The U.S. Wedding Venue Market: A Investment Thesis for 2026–2030

The U.S. wedding services market reached an estimated $65–100 billion in 2025, with venues capturing the single largest share of wedding budgets at 24–40% of total spend (1)(2)(3). Roughly 2 million couples married annually at an average cost of $34,000–$36,000, directing $8,500–$14,300 per wedding to venue rental alone (2)(3). Grand View Research projects the U.S. wedding services market will reach $95.35 billion by 2030 at a 6.8% CAGR, driven by rising per-wedding expenditure, experiential demand from Gen Z and Millennial cohorts, and structural undersupply in high-growth geographies (4). For commercial real estate investors, the wedding venue sector represents a fragmented, operator-dependent asset class with attractive margin profiles, multiple financing pathways (SBA 504, USDA B&I), and a proven PE-backed consolidation model in Wedgewood Weddings, the only scaled national operator at 75+ venues (5). This report provides the data foundation for evaluating feasibility, underwriting risk, and identifying investment entry points.

A $65–100 Billion Industry Normalizing After Pandemic-Era Volatility

The U.S. wedding market has undergone significant disruption and recovery since 2020. CDC/NCHS data shows marriages collapsed to 1.68 million in 2020 (the lowest since 1963), surged to a post-pandemic peak of 2.07 million in 2022 (the highest since 2018), then normalized to 2.04 million in 2023 (6). The Wedding Report estimates 2.02 million weddings in 2024 and 2.01 million in 2025, confirming the post-pandemic "revenge wedding" backlog has fully cleared (1).

Market sizing varies by methodology. Grand View Research valued the U.S. wedding services market at $64.93 billion in 2024 (4). The Wedding Report pegged total wedding spending at $63.35 billion in 2024 and $66.16 billion in 2025 (1). The Knot Worldwide's 2026 Real Weddings Study, surveying 10,474 couples married in 2025, reported $100 billion in total wedding-related spending, a figure that likely captures adjacent categories including honeymoon travel, engagement rings, and pre-wedding events (2). IBISWorld's broader wedding services category reported $70.3 billion through 2023, though revenue declined at a -4.1% CAGR over the five years through 2023 due to COVID distortion.

The critical investor insight is that total wedding counts are structurally flat to declining, but per-wedding spend is rising. Average wedding costs climbed from approximately $28,000 in 2019 to $35,000 in 2023 (The Knot), dipped to $33,000 in 2024, and recovered to $34,200 in 2025 (2). Zola's 2026 Cost Index placed the 2025 average at $36,000 (3). The median, however, tells a different story: The Wedding Report's 2024 median was just $13,195, revealing extreme spending stratification (1). This gap between average and median underscores that the investable opportunity concentrates in the upper-middle and luxury tiers, where venues command premium pricing and couples demonstrate willingness to spend.

Exhibit 1: U.S. Wedding Market Overview, 2019–2025

Year	Marriages (CDC)	Avg. Cost	Cost/Guest	Market Size
2019	2,015,603	~$28,000	$214	—
2020	1,676,911	—	—	—
2022	2,065,905	$29,195	—	—
2023	2,041,926	$35,000	$284	$63.4B
2024	~2,016,000	$33,000	$284	$64.9B
2025	~2,011,000	$34,200	$292	$66.2B

Source: MMCG database. Market size estimates from The Wedding Report (2024–2025) and Grand View Research (2024).

Regional cost variation is substantial and directly impacts venue underwriting. The Mid-Atlantic leads at $48,400 average (2025), followed by New England at $46,600, while the Midwest averages $29,000 (2). Urban venues command approximately $10,000 more than suburban or rural counterparts. New York City averages $65,000, Washington D.C. $52,000, and San Francisco can exceed $85,000 for 150-guest events (2)(3). These differentials create distinct investment profiles by geography, with urban luxury versus rural experiential each carrying different capital requirements, revenue models, and risk characteristics.

The Venue Asset Class: 35,800 Properties Anchoring the Largest Budget Line Item

Wedding venues represent the single largest revenue segment within the wedding services industry, according to IBISWorld (7). Venue spend as a percentage of total wedding budget ranges from 24% (Zola) to 40% (Wedding Venue Owners), depending on whether food, beverage, and rentals are bundled (3)(8). The Knot's 2025 Real Weddings Study reported an average venue cost of $12,200 for couples married in 2024. Zola's 2026 data placed venue cost at $8,573 (range: $6,900–$10,300) on a $36,000 total budget (3).

