use cannot automatically be relied on for another.
Market and demand. Identify the relevant trade area, customers, competition, pipeline and achievable pricing or utilization—not only national industry growth.
Technical and operational practicality. Evaluate the operating concept, capacity, staffing, management, implementation and dependencies on engineering, permits, contracts and specialist reports.
Financial feasibility. Connect sources and uses, construction or acquisition costs, working capital, revenue, expenses, debt service and cash flow in a consistent model.
Risk and sensitivity. Test delays, cost overruns, weaker demand, slower absorption and financing changes. State conditions that must be met and issues that remain unresolved.
Why all feasibility study providers are not the same
The label “feasibility study” does not establish the depth, independence or suitability of a report. Providers can differ in sector experience, data quality, financial-model discipline, program knowledge, review practices and their ability to respond to lender questions. Compare the actual proposed work—not only the number of pages, a sample cover or the lowest quoted fee.
Ask who will perform and review your assignment, what comparable work they have completed, and whether they can explain how a conclusion was reached. Confirm any stated professional credential with the relevant issuing body. A firm’s engagement history is not a credential held by every team member, and prior lender acceptance is not a guarantee of acceptance of your project.
Ask the provider
Evidence to request
Have you evaluated this project type and financing use?
Relevant, appropriately de-identified assignments and a clear explanation of the team’s role.
How will you support demand and pricing?
A proposed research approach, geographic market definition, dated sources and treatment of competing supply.
Can the model be challenged and reconciled?
Linked assumptions, sources and uses, ramp-up, debt service, cash flow and downside sensitivities.
Are you independent of the desired result?
Conflict disclosures and an engagement scope that does not condition the conclusion on obtaining financing.
What is included after the draft?
Defined factual review, lender or agency questions, revision limits, reliance permissions and update terms.
What is outside the fee?
Explicit treatment of engineering, appraisal, environmental, legal, immigration and other separately commissioned services.
An attractive template, automated draft or favorable conclusion is not a substitute for supported analysis. No provider can guarantee funding, agency approval, immigration approval or investment performance.
Experience is most useful when it helps identify the question a generic model misses: seasonal demand, local supply additions, realistic stabilization, utility constraints, customer concentration, management capacity or working-capital needs. Familiarity with the intended financing process also helps organize the evidence so reviewers can follow it.
Wert-Berater’s company experience figures are shown above. They describe different measures: completed engagements, studies accepted by SBA lenders, studies used in USDA financing, and evaluated project value. They do not mean every engagement was financed, every study received a favorable conclusion, or an agency endorses the firm.
Request examples relevant to your asset class, market and intended use. Confidential project details may be withheld or de-identified. Review published project announcements and the experience library, then agree on who will handle your assignment and what evidence the report must address.
Financing programs and the reports they use
Requirements depend on the program, transaction, borrower, project stage, lender and reviewing agency. The following is an educational guide to the firm’s principal program-related services—not a statement that every applicant needs every report. Confirm the governing instructions and your reviewer’s written requirements before ordering.
Source-checked October 13, 2026. The SBA source currently lists SOP 50 10 8.1 with Technical Updates, effective October 1, 2026. Regulations, notices and lender requirements can change; the official sources linked below control over summaries and older articles.
U.S. Small Business Administration · CDCs & lenders
Project-specific feasibility, market and financial analysis as requested; coordinated with the CDC’s credit analysis and other third-party reports.
When it is needed
The current SOP permits SBA to request a feasibility study to better understand the business and local market. Listed triggers include saturation, a unique concept, highly specialized property, disproportionate project size and significant rapid growth with unseasoned debt.
Note
This is not a blanket requirement for every 504 loan. Confirm the scope with the CDC and lender. Official SBA SOP.
U.S. Small Business Administration · participating lenders
Business-plan support, market analysis, projections and independent feasibility work where the transaction or lender calls for it.
When it is needed
Discuss the evidence needed for a startup, acquisition, expansion or other proposed use with the lender before commissioning a separate study.
Note
Do not assume the 504 feasibility-study provisions automatically create a universal 7(a) requirement. The applicable SOP and lender underwriting determine the assignment.
Independent feasibility when required, supported projections and business-plan information addressing the project’s relevant feasibility components.
When it is needed
Under current 7 CFR 5001.303(c)(4), the Agency may require an independent study if the existing analysis does not establish a basis for repayment or the project significantly affects existing operations.
Note
The acceptable elements vary with project scope. Confirm qualified, independent third-party requirements and the applicable Appendix A elements. Official application rule.
Technical merit documentation and, when applicable, renewable-energy feasibility, resource or feedstock, operating and financial analysis.
When it is needed
For guaranteed renewable-energy-system projects under 7 CFR 5001.307(d), a feasibility study is required when the lender or Agency deems it necessary. Technical-report requirements are separate.
Note
Do not apply the guaranteed-loan rule to every grant request or treat energy-efficiency and renewable-energy requirements as identical. Confirm the applicable funding route. Official REAP guaranteed-loan rule.
Demand, service-area, operating and financial feasibility for eligible community facilities, coordinated with required engineering and other professional work.
When it is needed
Establish whether the proposal uses a direct loan, grant or guarantee and ask the USDA office or lender for the applicable report requirements.
Note
Program eligibility, public benefit, repayment analysis and technical requirements are separate questions. A commercial market study alone may not address them.
Service demand, system use, affordability, operating costs and financial feasibility alongside the applicable preliminary engineering and environmental documents.
When it is needed
Define the funding route, service area, project alternatives and reviewing office’s requirements before setting the analytical scope.
Note
Independent financial or market analysis does not replace licensed engineering or required environmental review.
