New Hampshire Feasibility Study: Lender-Grade SBA and USDA Studies

MMCG Invest, LLC prepares feasibility studies for New Hampshire projects where the underwriting questions reach past the national checklist. New Hampshire is the state with no income or sales tax: no general sales tax on goods purchased in the state and, for tax periods beginning on or after January 1, 2025, no state tax on wages, salaries or investment income, after the repeal of the former Interest and Dividends Tax under House Bill 2 of the 2023 legislative session and signed into law by Governor Chris Sununu, per the New Hampshire Department of Revenue Administration, so a lender's operating expense line runs against property tax as close to the only state and local levy rather than one line among three; where a Massachusetts commuter outflow of 82,855 New Hampshire residents commuting into Massachusetts for work, well ahead of the 8,961 who commute into Vermont and the 8,216 who commute into Maine, means more than one in seven of the state's 715,564 working residents commute out of state altogether, per New Hampshire Employment Security, so a workforce housing, retail or office pro forma in southern New Hampshire must model demand against the Massachusetts commute rather than resident population alone; and where Seacoast shoreline scarcity, just 131 statute miles against Maine's 3,478 miles and Massachusetts' 1,519 miles, per the NOAA Office for Coastal Management, means a hotel, marina or coastal restaurant site competes for a physically fixed, extremely scarce inventory of coastal parcels rather than an expandable supply. New Hampshire pairs those three conditions with a single statewide SBA district office and a single USDA Rural Development state office shared with Vermont, so a New Hampshire file carries fewer territory questions than a larger neighbor's file even as it carries more state-specific underwriting weight on the tax, labor and coastal variables above. Every engagement is calibrated to the project address, the program of record, and the specific lender, CDC or USDA office carrying the deal.

Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. A complimentary preliminary New Hampshire market overview within one business day of submission.

The U.S. Small Business Administration serves the whole of New Hampshire through a single office, the New Hampshire District Office, which carried 605 of the state's fiscal year 2025 7(a) approvals on SBA's own FOIA release, the entire year's New Hampshire count, since no second district office splits the state's territory the way a larger state's SBA footprint often does. New Hampshire's 7(a) approvals rose from 587 loans for $130,355,100 in fiscal year 2024 to 605 loans for $196,011,800 in fiscal year 2025, a rise of both count and dollars, while 504 approvals ran 80 loans for $32,986,000 in fiscal year 2024 against 78 loans for $62,841,000 in fiscal year 2025, fewer loans at a materially higher average dollar amount. Fiscal year 2026 carried 351 7(a) approvals for $118,180,900 and 46 504 approvals for $29,585,000 through June 30, 2026, a partial year running behind fiscal year 2025's dollar pace on both programs, more markedly so on the 504 side.

On our cut of SBA's 7(a) and 504 FOIA release, restricted to New Hampshire projects, the ten most active 7(a) lenders by count in fiscal year 2025 were TD Bank, National Association with 146 loans for $18,933,000, Meredith Village Savings Bank with 46 loans for $4,608,200, Manufacturers and Traders Trust Company with 37 loans for $2,511,300, Eastern Bank with 29 loans for $5,044,900, Merrimack County Savings Bank with 27 loans for $4,262,000, Northeast Bank with 26 loans for $5,779,500, St. Mary's Bank with 22 loans for $8,570,300, Rockland Trust Company with 18 loans for $8,099,900, Bangor Savings Bank with 17 loans for $2,731,800 and Live Oak Banking Company with 16 loans for $19,947,000, the largest average loan size of the ten. On the 504 side, Granite State Economic Development Corporation led New Hampshire's fiscal year 2025 approvals with 49 loans for $32,417,000, Bay Colony Development Corporation followed with 16 loans for $17,499,000, Capital Regional Development Council approved 12 loans for $12,656,000 and New England Certified Development Corporation approved 1 loan for $269,000, the four Certified Development Companies with New Hampshire projects that year. No other SBA district office appears anywhere in New Hampshire's fiscal year 2025 7(a) record: the New Hampshire District Office carries the state's full 605 approvals on its own, a single-office reach the ten lenders and four Certified Development Companies named above all file through, whether the loan closes in Coos County in the north or Rockingham County on the Massachusetts line. That same single New Hampshire District Office reach means every loan behind every name above, from TD Bank, National Association's 146 loans to Live Oak Banking Company's 16, and from Granite State Economic Development Corporation's 49 loans to New England Certified Development Corporation's single loan, clears the same office, with Bay Colony Development Corporation's 16 loans for $17,499,000 and Capital Regional Development Council's 12 loans for $12,656,000 filling the middle of that four-CDC range. New Hampshire's fiscal year 2025 activity sits inside a national record year: SBA's own press release for fiscal year 2025 reports 84,400 combined 7(a) and 504 loans nationally for $44.8 billion, comprising 77,600 7(a) loans for $37 billion and 6,750 504 loans for $7.8 billion, against which New Hampshire's 605 7(a) approvals and 78 504 approvals that year are a small but active share.