As of late 2025, approximately 35,829 wedding venues operate in the United States, per SmartScrapers/RenTech Digital data (9). Of these, 71.8% (25,726) are single-owner operations and 28.2% (10,103) are part of larger brands, though "brand" in this context often means a small multi-property owner rather than a national chain. The average venue has been operating for 8 years and 2 months, suggesting moderate business maturity but also significant turnover. Roughly 20% of new wedding venues fail within the first year (9).

Geographic concentration mirrors population density. Texas leads with 3,932 venues, followed by California (3,654) and Florida (2,426). These three states account for approximately 28% of all U.S. wedding venues (9). Nevada, driven entirely by Las Vegas's 80,000–120,000 annual weddings, represents an outsized per-capita concentration. Destination wedding hotspots, including Napa Valley, the Hudson Valley, the Florida Keys, and Hawaii, command premium pricing but face seasonal and capacity constraints.

Venue type preferences are shifting. The Knot's data shows banquet halls at 20% of receptions, barns/farms/ranches at 17%, and hotels at approximately 18% (2). Outdoor venues (gardens, barns combined) capture roughly 65% of weddings. Religious venues have declined sharply, from 41% in 2009 to approximately 22% in recent years (8). The Knot's 2026 trend report declares "ballrooms and barns are out; unconventional venues are in," with rising demand for restaurants, botanical gardens, industrial lofts, greenhouses, and historic estates (2). This experiential shift creates adaptive-reuse opportunities for investors willing to convert underutilized commercial and agricultural properties.

Booking dynamics and seasonality drive revenue concentration. Venue booking lead times typically range 12–18 months in advance, extending to 18–24 months for peak-season Saturdays at high-demand properties. Average engagement length is 15 months (The Knot), with planning beginning almost immediately (2). Seasonality is pronounced: 69% of weddings occur May through November, with October now the most popular month at 17% of all weddings. Winter (December–February) accounts for just 9%. Off-peak dates typically command 20–40% lower pricing, and Friday/Sunday weddings save an estimated $5,000 versus Saturday events. Weekday weddings now represent 22% of all weddings, a structural shift that creates incremental revenue for venues able to attract this segment (2)(8).

The Knot's 2026 study reveals important packaging dynamics: 73% of venues include rentals (tables, chairs, linens), 41% include catering, 37% include alcohol, and only 16% offer space-only rental (2). Venues bundling food and beverage realize significantly higher per-event revenue. Price is the dominant selection factor, with 76% of couples citing it as the most important venue feature. However, 47% of couples are willing to "splurge" on venue, the second-highest category after photography at 57% (2).

Demand Drivers: Flat Marriage Rates Offset by Rising Spend and Generational Tailwinds

The U.S. crude marriage rate has declined secularly from 8.2 per 1,000 people in 2000 to 6.1 in 2023 (CDC provisional data) (6). IBISWorld projects a further decline to 5.6 per 1,000 in 2026, a 3.6% drop (7). The median age at first marriage has reached all-time highs: 30.8 years for men and 28.8 years for women in 2024 (Census Bureau/NCFMR), up approximately 1.5 years over the past decade (10). Older first-time couples typically have higher household incomes, longer engagement periods, and greater willingness to invest in premium wedding experiences, a net positive for venue operators targeting the upper-middle market.

Gen Z now represents 41% of the wedding market (The Knot 2026 Study), up from roughly one-third in 2024 (2). This cohort is reshaping venue demand in measurable ways. Gen Z couples average $27,000 per wedding with larger guest counts (~131), while Millennials spend $51,130 with smaller guest counts (~113). Gen Z prioritizes authenticity, personalization, and community over opulence, favoring non-traditional venues, including restaurants, galleries, urban lofts, and historic buildings, over conventional banquet halls. Critically, 36% of Gen Z couples used AI tools for wedding planning in 2025, nearly double the 20% in 2024, indicating rapid technology adoption that will reshape how venues market and sell (2).

