1,280
SBA-program studies in the firm's record
28
years preparing lender-grade studies
600+
lenders that have accepted our work
$40.2B
project value analyzed since 1998
Guidance referenceSBA SOP 50 10
Programs served504 · 7(a) · Express
Typical triggerProjection-based credits
Standard delivery10–15 business days
Coverage testedStressed, not assumed
Fee basisFixed, never contingent
When an SBA loan in Vermont needs a feasibility study
SBA lending does not require a feasibility study on every credit. It becomes a condition when the loan depends on projections rather than history — a start-up, a ground-up development, a change of use, a special-purpose property, or a request large enough that the lender's credit committee wants an independent read on the demand behind the numbers. In Vermont, the request usually reaches the borrower through the lender or the Certified Development Company, and by then it is a closing condition rather than an option.
The reference point is SOP 50 10, the SBA's lender and development company loan program guidance, which frames the independent analysis expected where projections carry the credit. What that means in practice is set out on our SBA feasibility study consultants page.
SBA 504 and 7(a) in Vermont: what each has to prove
Two programs, two emphases
- 504 — owner-occupied real estate and heavy equipment through a CDC and a third-party lender. Special-purpose properties get the closest look, because the collateral only has value while the business operates.
- 7(a) — working capital, acquisition and projection-based credits, where global cash flow and the coverage curve over the term carry the decision.
Either way the study has to demonstrate a market that exists at the price and volume the sponsor assumes, a cost basis that a contractor and an appraiser would recognize, and coverage that holds when the assumptions are stressed — not just in year five.
The Vermont deal flow we see
Inns, resorts and campgrounds, breweries and distilleries, restaurants, self-storage, medical and veterinary practices, and owner-occupied food-production and light-industrial space.
Asset class dictates method. A hotel is analyzed on segmented demand and penetration; a car wash on traffic counts, capture and throughput; an assisted-living or surgical facility on service-area demographics, payor mix and licensure; a manufacturing building on contracts, capacity and utilization. We use the benchmark set the underwriter already knows, which is why the reports do not come back for methodology questions.
How the study reaches your lender's file
We build demand from evidence that can be cited: federal series from the Census Bureau, the Bureau of Labor Statistics, CMS, HUD and the Energy Information Administration; Vermont-published sources including transportation counts, licensure and permit records and state agency filings; industry benchmarks such as RMA Annual Statement Studies; and primary work — operator interviews, competitor inspection and site visits. Every material number traces to a source.
Standard delivery is 10 to 15 business days from a complete data room. The fee is fixed, quoted before we start, and never contingent on the finding — a contingent fee would disqualify the independence the lender is relying on. Where the evidence does not support the project as proposed, the report states the conditions under which it would, which is what lets a committee approve subject to conditions instead of declining outright.
Frequently asked questions
Does the SBA require a feasibility study for every loan in Vermont?
No. It is required when the credit rests on projections rather than operating history — start-ups, ground-up construction, changes of use and special-purpose properties are the common triggers — or when the lender or CDC makes it a condition of approval.
Who can prepare an SBA feasibility study?
An independent party qualified in the asset class, with no financial interest in whether the loan closes. Business plan writers and loan packagers are generally not accepted for this purpose, and a fee contingent on approval undermines the independence the file depends on.
What debt-service coverage does the study need to show?
There is no single national number. Most SBA lenders and CDCs underwrite to a minimum in the 1.15x to 1.25x range, and your Vermont lender may set it higher; the study's job is to show where coverage lands under a defensible demand case and how far it can fall before the covenant breaks — not to reverse-engineer a target.
Is a 504 study different from a 7(a) study?
The core analysis is the same; the emphasis differs. A 504 study gives more weight to the property, its occupancy and its special-purpose characteristics, while a 7(a) study leans harder on global cash flow and the coverage curve across the term.
What kind of Vermont projects do you see most?
On the SBA side: inns, resorts and campgrounds, breweries and distilleries, restaurants, self-storage, medical and veterinary practices, and owner-occupied food-production and light-industrial space. Demand work concentrates on Burlington, Rutland and Montpelier and the trade areas around them, and the comparable set is built from operators a Vermont lender can recognise rather than national averages.
How fast can you deliver in Vermont?
Ten to fifteen business days from a complete data room is standard, with the fee quoted within one business day of the initial call. Rush schedules are possible on smaller asset classes; we will tell you before you engage whether the timeline is realistic.
Wert-Berater, Inc. · 1968 South Coast Hwy, Ste 2382, Laguna Beach, CA 92651 · 111 Town Square Pl Ste 1238 PMB 657834, Jersey City, NJ 07310 · 539 W. Commerce St #8486, Dallas, TX 75208 · 66 W Flagler Street, Suite 900, PMB 12704, Miami, FL 33130 · +1 310-857-2443 ext. 800 ·
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