The table below is MMCG's own cut of SBA's 7(a) and 504 FOIA release as of June 30, 2026, restricted to loans whose project state is New Hampshire, disbursed, approved in fiscal years 2010 through 2026, and grouped by the NAICS codes of the asset classes this firm studies. The charge-off rate is the share of loans with a terminal outcome that ended in a charge-off, on a count basis, shown only where that resolved cohort holds at least 30 loans. Across all industries, New Hampshire's 7,058 disbursed 7(a) loans for $1,451,833,300 resolved 4,925 with a 5.4 percent charge-off rate, and its 1,395 disbursed 504 loans for $596,766,000 resolved 551 at 2.0 percent. Hotels and motels carry the largest 504 dollar volume in the table, 60 loans for $53,189,000, alongside 39 7(a) loans for $23,197,700 resolving 32 at a 3.1 percent charge-off rate below the state's own average. Restaurants carry the largest count, 457 7(a) loans for $96,491,900, resolving 276 at 3.3 percent, and 97 504 loans for $40,908,000. Fitness and recreational sports centers carry the table's highest rated charge-off rate, 11.3 percent across 117 7(a) loans for $40,375,600, resolving 71. Gas stations and convenience stores resolved 44 of 63 7(a) loans for $14,232,000 at 4.5 percent, and child day care services resolved 30 of 61 7(a) loans for $19,628,800 at 10.0 percent, the second-highest rated rate in the table. Self-storage, 22 7(a) loans for $14,898,000 and 23 504 loans for $19,541,000; car washes, 17 7(a) loans for $18,871,000 and 10 504 loans for $4,975,000; RV parks and campgrounds, 17 7(a) loans for $11,575,000 and 9 504 loans for $5,059,000; and assisted living and continuing care, 7 7(a) loans for $3,117,300 and 7 504 loans for $4,801,000, each resolved fewer than 30 loans on both sides and carry no rated cohort. Marinas carry a suppressed count, under 5 loans on each side, too few for the release to report a dollar figure. Hotels and motels carry a larger 504 dollar total, $53,189,000, than 7(a) dollar total, $23,197,700, a pattern consistent with a hospitality asset's heavier reliance on the 504 program's real estate financing structure; gas stations and convenience stores show the same pattern at a smaller scale, $16,058,000 on the 504 side against $14,232,000 on the 7(a) side. The caution that travels with every rate: the June 2026 release collapses every open loan, current or stressed, into the single status EXEMPT, so the rate reads the resolved cohort only.

USDA Rural Development serves New Hampshire from a single state office shared with Vermont, with the Concord, New Hampshire office as the local contact; a new presidential appointee to serve rural New Hampshire and Vermont was announced May 6, 2025. Eligibility for most USDA Rural Development programs turns on the address sitting outside Manchester, Nashua and the larger Seacoast cities, verified site by site at the Rural Development eligibility map rather than assumed from a county boundary. The programs most relevant to an MMCG engagement are the Community Facilities Direct Loan and Grant program, covering rural senior care, health clinics, libraries and public-safety and municipal facilities, with the grant share rising for lower-income communities; Business and Industry and OneRD Guaranteed Loans, which guarantee 85 percent below $5 million and 80 percent from $5 million to $25 million in fiscal year 2026; and the Rural Energy for America Program, REAP, which covers up to 50 percent of the cost of solar and efficiency improvements on farms and rural businesses. Each program runs its own guarantee fee and retention schedule under the current OneRD Annual Notice, which the study confirms against the fiscal year the project closes in rather than a prior year's terms, since the notice's fee, retention and guarantee percentages are revised on a fiscal year basis rather than held constant.