The "proposal gap" theory posits that reduced in-person dating during 2020–2021 created a downstream engagement shortfall in 2022–2023, which manifested as a 40–50% booking decline from pre-pandemic levels in 2024 according to industry reports (8). Signet Jewelers, the largest diamond retailer, confirmed proposals bottomed in 2023 and began rebounding in 2024. The couples who met post-pandemic are now entering peak wedding-planning age, suggesting 2025–2027 should see stabilized or modestly growing demand.

Micro-weddings: more buzz than bite, but structurally meaningful. Despite extensive media coverage, micro-weddings (50 or fewer guests) represent 18% of weddings in 2024, up from 10% in 2013 (1). The Knot reports 48% of couples consider micro-weddings, yet Zola's 2025 data shows only 6% actually planned sub-50-guest events (3). Average guest counts have declined from 184 in 2006 to 117 in 2025 (The Knot), representing a meaningful long-term trend. However, the average remains above 100 guests, and The Knot's 2026 report characterizes the trend as "macro over micro" (2). For venue operators, the micro-wedding segment represents a revenue compression risk: weddings under 50 guests average $15,000 versus $42,000+ for 100-plus guest events. The strategic response lies in offering weekday/off-peak micro-wedding packages that utilize otherwise idle inventory without displacing premium Saturday bookings.

Same-sex weddings contribute incremental demand. The Williams Institute at UCLA reports 823,000 married same-sex couples as of June 2025, more than double the 390,000 in 2015 post-Obergefell (11). Same-sex couples have higher median household incomes ($142,000 for male couples, $113,000 for female couples) and represent approximately 1.2% of all couple households. This is a modest but affluent segment for venue operators.

South Asian weddings represent a disproportionately valuable niche, with average costs of $225,000–$300,000 for 300+ guests, multi-day celebrations requiring flexible venue configurations, and mandap decor alone costing $5,000–$10,000 (8). Hotels (particularly Marriott's multicultural wedding team) actively target this segment, but independent venues with large outdoor spaces and multi-day flexibility can compete effectively. More broadly, 40% of Gen Z couples incorporate cultural elements into ceremonies (versus 32% of Millennials), expanding demand for venues that can accommodate diverse ceremony requirements (2).

Supply-Side Economics: Development Costs, Revenue Models, and Operating Performance

Construction and conversion costs. Ground-up wedding venue construction typically ranges from $750,000 to $3 million+, with most projects falling between $1–2 million for mid-range venues accommodating 200–300 guests across 5,000–10,000 square feet. Construction costs run $100–$400 per square foot depending on finish level (12). Soft costs (architecture, engineering, permitting) typically add 5–15% of total budget, or $50,000–$450,000.

Barn and agritourism venue conversions offer a lower-cost entry point. New barn construction (8,000 sf) costs approximately $360,000 at ~$45/sf before site improvements. Converting an existing barn runs $200,000–$600,000 including structural reinforcement, HVAC, electrical upgrades, restroom facilities, and ADA compliance (12). Site development (grading, stormwater, septic/utility hookups, parking at ~$260,000, road improvements) can add $150,000–$400,000. Total all-in cost for a converted barn venue on raw rural land ranges from $500,000 to $1.2 million.

Adaptive reuse of historic properties benefits from significant tax incentives. The Federal Historic Tax Credit provides 20% of qualified rehabilitation expenses. State-level credits add an additional 10–25% in many jurisdictions, and California's Mills Act provides 40–60% property tax reductions. Combined incentives can reduce effective development costs by 30–40%. However, historic projects run 25–40% longer than comparable new construction due to preservation requirements and approval processes (12).

Revenue model and financial benchmarks. Wedding venue revenue derives from multiple streams. Core venue rental fees represent the primary income, with national averages of $8,573–$12,200 per wedding (2)(3). Venues offering bundled services capture significantly more per event: space-only rental at $3,000–$8,000 per event, bundled (venue + catering + bar) at $12,000–$25,000+, and all-inclusive luxury packages at $25,000–$70,000+ (13). Beverage packages are a critical margin driver, lifting overall venue margins by 4–6 percentage points (13).

Annual revenue varies enormously by market positioning. Small rural venues may generate $100,000–$300,000 annually. Mid-market suburban venues in strong markets typically achieve $400,000–$700,000. Urban and luxury venues in high-demand markets can exceed $1 million (13). Wedgewood Weddings, running an all-inclusive model across 75+ venues, averages approximately $1.5–2 million per venue based on their reported 11,000+ annual weddings (5). ProjectionHub estimates an "average" venue at $467,000 annually (50 weddings x $6,000 + 167 other events x $1,000), though this blends wedding and non-wedding revenue (12).

