Most projects are not stopped by a shortage of programs. They are stopped by arriving at the right program with the wrong evidence. This hub maps the federal loan and grant programs used to fund commercial, agricultural and rural projects, and sets out what each one expects an applicant to prove.
Programs differ in what they fund, but they converge on one question: can this project generate what it says it will generate? A guaranteed lender asks it as debt service coverage. A grant reviewer asks it as viability and impact against scoring criteria. Either way the answer has to come from analysis that is independent of the applicant.
SBA guarantees loans made by participating lenders and, in the 504 program, funds a debenture alongside a senior lender. The programs suit operating businesses and owner-occupied projects.
USDA Rural Development guarantees loans and awards grants for projects in eligible rural areas, and its feasibility expectations are more prescriptive than SBA’s — the study has to be prepared by a qualified independent consultant and address the elements the regulation names.
Grant and incentive programs score applications; they do not simply approve them. Scoring rewards evidence — energy savings and payback for REAP, value-added economics and market expansion for VAPG, essential need and financial sustainability for Community Facilities, jobs and capital investment for state incentives.
Each asset class is underwritten differently, and the programme that fits follows from the project rather than the other way round.
Construction, acquisition and refinance, and what a hotel lender tests.
Seasonal revenue, site mix and the first-season ramp.
Submerged-land tenure, permits and going-concern value.
Fuel volume, inside sales and the environmental position.
Licensure, census depth and staffing cost.
Supply per capita, unit mix and lease-up.
REAP cost share, interconnection and offtake.
Incentives, throughput economics and site capacity.
| Program family | What it usually requires | Where the firm fits |
|---|---|---|
| SBA 7(a) / 504 | Feasibility study where SBA or the lender imposes the condition; appraisal on real property | Independent study and, as a separate assignment, appraisal |
| USDA guaranteed loans | Feasibility study by a qualified independent consultant, addressing the elements the regulation names | Study prepared to the regulation’s own headings |
| USDA grants | Business plan and pro forma, and for some programs an independent feasibility study | Business plan, pro forma and study where required |
| Grants and incentives | Viability plus program-specific impact evidence | Analysis written to the scoring criteria |
| Any program, pre-application | A market read before spending on a full study | Market report from $1,950, in 3–5 business days |
A study answers whether a specific project works. A market report answers whether the market would support anything of that kind — supply, demand, pricing, competition and pipeline for a county, a region or a state. It is the cheaper question to ask first, and the answer sometimes changes the project before money is spent on an application. See the market report packages, which run from $1,950 for a single county and one property type to $9,950 for a multi-state report.
Last reviewed September 2026 · program terms, funding levels and application windows change; confirm with the administering agency.
Bring the project to a scoping call and leave with a written recommendation on the analysis it needs. Wert-Berater does not arrange, broker or place capital.
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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.