By the Treasury's own USASpending.gov record of place-of-performance obligations, New Hampshire's REAP awards ran to 36 for $6,606,117 in fiscal year 2025, down from 58 awards for $9,591,526 in fiscal year 2024, both the award count and the obligated dollars declining year over year. Community Facilities Loans and Grants obligated 7 awards for $3,634,000 in fiscal year 2025, against 9 awards for $6,821,111 in fiscal year 2024, a similar decline in both measures. Water and Waste Disposal obligated 3 awards for $472,581 in fiscal year 2025, against the same 3 awards for a considerably larger $3,912,243 in fiscal year 2024, so the award count held steady while the obligated dollars fell sharply. Business and Industry Guaranteed Loans carried zero New Hampshire awards and zero obligated dollars in both fiscal year 2025 and fiscal year 2024, the only one of the four USDA Rural Development programs in this record with no active New Hampshire file in either year, a pattern the study notes for a sponsor weighing Business and Industry financing against the more consistently active REAP, Community Facilities and Water and Waste Disposal channels.

USDA Rural Development's own recent New Hampshire activity includes $390,558 announced for maple syrup producers across Vermont and New Hampshire in March 2026, and a Northern Border Regional Commission partnership with USDA's Rural Business Development Grant program that awarded $1.9 million across the four-state Northern Border region of Maine, New Hampshire, Vermont and New York. The Rural Business Development Grant's own 2026 application cycles close June 15 and June 30. REAP's coverage of up to 50 percent of a qualifying solar or efficiency project's cost is particularly relevant to a New Hampshire farm or rural business given the state's comparatively high electricity costs, and a study for such a project models the REAP structure directly rather than treating it as a generic efficiency line item.

New Hampshire's own fiscal structure is itself the state's standing incentive: the absence of a general sales tax and, since tax periods beginning January 1, 2025, the absence of any state tax on wages, salaries or investment income, per the New Hampshire Department of Revenue Administration, function as a statewide advantage no enacted program needs to renew each budget cycle. Beyond that structural position, USDA and the New Hampshire Community Development Finance Authority both finance rural child care, agritourism, brewery and winery projects, a financing channel a New Hampshire study for one of those uses carries directly, and the study names the specific administrator, USDA's Rural Development state office or the Community Development Finance Authority, the lender will call to confirm terms. New Hampshire's most recent large-scale electricity transmission proposals, the $2 billion Twin States Clean Energy Link and the earlier Northern Pass project, were cancelled in March 2024 and in 2017 respectively, leaving no successor project of comparable scale as of 2026, a backdrop the study notes for a REAP-financed solar or efficiency project weighing the state's electricity costs directly.

Assisted living and residential care in New Hampshire are regulated under two distinct facility types, residential care facilities providing non-medical care and supported residential health care facilities providing skilled nursing, both under the Department of Health and Human Services' Health Facilities Administration. Medicaid support for a qualifying resident runs through the Choices for Independence waiver, open to a resident aged 65 or older who needs a nursing-home level of care, with a monthly income limit of $2,250 and countable assets under $2,500. New Hampshire's Business Profits Tax, the state's flat corporate income tax administered by the Department of Revenue Administration, applies at 7.5 percent to a qualifying commercial entity regardless of the sales and income tax advantages described above. A project with a renewable energy component carries New Hampshire's Renewable Portfolio Standard, RSA 362-F, enacted in 2007 and still in force, with its four classes, Class I new renewable including Class I Thermal, Class II solar, Class III existing biomass or methane and Class IV existing small hydroelectric; House Bill 219, recommended 14 to 11 by the House Finance Committee on October 30, 2025, proposed phasing out the standard's minimum requirements by 2030 and repealing RSA 362-F:3 effective December 31, 2030, but had not been enacted, so the study carries the standard as currently in force rather than assuming the bill's outcome. Every New Hampshire commercial entity, whatever its asset class, files the Business Profits Tax return the Department of Revenue Administration administers, and the study confirms which further state-level filing, if any, a given asset class carries beyond that baseline.

