Two states, one independent city

Winchester spans Virginia and West Virginia. Frederick County, VA, has 90 loans, Winchester city, VA, 61 and Hampshire County, WV, 13, so a site's jurisdiction decides licensing, tax and law. SBA approved 164 loans across FY2017 to FY2026, $111.9 million gross, rank 351 of 928; 144 are 7(a) and 20 are 504. Winchester loans center on $272,500. Winchester sits at 1.31x of the national figure. Winchester: half of loans span $100,000 to $640,500. Brands hold 22.6% of the count, a high share.

The class table starts with full-service restaurant at 9 loans, then hotel and motel and automotive mechanical repair at 7 each and limited-service restaurant at 6; 111 loans sit outside the classes. Winchester started FY2017 with 16 loans and $9.0 million, dipped to 11 loans and $8.5 million in FY2019, peaked at 32 loans and $18.5 million in FY2025 and closed FY2026 at 12 loans and $5.1 million, a sharp fall from the prior year, so a study should ask which year its demand assumptions resemble.

Winchester lenders

Wells Fargo Bank National Association holds 10 loans and $2.0 million under 7(a), with Live Oak Banking Company and Northeast Bank (ME) at 9 loans each, worth $15.1 million and $570,600. Business Finance Group, Inc. holds 15 loans and $13.6 million on 504. Winchester lists name holders from SBA's records. Winchester holders hold or held those loans. Winchester volume is no verdict on lender practice. Winchester counts promise no requirement.

Winchester floors and the study

Winchester: cancelled after approval at least 9.2% of Winchester's approvals. The Winchester window is FY2017 to FY2024. Winchester counts undisbursed loans for 9.2%. Winchester reports no charge-off rate. Too few Winchester loans back one; Winchester is not a zero. Open Winchester loans may raise every Winchester floor. Winchester is a county roll-up. Winchester applies the July 2023 delineation. Winchester matches each county by name. Winchester omits loans whose counties fail to place. Winchester still counts approvals outside named classes. For Winchester, name the state and the jurisdiction, weigh royalty and brand cost, run debt service on a thin year and anchor value in comparables from that side of the line. Loan Analytics prepares Winchester studies. Daniel Smith, MAI, signs each Winchester study.

SBA loans in the Winchester, VA-WV Metro Area

Loans approved, FY2017 to FY2026	164
Gross dollars approved	$111.9 million
Median loan	$272,500
Middle half of loans, from	$100,000
Middle half of loans, to	$640,500
SBA 7(a) loans	144
SBA 504 loans	20
Franchise share of loans	22.6%
Rank among metro and micro areas by loans	351 of 928
Median loan against the national median	1.31x

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	9.2%
The same, counting loans still undisbursed as cancelled (a ceiling)	9.2%
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	withheld

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 Winchester, VA-WV Metro Area, by fiscal year

Fiscal year	Loans	Dollars
FY2017	16	$9.0 million
FY2018	15	$8.9 million
FY2019	11	$8.5 million
FY2020	16	$11.9 million
FY2021	15	$20.0 million
FY2022	13	$5.7 million
FY2023	13	$13.8 million
FY2024	21	$10.3 million
FY2025	32	$18.5 million
FY2026	12	$5.1 million

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	111
Full-service restaurant	9
Hotel and motel	7
Automotive mechanical repair (car and truck)	7
Limited-service restaurant	6

Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

Most active SBA lenders

SBA 504: lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
Business Finance Group, Inc.	15	$13.6 million

SBA 7(a): lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
Wells Fargo Bank National Association	10	$2.0 million
Live Oak Banking Company	9	$15.1 million
Northeast Bank (ME)	9	$570,600
Bank of Clarke	8	$5.8 million
The Huntington National Bank	6	$1.3 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
Frederick County, VA	90
Winchester city, VA	61
Hampshire County, WV	13

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-49020.

Related feasibility study pages

Worked examples

Worked Example: SBA 504 Change of Ownership Hotel Feasibility Study in Virginia

A worked example of the feasibility study a lender would read for a hotel project in Virginia, financed with an SBA 504 loan.

State: Virginia · Asset: Hotel · Program: SBA 504

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Winchester, VA-WV 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.

Daniel Smith, MAI

Feasibility Study Data for the Winchester, VA-WV Metro Area