Technology, feedstock, market or offtake, management and financial analysis appropriate to an eligible biorefinery or other specialized project.
When it is needed
Review the current program instructions, application stage and lender or agency requests. Section 9003 should not be treated as simply another OneRD B&I assignment.
Note
Technical conclusions, engineering reliance, contracts and environmental obligations need a separately defined scope. USDA program directory.
Project, market, technical and financial evidence; EXIM’s project-finance guidance calls for a summary contained in an independently prepared feasibility study and/or detailed information memorandum by a qualified party.
When it is needed
Confirm the applicable product, transaction structure and application requirements with EXIM and the financing team before commissioning reports.
Credible comprehensive business plans, market evidence and appropriate economic-impact and job-creation analysis.
When it is needed
For regional-center project applications, USCIS policy calls for a credible comprehensive business plan and credible economic analysis using valid, transparent methodologies. Coordinate the deliverables with immigration counsel.
Note
A feasibility study does not replace the business plan, job-creation evidence, offering documents or legal advice. Direct-investment and regional-center evidence differ. Current project-application policy.
Banks · credit unions · investors · capital providers
Bundled assignments can share source material, but each report needs a stated purpose, intended users, methods and limitations. Engineering, environmental assessments, legal opinions and securities or immigration documents remain with the appropriate professionals.
The operating and implementation plan for the business, with its strategy, management, funding and projections. It is not automatically an independent feasibility opinion.
A separately scoped value opinion by appropriately qualified appraisers. Appraisal standards are not a substitute for program-specific feasibility requirements.
Lender-oriented credit analysis with an agreed scope, reviewing third-party evidence. A feasibility study is an input, not the whole credit memorandum.
When to order: early enough to change the plan
Before an irreversible commitmentUse initial screening before buying a site, locking a concept or committing substantial development capital. Identify whether a full study or a narrower first phase is appropriate.
Before final underwriting or application submissionObtain the lender’s, CDC’s, agency’s or counsel’s written requirements. Leave time for research, missing information, factual review and follow-up questions.
When the plan materially changesRevisit the scope if the site, capacity, ownership, costs, financing, market, timeline or proposed use changes. A previous study may need an update or new reliance arrangements.
After financing, when monitoring is neededA feasibility study is a point-in-time assignment. Agree separately on asset, construction or portfolio monitoring if actual performance needs to be compared with underwriting.
Describe the decisionProvide the project type, location, stage, proposed use, intended financing program, requesting institution and required delivery date.
Share the requirement and core documentsInclude the lender or agency request, site information, project budget, sources and uses, business or operating plan, historical results if available, forecasts and material contracts. Identify missing items; use the secure portal for confidential files.
Agree on scope, fee and timingConfirm deliverables, intended users, independence, research depth, modeling, third-party dependencies, review rounds and reliance terms in the engagement documents. Timing and pricing depend on the actual assignment.
Complete engagement and intakeLenders can use the ordering page and existing lender account flow. Sponsors and other clients can request a quote without first creating a lender account. Work begins according to the agreed engagement terms.
Review facts and receive the deliverablesResolve factual questions without directing the analytical outcome. Submit the completed report to the intended reviewers and address questions within the agreed scope; new material changes may need an update.
Do not email sensitive financial records through a general inquiry. Use the authorized project’s secure document-upload process after access is established.
The program summaries were checked against the sources below on October 13, 2026. They are educational and do not determine eligibility or replace lender, agency or legal review. Confirm the current rule and the exact program route before relying on a requirement.
Does every SBA or USDA application need an independent feasibility study?
No. Requirements vary by program and transaction. The current SBA 504 SOP describes circumstances that may lead SBA to request a study. USDA’s applicable rules distinguish feasibility evidence, independent studies and technical reports. Confirm the exact requirement with the reviewing lender or agency.
Will a favorable report guarantee approval?
No. Financing, agency, investment and immigration decisions remain with the relevant decision-makers. The study must report supported conclusions and conditions, not a promised outcome.
How much does a study cost and how long does it take?
The fee and schedule depend on the asset, market, research, model, program requirements, available information and review scope. Review the cost guide, then request a project-specific written quote. Do not assume a generic price or rush deadline covers your assignment.
Can I reuse an existing report?
Only after checking its purpose, intended users, reliance permissions, date and material changes. The original engagement may require an update, reliance letter or new assignment. Share the existing report and intended use before ordering.
Tell us what is being evaluated, who will rely on the report, the financing program and the decision deadline. We will help define the analytical assignment and provide project-specific engagement terms.
Order through the lender workflow, or request a quote for an initial conversation. Neither an inquiry nor an order request constitutes financing or program approval.
Ask how the conclusion would be reached before you commission the work.
Independent feasibility studies since 1998. Fixed fee, quoted before any work begins, never contingent on the finding. Standard delivery 10–15 business days; RUSH delivery available at additional cost.
Thousands of real estate, business, and machinery appraisal and litigation assignments.
Legal disclosure. Wert-Berater, Inc. offices are mailing addresses only. Following the COVID-19 pandemic the firm has elected to work remotely; its office locations receive mail and are not staffed for visitors or in-person meetings. Headquarters mailing address: 1968 South Coast Hwy, Ste 2382, Laguna Beach, CA 92651.
Wert-Berater, Inc. is an independent provider of feasibility studies and other related services. The firm does not provide financing or equity investment advice, and does not arrange, broker, or place debt or equity capital of any kind.
All appraisal assignments are performed by Bruce E. Jones, MAI, ASA-GC, BCA, CMEA, a member of the Appraisal Institute since 2006, a staff member of Wert-Berater, Inc. and owner of Special Purpose Realty Valuation.