A New Hampshire credit committee reads the study against a shorter list of territory questions than a larger state carries, because a single statewide SBA district office and a single shared USDA state office remove the multi-office question a bigger state's file often carries. It reads the study in roughly the order the three thesis conditions above are ranked: first the tax structure's effect on the operating expense line and the retail or hospitality demand case, second the Massachusetts commute's effect on workforce and retail demand in the state's southern tier, and third the Seacoast's site-scarcity effect on a hospitality or marina file, before moving to the supporting detail every file carries: the property tax line built to New Hampshire's own effective rate, which the Tax Foundation puts at roughly 1.5 percent and among the top 5 to 6 states nationally, with county effective rates running from about 0.87 percent in Carroll County to 1.87 percent in Cheshire County and median annual bills from $3,579 in Coos County to $7,839 in Rockingham County; the demand case for a workforce housing, retail or office file built against the Massachusetts commute rather than resident population alone; the site-scarcity case for a Seacoast hospitality or marina file built as structural rather than cyclical; and, for a Seacoast or river-corridor site, the flood and hazard insurance line New Hampshire's own cluster of five federally declared flood disasters in 2023 and 2024 puts in front of every coastal or river-corridor underwriting file. FEMA's Risk Rating 2.0 methodology, in full effect since April 1, 2023, prices a property's flood insurance individually rather than by flood zone alone, and roughly 40 percent of NFIP claims nationally arise outside a mapped high-risk zone, a detail the study's risk section carries for a New Hampshire site outside a mapped floodplain. New Hampshire's snow-load and heating-degree-day design factors run high given the state's northern New England winters, materially affecting roof and HVAC design underwriting for every asset class, and the state's tort and liability climate is generally viewed as moderate and business-friendly relative to its neighbors, with no general usury cap on a loan agreed to in writing. A study that carries each of those with the source named in the sentence is the study a New Hampshire underwriter can lift into the memo without a second round.

New Hampshire's underwriting file runs past the standard district-office and reassessment checklist. The state's fiscal structure, its exposure to the Massachusetts labor market, and the physical scarcity of its ocean shoreline each move a New Hampshire deal in a way no national template accounts for, ranked below by the size of the exposure or the demand each one attaches to the deal.

New Hampshire's own tax administrator states plainly that there is no general sales tax on goods purchased in the state, and since tax periods beginning on or after January 1, 2025, New Hampshire taxpayers are no longer required to pay the state's former Interest and Dividends Tax, a levy that under prior law was imposed at 3 percent on a resident's interest and dividend income above $2,400 for an individual filer, repealed under House Bill 2 of the 2023 legislative session, per the New Hampshire Department of Revenue Administration. New Hampshire now taxes neither wages and salaries nor investment income at the state level and carries no general sales tax, so a lender's operating expense line for a New Hampshire deal must model property tax, which the Tax Foundation separately puts at 59.5 percent of New Hampshire's combined state and local tax revenue, as close to the only state and local levy rather than one line among three, and a retail or hospitality deal's demand model should credit the state's price and income advantage for Massachusetts, Maine and Vermont shoppers and workers rather than assume a national baseline.

New Hampshire's own labor market agency reports that of the state's 715,564 working residents, 105,355 commuted out of state for work, with 82,855 of them crossing into Massachusetts, well ahead of the 8,961 who commuted into Vermont and the 8,216 who commuted into Maine, both less than an eighth the size of the Massachusetts flow, and well ahead of the 38,897 Massachusetts residents who commuted the other way, per New Hampshire Employment Security. A lender underwriting workforce housing, retail or office demand in southern New Hampshire must model daytime population, retail spending and wage competition against the Massachusetts commute rather than against resident population alone, because more than one in nine working New Hampshire residents, and better than three in four of those who leave the state for work, cross into Massachusetts each working day, and a multifamily or workforce-housing pro forma anchored only to New Hampshire employer payrolls will understate both the renter pool and the wage base it competes against. The flow runs almost entirely one direction: New Hampshire Employment Security's own data counts just 38,897 Massachusetts residents commuting into New Hampshire against the 82,855 running the other way, so a New Hampshire employer competing for labor is competing against Massachusetts wages for its own resident workforce far more than it is drawing workers in from Massachusetts.

NOAA's Office for Coastal Management puts New Hampshire's own shoreline mileage at 131 statute miles, a measure covering the outer coast plus its bays and tidal rivers to the head of tidewater, against 3,478 miles for Maine and 1,519 miles for Massachusetts. Any hotel, resort, marina or coastal restaurant site within New Hampshire's short ocean frontage competes for a physically fixed, extremely scarce inventory of coastal parcels, so a lender underwriting a Seacoast hospitality or marina deal should treat site scarcity and comparable-sale thinness as structural rather than cyclical, and should not extend Maine's or Massachusetts' coastal supply assumptions to a Hampton Beach or Rye site. The same NOAA measure carries no shoreline figure for Vermont at all, since Vermont has no ocean coastline, so New Hampshire's Seacoast scarcity is a condition its landlocked western neighbor cannot share in any form, let alone at a comparable scale to Maine or Massachusetts.