Exhibit 2: Wedding Venue Revenue Model Benchmarks

Model	Revenue/Event	Events/Year	Est. Annual Revenue	Margin
Space-only rental	$3,000–$8,000	40–60	$150K–$350K	10–20%
Bundled (venue+F&B)	$12,000–$25,000	35–50	$400K–$900K	20–35%
All-inclusive luxury	$25,000–$70,000+	30–45	$750K–$2M+	30–50%
Multi-event diversified	$6,000–$15,000	100–200+	$500K–$1.5M	15–30%

Source: MMCG database. Benchmarks derived from industry surveys, operator interviews, and Financial Models Lab data.

Operating margins range from 10–20% for typical venues to 30–40% for well-managed, high-demand properties. High-end venues in premium markets can achieve 50%+ margins. However, as one prominent venue operator noted, many seemingly successful venues are barely breaking even after debt service and ongoing capital reinvestment (13). Labor costs should target below 30% of revenue, with a core team of full-time coordinators supplemented by on-call part-time staff for peak days. Annual insurance costs run $2,000–$20,000 depending on coverage breadth (8). Break-even timelines are 3–5 years for conservatively underwritten venues, though aggressive models show operational break-even in as little as 2 years with strong booking velocity and premium positioning (12).

A Highly Fragmented Market with One Scaled Consolidator

The wedding venue market is remarkably fragmented. Small businesses comprise 90% of wedding vendors, and the vast majority of venues are independently owned single-property operations (8). Fortune has characterized the industry's "spectacular fragmentation and odd customer dynamics" as a key reason VCs have been reluctant to invest.

Wedgewood Weddings stands alone as the only scaled national wedding venue operator, operating 75+ exclusive venues across 8 states and hosting 11,000+ weddings annually with approximately 2,000 employees (5). The company's trajectory illustrates the consolidation opportunity: Prospect Partners (Chicago PE) recapitalized Wedgewood in January 2014, during which time the company quadrupled its venue count through organic expansion and acquisitions of distressed properties. In June 2025, Prospect sold Wedgewood to TJC, L.P. (formerly The Jordan Company, $32 billion AUM), signaling continued institutional interest in scaled wedding venue platforms (5).

The Knot Worldwide (TKWW) dominates the digital marketplace, connecting 4 million+ users with 900,000+ small businesses annually across 16 countries (2). With 94% of couples starting vendor searches online and 75% using platforms like The Knot/WeddingWire, TKWW functions as a near-mandatory marketing channel for venue operators (8). Zola ($240M raised) and Joy ($100M+ raised) represent smaller but growing alternatives. Instagram and TikTok (50% of couples get inspiration from TikTok per Zola) are reshaping venue discovery beyond traditional marketplace listings (3).

Hotels represent significant but differentiated competition. Marriott (8,912 properties), Hilton (~9,000), and Hyatt (~1,398) all operate wedding programs that benefit from integrated catering, lodging, and loyalty programs. Hotels capture approximately 18% of the wedding venue market (8). Their competitive advantage, including convenience and full-service infrastructure, is offset by standardized aesthetics that increasingly conflict with Gen Z's preference for unique, Instagram-worthy settings. Airbnb's global ban on parties/events limits STR competition for traditional venues, though VRBO's "Events Allowed" filter creates some competitive pressure in the micro-wedding segment (8).

Regulatory Complexity Creates Barriers to Entry and Ongoing Operational Risk

Zoning is the single most consequential regulatory challenge for wedding venue development and operations. Many desirable rural properties sit on agriculturally-zoned land (A-1, A-2) not designated for commercial event use. Obtaining special use permits requires public hearings, zoning board approval, and often protracted neighbor opposition. The Wrangler's Roost case in New River, Arizona exemplifies the risk: the venue owner accumulated $70,000+ in fines and 9 misdemeanor charges for operating on improperly zoned residential land. Multiple states are addressing the ambiguity (8).

Noise is the primary trigger for neighbor complaints and the most common operational risk. Most municipalities enforce quiet hours at 10–11 PM in residential areas, with decibel limits of 42–85 dBA depending on jurisdiction and time of day. Fines range from $350 to $3,000 per offense, and repeated violations can result in loss of liquor licenses. NIMBY opposition is a major barrier to new venue development, with neighbors regularly organizing against proposed venues at planning and zoning hearings (8).

