Worked Example: SBA 504 Hotel Feasibility Study in Washington
A worked example of the feasibility study a lender would read for a hotel project in Washington, financed with an SBA 504 loan.
Feasibility Study Data for the Olympia-Lacey-Tumwater, WA Metro Area
What SBA's own loan files show about lending in the Olympia-Lacey-Tumwater, WA Metro Area, every asset class together, and what a feasibility study for a project there has to test.
A one-county market with a strong gas-station presence
Olympia-Lacey-Tumwater is Thurston County alone, with 637 SBA approvals for FY2017 to FY2026 and $437.8 million gross, rank 144 of 928. Olympia puts its median at $296,000. Olympia is 1.42x the national figure. For Olympia, half of loans run $100,000 to $703,000. Thurston County's loans divide 556 to 81 between 7(a) and 504, and franchise brands hold 13.2% of the count.
Olympia lists full-service restaurant first at 49 loans and gas station and truck stop second at 44, well ahead of limited-service restaurant at 27, beauty salon at 18 and fitness center at 15; 393 loans sit outside the named classes. Pump-and-shop sites matter here because an Olympia study must carve land and building value out of what the pumps and the shop earn, and weigh the tanks and any environmental condition. Count opened at 75 loans and $46.5 million in FY2017, bottomed at 48 loans and $28.8 million in FY2018, peaked at 85 loans and $67.8 million in FY2025 and closed at 66 loans and $51.6 million in FY2026.
Holders on file
Columbia Bank (OR) holds 73 loans and $10.8 million under 7(a), KeyBank National Association 50 loans and $18.5 million, and Sound Credit Union 34 loans and $16.1 million. For 504, Evergreen Business Capital holds 38 loans and $22.4 million and Ameritrust CDC 28 loans and $30.0 million. Olympia lender figures are SBA's records. Olympia names hold or held those loans. Olympia counts show volume only, and Olympia counts judge no lender or requirement.
Olympia floors, and the study to order
In Olympia, cancellations ran at least 9.9%. That covers Olympia approvals FY2017 to FY2024. Olympia reaches 10.9% with undisbursed loans included. Olympia charge-offs reached at least 3.6% across 278 funded loans. Olympia withholds its five-year rate. Too few Olympia loans support it. Olympia floors rise if open Olympia loans go bad. Olympia counts by county. Olympia's members follow the July 2023 delineation. Olympia matches counties by name, Olympia drops those that fail to place, and Olympia keeps approvals outside named classes. An Olympia-area study should test site demand, cost, a debt service run on thin revenue and a value opinion taken from Thurston County sales; a gas station adds traffic counts and the condition of its tanks. Olympia studies come from Loan Analytics. Olympia studies are signed by Daniel Smith, MAI.
SBA loans in the Olympia-Lacey-Tumwater, WA Metro Area
| Loans approved, FY2017 to FY2026 | 637 |
|---|---|
| Gross dollars approved | $437.8 million |
| Median loan | $296,000 |
| Middle half of loans, from | $100,000 |
| Middle half of loans, to | $703,000 |
| SBA 7(a) loans | 556 |
| SBA 504 loans | 81 |
| Franchise share of loans | 13.2% |
| Rank among metro and micro areas by loans | 144 of 928 |
| Median loan against the national median | 1.42x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | 9.9% |
|---|---|
| The same, counting loans still undisbursed as cancelled (a ceiling) | 10.9% |
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | 3.6% |
| Charged off within five years of approval | withheld |
| Loans in that cohort | 278 |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA loans approved in the Olympia-Lacey-Tumwater, WA Metro Area, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | 75 | $46.5 million |
| FY2018 | 48 | $28.8 million |
| FY2019 | 78 | $47.1 million |
| FY2020 | 50 | $32.2 million |
| FY2021 | 66 | $48.7 million |
| FY2022 | 52 | $47.1 million |
| FY2023 | 54 | $28.2 million |
| FY2024 | 63 | $39.8 million |
| FY2025 | 85 | $67.8 million |
| FY2026 | 66 | $51.6 million |
Loans by asset class
| Asset class | Loans |
|---|---|
| Not in any of the 39 asset classes | 393 |
| Full-service restaurant | 49 |
| Gas station and truck stop | 44 |
| Limited-service restaurant | 27 |
| Beauty salon | 18 |
| Fitness center | 15 |
| Hotel and motel | 10 |
| Assisted living (without nursing care) | 9 |
| Dental office | 8 |
| Rehabilitation and therapy clinic | 8 |
| Automotive mechanical repair (car and truck) | 8 |
| Coffee shop and snack bar | 8 |
| Veterinary clinic | 7 |
| Car wash | 5 |
| Self storage | 5 |
| Medical office (physicians) | 5 |
Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| Evergreen Business Capital | 38 | $22.4 million |
| Ameritrust CDC | 28 | $30.0 million |
| Northwest Business Development Association | 15 | $14.4 million |
| Lender | Loans | Dollars |
|---|---|---|
| Columbia Bank (OR) | 73 | $10.8 million |
| KeyBank National Association | 50 | $18.5 million |
| Sound Credit Union | 34 | $16.1 million |
| U.S. Bank, National Association | 28 | $18.1 million |
| Readycap Lending, LLC | 25 | $32.1 million |
Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.
Where the loans are, by county
| County | Loans |
|---|---|
| Thurston County, WA | 637 |
Counties with 5 or more loans; smaller ones are not listed.
Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.
All assets: every 7(a) and 504 approval in the metro, including those outside the 39 asset classes.
A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MT-36500.
Related feasibility study pages
- Washington feasibility studies for SBA and USDA loans
- Feasibility Study Data by Metro Area
- SBA feasibility study consultant
- Feasibility Study Data for the Seattle-Tacoma-Bellevue, WA Metro Area
- Feasibility Study Data for the Spokane-Spokane Valley, WA Metro Area
- Feasibility Study Data for the Kennewick-Richland, WA Metro Area
- Feasibility Study Data for the Bellingham, WA Metro Area
- Feasibility Study Data for the Bremerton-Silverdale-Port Orchard, WA Metro Area
- Feasibility Study Data for the Yakima, WA Metro Area
- Feasibility Study Data for the Mount Vernon-Anacortes, WA Metro Area
- Feasibility Study Data for the Moses Lake, WA Micro Area
Feasibility study data by asset class in the Olympia-Lacey-Tumwater, WA Metro Area
Worked examples
Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Olympia-Lacey-Tumwater, WA Metro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.
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