A New Hampshire study runs to the sections a lender's file expects, each calibrated to the state. The engagement letter and scope name the program of record, the lender, CDC or USDA office carrying the deal, the New Hampshire District Office as the single statewide SBA territory, and, for a USDA file, the shared Vermont and New Hampshire state office and the Concord, New Hampshire contact point. The site and market area section places the parcel in its county, states the rural-area determination where USDA is the program, since most of New Hampshire outside Manchester, Nashua and the larger Seacoast cities qualifies as rural under USDA's own definitions, verified at the Rural Development eligibility map for the specific address, and draws the trade area from the road network rather than a radius, naming Rockingham, Cheshire, Carroll or Coos County where the parcel's own property tax evidence sits. The demand section builds from the public series this page cites: New Hampshire Employment Security's own commuting-pattern data, the New Hampshire Department of Revenue Administration's tax record, and the SBA FOIA release for the state's own lending record. The competitive set section names the operating properties, their scale and their position. The regulatory section carries the Department of Health and Human Services' Health Facilities Administration licensing sequence for an assisted living or residential care file, the Choices for Independence Medicaid waiver's eligibility terms, and, where the project carries a renewable energy component, the Renewable Portfolio Standard's classification under RSA 362-F. The financial section runs the stabilized year, the ramp, operating expenses, reserves and discounted cash flow at the lender's coverage, with the property tax line built from New Hampshire's own effective rate, roughly 1.5 percent statewide per the Tax Foundation, and the county's own range, from Carroll County's 0.87 percent to Cheshire County's 1.87 percent, and the flat 7.5 percent Business Profits Tax every commercial entity carries. The risk section names what could move the numbers, the Massachusetts commute's draw on workforce and retail demand, the Seacoast's site scarcity, and, for a coastal or river-corridor site, the flood-zone and NFIP premium line under FEMA's Risk Rating 2.0 methodology, and says what the sponsor has done about each. The same risk section carries New Hampshire's snow-load and heating-degree-day design factors for every asset class's roof and HVAC construction-cost line, given the state's northern New England winters. The lender package closes with the comparable-loan evidence from the FOIA release and a statement of the standards the study was prepared under.

New Hampshire's labor market carried 715,564 working residents on New Hampshire Employment Security's own 2016 to 2020 commuting-pattern estimates, of whom 105,355 commuted out of state for work, the large majority into Massachusetts. Unemployment ran 3.1 percent in December 2025, seasonally adjusted, among the lowest in the country, per the Bureau of Labor Statistics and the Federal Reserve Bank of St. Louis' FRED series. Census Bureau five-year American Community Survey estimates for 2023 put median household income at $95,628 and the share of adults holding a bachelor's degree or higher at 39.8 percent, both among the higher state figures nationally, against a poverty rate of 4.4 percent, 7.0 percent among children. New Hampshire is tied with Vermont as the second-oldest state by median age, 43.4 years as of July 2023, behind only Maine, per the New Hampshire Fiscal Policy Institute's own citation of Census data, a demand driver for the state's assisted living and residential care asset class. Beyond the four metros below, New Hampshire's own underwriting variables run through the New Hampshire Community Development Finance Authority's rural financing role, the shared Vermont and New Hampshire USDA Rural Development state office in Concord, and the property tax structure that funds the large majority of state and local government in the state's absence of a sales or income tax, a structure the Tax Foundation puts at 59.5 percent of combined state and local tax revenue. New Hampshire's tort and liability climate is generally viewed as moderate and business-friendly relative to its neighbors, with no general usury cap on a loan agreed to in writing, and the state's snow-load and heating-degree-day design factors run high given its northern New England winters, a construction-cost variable every asset class in every metro below carries.

Nashua sits on New Hampshire's southern border, the metro closest to the Massachusetts commuter flow this page's thesis carries: New Hampshire Employment Security's own data shows 82,855 New Hampshire residents commuting into Massachusetts for work against just 38,897 Massachusetts residents commuting the other way, and a Nashua-area workforce housing or retail file should be underwritten against that daytime population loss and the wage competition it creates rather than against Nashua's own resident count alone. New Hampshire's absence of a general sales tax draws cross-border shoppers to the state's southern border towns generally, a dynamic this page's thesis also carries, and a Nashua-area retail file is written to that draw rather than to a statewide retail baseline. That same cross-border draw runs beyond Nashua itself to Salem, Seabrook and Pelham along the same Massachusetts line, and to the Merrimack and North Conway outlet centers further from the border, so a retail file anywhere along New Hampshire's southern tier is written to the same no-sales-tax thesis condition rather than a purely local demand story.