Additional regulatory considerations include fire code occupancy limits (assembly occupancy of 50+ people triggers public assembly permits), ADA Title III compliance (adding 20–30% to base space calculations for accessible routes, restrooms, and parking), commercial kitchen licensing for in-house catering, environmental regulations for rural properties (septic capacity, stormwater management, wetlands), and parking requirements (typically 1 space per 3–4 attendees). These cumulative requirements create meaningful barriers to entry that favor experienced operators and established properties with existing permits and entitlements.

Investment Structures and Financing Pathways

Multiple financing vehicles exist for wedding venue acquisition and development. SBA 504 loans are particularly attractive, requiring only 10% borrower equity with the bank covering 50% and a Certified Development Company covering 40% of project costs, specifically designed for long-term fixed assets like commercial real estate. SBA 7(a) loans provide up to $5 million for acquisition, construction, equipment, and working capital, typically requiring 20–25% down payment.

For rural venues, the USDA Business & Industry (B&I) Guaranteed Loan Program offers loans up to $25 million with up to 80% USDA guarantee, repayment terms up to 30 years, and equity requirements of just 10% for existing businesses (20% for new operations) (14). Properties must be in rural areas with populations under 50,000. This program is tailor-made for barn, farm, and estate venues in exurban markets within 1–2 hours of major metropolitan areas.

Exhibit 3: Wedding Venue Valuation and Financing Benchmarks

Metric	Range
EBITDA Multiple	3.13x – 4.01x
SDE Multiple	2.55x – 3.89x
Revenue Multiple	0.60x – 1.28x
Hospitality Cap Rate (proxy)	8% – 12%
SBA 504 Equity Requirement	10%
USDA B&I Max Loan	$25 million

Source: MMCG database, SBA, USDA Rural Development.

Five-Year Outlook: Steady Growth Amid Structural Headwinds

Grand View Research projects the U.S. wedding services market will reach $95.35 billion by 2030 at a 6.8% CAGR from 2025 (4). The wedding planning services sub-segment is expected to grow fastest at 8.5% CAGR. Annual wedding counts will likely hold in the 1.9–2.1 million range through 2030, supported by the large Millennial and Gen Z cohorts entering peak marriage age despite the secular decline in marriage rates (6)(7). IBISWorld projects the marriage rate declining to 5.6 per 1,000 in 2026, but rising per-wedding expenditure more than offsets volume softness (7).

Exhibit 4: U.S. Wedding Market Five-Year Forecast, 2025–2030F

Year	Weddings (Est.)	Avg. Cost	Market Size	YoY Growth
2025	2,011,000	$34,200	$66.2B	+2.0%
2026F	1,990,000	$35,600	$70.8B	+6.9%
2027F	1,975,000	$37,200	$75.7B	+6.9%
2028F	1,965,000	$38,900	$80.9B	+6.9%
2029F	1,955,000	$40,800	$86.5B	+6.9%
2030F	1,950,000	$43,000	$95.4B	+10.3%

Source: MMCG database. F = Forecast. Market size projections based on Grand View Research 6.8% CAGR trajectory.

Revenue growth for venue operators will be driven by four factors: rising average spend per event (cost per guest increased from $214 in 2019 to $292 in 2025), premiumization toward experiential and unique venues, technology-driven operational efficiency, and diversification into non-wedding events (2). The all-inclusive model pioneered by Wedgewood Weddings, with transparent pricing, bundled services, and professional event management, represents the most scalable and defensible business model for investors seeking institutional-quality returns (5).

Key risks include economic sensitivity (2024 saw 40–50% booking declines from pre-pandemic levels amid uncertainty, and couples reported tariff-driven cost increases of ~40% on imported goods in 2025), continued decline in guest counts (compressing per-event revenue for venues reliant on large Saturday weddings), and intensifying competition from non-traditional spaces including Peerspace and VRBO (8). The divorce rate at 2.4 per 1,000 (the lowest since the early 1970s) is a double-edged indicator: fewer divorces mean fewer remarriages, which historically involve higher spending (6).