Manchester is New Hampshire's largest city and, with Nashua, anchors the Southern Tier the New Hampshire Fiscal Policy Institute names as the region carrying the state's longest documented child care waitlists, 8 to 14 months for an infant slot, a workforce-availability factor a Manchester employer-facing or workforce-housing file should carry alongside the Massachusetts commute this page's thesis names. New Hampshire's single statewide SBA district office, the New Hampshire District Office, covers Manchester on the same terms as every other New Hampshire county, so a Manchester file carries none of the multi-office territory question a larger state's largest city often does. House Bill 1567, effective September 2024, bars a New Hampshire municipality from prohibiting home-based child care in a residential zone, a licensing-adjacent fact relevant to a Manchester-area child care or workforce-housing file. Manchester's position as the state's largest city and commercial center makes it the metro where a lender is most likely to see a New Hampshire file crossing several of this page's asset classes at once, a hotel or restaurant file alongside a fitness center or child day care file, each carrying its own FOIA-record charge-off rate from the table above. Those rates break out as restaurants resolving 276 of 457 loans at 3.3 percent, fitness and recreational sports centers resolving 71 of 117 loans at 11.3 percent, and child day care services resolving 30 of 61 loans at 10.0 percent, the two highest rated charge-off rates in the state's own FOIA record.

Portsmouth anchors New Hampshire's Seacoast, the region this page's shortest-shoreline thesis condition describes: NOAA's Office for Coastal Management puts the state's entire shoreline at 131 statute miles, against 3,478 for Maine and 1,519 for Massachusetts, so a Portsmouth-area hotel, marina or coastal restaurant site should be underwritten as competing for a physically fixed and extremely scarce inventory of coastal parcels rather than an expandable supply. The same Seacoast geography carries New Hampshire's concentrated storm-surge exposure, at Hampton Beach and the Great Bay tidal areas around Newington and Greenland, inside a state that drew five separate federal flood disaster declarations across 2023 and 2024 and carries roughly 8,507 active National Flood Insurance Program policies, so a Portsmouth-area coastal file should carry a specific flood-zone and NFIP premium line in its risk section rather than a generic hazard placeholder. Pease International Tradeport, a former Air Force base in Portsmouth and Newington now administered by the Pease Development Authority, remains the Seacoast's primary large-scale commercial and industrial redevelopment site, sitting inside the same short-shoreline geography this page's thesis describes; specific project-level detail at Pease is confirmed at the parcel from the Pease Development Authority rather than assumed from the site's general redevelopment role. New Hampshire's absence of a state income or sales tax, this page's largest thesis condition, applies to a Portsmouth engagement on the same terms as every other New Hampshire metro. Portsmouth Naval Shipyard, though physically sited across the Piscataqua River in Kittery, Maine, is itself a major Seacoast New Hampshire employer: it employed 7,721 civilians in 2024, up from 7,469 in 2023, with a $1.6 billion regional economic impact that year, up from $1.54 billion in 2023, per the Seacoast Shipyard Association. Of that civilian workforce, 3,126 were New Hampshire residents against 4,252 from Maine, and the yard's military payroll ran to $35.98 million, a federal installation a Portsmouth-area workforce or housing file reads alongside the Seacoast shoreline scarcity this page's thesis names.

Concord is New Hampshire's capital and the New Hampshire-side contact point for the state office USDA Rural Development shares with Vermont, the office that administers the Community Facilities, Business and Industry and REAP programs this page's lending section carries; a new presidential appointee to serve rural New Hampshire and Vermont was announced May 6, 2025. The New Hampshire Department of Revenue Administration, which administers both the state's Business Profits Tax and the tax changes behind this page's largest thesis condition, is the agency a Concord-area commercial file answers to on the tax side. New Hampshire's Business Profits Tax, the state's flat corporate income tax, applies at 7.5 percent to a qualifying commercial entity regardless of the sales and income tax advantages described above. USDA Rural Development's own recent New Hampshire activity, including the $390,558 announced for Vermont and New Hampshire maple syrup producers in March 2026 and the Northern Border Regional Commission's $1.9 million four-state Rural Business Development Grant partnership, is administered through this same Concord contact point, and a Concord-area or rural New Hampshire file routes its Community Facilities, Business and Industry or REAP application through the same office. That Concord office's own program record shows REAP awards of 36 for $6,606,117 in fiscal year 2025, Community Facilities awards of 7 for $3,634,000, and Water and Waste Disposal awards of 3 for $472,581, the three programs with an active New Hampshire file in the Treasury's own USASpending.gov record for that year.

Read against the state's own SBA record, hotels and motels carry the largest 504 dollar volume of the table's rated classes, 60 loans for $53,189,000, alongside 39 7(a) loans for $23,197,700 resolving at a 3.1 percent charge-off rate, and pair with New Hampshire's tourism-heavy White Mountains, Lakes Region and Seacoast geography, including the scarce Seacoast shoreline this page's thesis names. Restaurants carry the largest count in the table, 457 7(a) loans for $96,491,900, resolving 276 at a 3.3 percent charge-off rate close to the state's own 5.4 percent average across all industries. Fitness and recreational sports centers carry the table's highest rated charge-off rate, 11.3 percent across 117 7(a) loans for $40,375,600, the class a New Hampshire lender will underwrite hardest among the classes with a rated cohort. Gas stations and convenience stores resolved 44 of 63 7(a) loans at a 4.5 percent charge-off rate, close to the statewide average, a class that also carries the same Massachusetts-line and Seacoast cross-border draw this page's no-sales-tax thesis condition names. New Hampshire's 504 program by loan count actually runs largest in restaurants, 97 loans, ahead of hotels' 60, though hotels and motels carry the largest average 504 loan size among the classes without a rated cohort, $53,189,000 across those 60 loans. Self-storage, RV parks and campgrounds, car washes and assisted living each carry fewer than 30 resolved 7(a) loans and no rated cohort in this release, though self-storage's 22 7(a) loans for $14,898,000 and 23 504 loans for $19,541,000 are the largest combined count of that group, and assisted living's demand case pairs with New Hampshire's position as the second-oldest state by median age, tied with Vermont, behind only Maine.

Beyond the classes above, MMCG produces SBA, USDA and conventional-grade feasibility studies for the full range of commercial property types financed in New Hampshire. Child day care services carry 61 7(a) loans for $19,628,800, resolving 30 at a 10.0 percent charge-off rate, the table's second-highest rated rate, alongside the documented child care shortage the New Hampshire Fiscal Policy Institute reports: licensed child care spaces fell almost 13 percent from July 2017 to October 2024 while the number of children under 5 fell only about 1.6 percent, the shortage's economic drag in 2023 was estimated at $36 million to $56 million in business losses from reduced productivity and workforce disruptions, with families losing $114 million to $178 million in earnings and state and local tax revenue falling $9 million to $14 million, and an infant waitlist runs 8 to 14 months in the Southern Tier of Nashua, Manchester and Concord. House Bill 1567, effective September 2024, bars a municipality from prohibiting home-based child care in a residential zone. Marinas carry a suppressed count, under 5 loans on both the 7(a) and 504 side, too few for the FOIA release to report a dollar figure, but the class pairs directly with the Seacoast shoreline scarcity this page's thesis names. RV parks and campgrounds carry 17 7(a) loans for $11,575,000 and 9 504 loans for $5,059,000, and a campground or RV park file draws on the same White Mountains, Lakes Region and Seacoast tourism geography as the state's hotel files. Car washes, 17 7(a) loans for $18,871,000 and 10 504 loans for $4,975,000, benefit from the same cross-border retail draw this page's thesis names, concentrated at the state's Massachusetts-line and Seacoast corridors. Multifamily and workforce-housing files follow the Massachusetts commuter outflow this page's thesis names, underwritten to the daytime population and wage base the commute creates rather than to New Hampshire resident payrolls alone. Community Facilities Program files for rural senior-care, health-clinic, library and municipal-facility borrowers are written to the shared Vermont and New Hampshire USDA Rural Development state office's standard, on the pattern of the program's own $3,634,000 in fiscal year 2025 New Hampshire obligations, down from $6,821,111 in fiscal year 2024, and the Water and Waste Disposal program's own $472,581 in fiscal year 2025 obligations for a municipal water or sewer borrower. New Hampshire's retail anchors read against the same no-sales-tax draw this page's thesis names: Hannaford operates 189 locations across its multi-state footprint as of 2024, and Market Basket, also known as Demoulas Super Markets, operates 90 locations across Massachusetts, New Hampshire, Maine and Rhode Island as of 2025, alongside Shaw's, Trader Joe's, Whole Foods, The Fresh Market and Walmart Supercenters. A retail file anchored to one of these operators is written to that specific chain's own footprint rather than a generic grocery-anchor assumption.