The most compelling investment opportunities lie in adaptive reuse of historic properties (leveraging 20%+ federal tax credits), agritourism venues in exurban markets accessible to major metros (utilizing USDA B&I financing), and consolidation plays acquiring fragmented independent venues to build multi-property platforms with operational scale advantages (14). Sustainability-focused venues with eco-certifications and LEED features command pricing premiums and align with Gen Z values. Technology adoption, including AI-powered booking, virtual tours, and dynamic pricing, will increasingly separate high-performing venues from underperformers (2).

Conclusion

The U.S. wedding venue market offers a compelling but nuanced CRE investment opportunity. The sector's 6.8% projected CAGR, 24–40% capture of the largest consumer discretionary spend most Americans will ever make, and extreme fragmentation (71.8% single-owner operators across 35,800+ venues) create a landscape ripe for professionalization and selective consolidation (4)(9). The Wedgewood-to-TJC transaction in June 2025 validated institutional appetite for scaled venue platforms (5). However, this remains an operator-dependent asset class where execution, not just capital, determines returns. Successful underwriting requires jurisdiction-specific zoning analysis, realistic seasonal cash flow modeling (69% of weddings occur in just seven months), and recognition that the median wedding costs $13,000–$18,000, not the headline average of $34,000 (1)(2). Investors who target the upper-middle market in growth geographies, leverage available tax incentives and government financing, and build operationally excellent platforms will find a durable, recession-resistant revenue stream anchored in one of America's most enduring cultural traditions.

About MMCG

MMCG Invest, LLC is a premier commercial real estate feasibility consulting firm specializing in SBA and USDA feasibility studies across asset classes including multifamily, hospitality, gas stations, RV parks, and agritourism. Our analyses serve lenders, CDCs, investors, and developers seeking institutional-quality market intelligence for underwriting and investment decisions.

Interest in discussing market conditions for your wedding venue project?

Michal Mohelsky, J.D. | Principal | mmcginvest.com 

Contact: michal@mmcginvest.com

Phone: (628) 225-1125

Disclaimer: This report is provided for informational purposes only and does not constitute investment advice. Data presented herein is derived from proprietary MMCG databases and third-party sources believed to be reliable; however, MMCG Invest makes no representation as to the accuracy or completeness of such information. Figures from third-party industry databases have been independently verified and, where appropriate, adjusted to reflect MMCG's proprietary analytical methodology. Past performance is not indicative of future results.

Sources:

(1) The Wedding Report, "2025 United States Wedding Market Statistics & Analysis," based on MMCG research and proprietary database, Q1 2026.

(2) The Knot Worldwide, "2026 Real Weddings Study," survey of 10,474 couples married in 2025, published February 2026.

(3) Zola, "Average Cost of Weddings in 2026: A Real Numbers Guide" and "2025 First Look Report," based on platform user data.

(4) Grand View Research, "U.S. Wedding Services Market Size, Share & Trends Analysis Report, 2024–2030," market valued at $64.93B in 2024, CAGR 6.8%.

(5) Prospect Partners, "Prospect Partners Announces Sale of Wedgewood Weddings to TJC, L.P.," June 2025. Wedgewood operates 75+ venues, 11,000+ annual weddings.

(6) Centers for Disease Control and Prevention (CDC), National Center for Health Statistics, "National Marriage and Divorce Rate Trends, 2000–2023," provisional data.

(7) Wedding Venue Owners, "Top 50 Wedding Industry Statistics for 2024–2025," aggregated from The Knot, Brides, WeddingWire, and operator surveys.

(8) RenTech Digital / SmartScrapers, "List of Wedding Venues in United States," database of 35,829 venues with ownership and operating history metrics, 2025.

(9) National Center for Family & Marriage Research (NCFMR), Bowling Green State University, "Median Age at First Marriage: Geographic Variation, 2024."

(10) Williams Institute at UCLA School of Law, "Over 820,000 Married Same-Sex Couples Live in the U.S.," press release, June 2025.

(11) ProjectionHub, "How to Start a Wedding Venue," financial model benchmarks, construction cost ranges, and break-even analysis.

(12) Financial Models Lab, "7 Wedding Venue KPIs: Track Revenue, Costs, and 26-Month Payback," operating margin and beverage revenue analysis.

(13) USDA Rural Development, "Business & Industry Guaranteed Loan Program," program guidelines including $25M maximum loan, 80% guarantee, 30-year terms.