New Hampshire's own public records carry a market layer a lender reads alongside the state's no-sales-tax draw. The U.S. Census Bureau's Building Permits Survey recorded 5,030 new housing units authorized statewide in 2025, 3,279 of them single-family. The New Hampshire Department of Administrative Services reported $339.1 million in Meals and Rentals Tax receipts credited to the General and Education Funds in fiscal year 2025, net of a $136.6 million transfer to the meals and rooms municipal revenue fund, a levy on hotel rooms and restaurant meals that reads the state's lodging and cross-border dining draw at once. The Census Bureau's County Business Patterns count 1,741 manufacturing establishments statewide in 2023, the base of the Manchester and Nashua industrial corridors. The Census Bureau's Vintage 2025 estimate puts the state's resident population at 1,415,342 as of July 1, 2025.

Standard delivery is 9 to 16 business days from data receipt, and rush turnaround is available from 5 business days. The seven steps below are what happens in that window, from the project brief to lender review.

MMCG delivers New Hampshire feasibility studies in 9 to 16 business days from data receipt, with a complimentary preliminary market overview within one business day of submission. Pricing starts at $4,900 with a 50/50 fee schedule. Reports are formatted for SBA, CDC, USDA and conventional lender file submission and incorporate the analytical layers New Hampshire credit committees expect: the state's own FOIA cohort by asset class, the New Hampshire District Office's single statewide SBA territory, the shared Vermont and New Hampshire USDA Rural Development state office's guarantee terms, the Department of Health and Human Services' licensing sequence and the Choices for Independence waiver's eligibility terms, the effective property tax rate and the county's own range, the flat Business Profits Tax, and, for a Seacoast or river-corridor file, the flood-zone and NFIP premium line. Sponsor inquiries that involve a Seacoast hospitality or marina file, an assisted living file working through the Choices for Independence waiver, a Community Facilities file routed through the Concord USDA office, or a project carrying a renewable energy component subject to the Renewable Portfolio Standard, typically require the upper end of the standard range.

Engagements typically begin with the project address, asset class, capital stack, sponsor experience, and the specific lender, Certified Development Company or USDA office carrying the deal. From there, MMCG calibrates scope to the program of record, whether SBA 7(a), SBA 504, USDA Business and Industry, REAP, Community Facilities or conventional.

Send the project address. Receive a free New Hampshire market overview within one business day. Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. A senior analyst responds within 12 business hours.

MMCG Invest, LLC is a commercial real estate feasibility consulting firm specializing in SBA and USDA feasibility studies across asset classes including hotels, assisted living, car washes, self storage, RV parks, gas stations, restaurants and agritourism, calibrated to New Hampshire's own tax structure, Massachusetts commuter flow and Seacoast geography. Our analyses serve lenders, CDCs, investors and developers seeking institutional-quality market intelligence for underwriting and investment decisions. Engagements are led by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute. Feasibility studies are prepared under USPAP discipline, aligned with SBA SOP 50 10 8 for 7(a) and 504 loans and with 7 CFR Part 5001 for USDA Business and Industry, REAP and Community Facilities financing. Engagements start at $4,900 with fixed-fee scoping. Standard delivery is 9 to 16 business days, with rush turnaround available from 5 business days. A senior analyst responds to proposal requests within 12 business hours from the firm's San Francisco office.

Every state page MMCG publishes is listed on the state index; the neighbouring states are linked at the end of this page. The New Hampshire cities and counties served:

Southern Tier and the Massachusetts line: Manchester, New Hampshire's largest city and, with Nashua, the anchor of the state's Massachusetts commuter flow; Nashua, Merrimack, Salem, Pelham and Seabrook.

The Seacoast: Portsmouth, anchoring the state's short, scarce ocean shoreline, along with Dover, Durham, Rye, Newington and Greenland.

The capital region: Concord, the New Hampshire-side contact point for the shared Vermont and New Hampshire USDA Rural Development state office.

The Lakes Region and the White Mountains: North Conway, part of the tourism geography this page's hotel and RV park discussion names.

Counties this page's research names: Rockingham, home to the highest median property tax bill this page cites; Cheshire, the highest county effective property tax rate; Carroll, the lowest county effective rate; and Coos, the lowest median property tax bill.