USDA Feasibility Study Consultant in Arkansas
Independent USDA feasibility study consultant for Business & Industry, SPUR, REAP and Community Facilities projects across Arkansas, prepared to 7 CFR Part 5001 standards for lenders and for review by USDA Rural Development's Arkansas state office in Little Rock.
Data as of October 2026
On this page
When an Arkansas Project Needs a USDA Feasibility Study
Under the OneRD guaranteed loan rule, an independent feasibility study is mandatory for Business & Industry guarantees above $1,000,000 to a new business. Section 5001.306(a)(3)(i) requires a study "prepared by an independent qualified consultant acceptable to the Agency," with its scope set by the Agency according to the complexity of the project and the borrower.
For loans of $1,000,000 or less, and for existing businesses, the study is discretionary. USDA may require one when the lender's analysis does not establish technical feasibility or economic viability, or when the project will significantly affect an existing borrower's operations and historic cash flow (§5001.306(a)(3)(ii)). Across OneRD programs, §5001.303(c)(4) allows the Agency to require an independent study whenever it cannot determine a basis for repayment from the five feasibility components: economic, market, technical, financial and management feasibility.
Community Facilities runs on a parallel standard. Every CF guarantee requires a financial feasibility report "prepared by a qualified firm or individual acceptable to the Agency," and an independent study is required above $1,000,000 to a new entity or an entity conducting a new activity (§5001.304). Projections for assisted living, skilled nursing and similar residential facilities must be based on no more than 90 percent occupancy.
| Situation | Study status | Rule |
|---|---|---|
| B&I guarantee above $1M to a new business | Required | 7 CFR 5001.306(a)(3)(i) |
| B&I guarantee of $1M or less, or an existing business | At Agency discretion | 7 CFR 5001.306(a)(3)(ii) |
| Any OneRD program where the basis for repayment is unclear | At Agency discretion | 7 CFR 5001.303(c)(4) |
| Community Facilities guarantee, any size | Financial feasibility report required | 7 CFR 5001.304 |
| Community Facilities guarantee above $1M to a new entity or new activity | Independent feasibility study required | 7 CFR 5001.304(a)(4)(i) |
In Arkansas, studies are reviewed by USDA Rural Development's state office in Little Rock as part of the Conditional Commitment process.
What USDA Means by an Independent Feasibility Study Consultant
Part 5001 defines the role directly. A qualified consultant is "an independent third-party person possessing the knowledge, expertise, and experience to perform the specific task required," and a feasibility study is a report "conducted by an independent qualified consultant(s) evaluating the economic, market, technical, financial, and management feasibility of the proposed project" (7 CFR 5001.3). For B&I guarantees, the consultant must also be "acceptable to the Agency" (§5001.306(a)(3)(i)). In practice, that sets three tests for an Arkansas project:
Independence
No ownership or financial interest in the borrower, the project or the loan.
Qualification
Demonstrated experience with the asset class, with Arkansas's integrator, commodity and eligibility-boundary conditions, and with USDA Rural Development review.
Acceptability
The Agency, not the borrower, decides whether the consultant and the study scope are sufficient. Engaging the consultant before the lender submits the application avoids scope rework during Conditional Commitment review.
For Community Facilities financial feasibility studies issued with an examination opinion, §5001.304(b) requires preparation under AICPA attestation standards and professional liability insurance. USDA does not publish a list of approved feasibility study consultants. The Arkansas state office assesses acceptability application by application.
Arkansas USDA Precedent: Hospitality, Timber and Agribusiness
USDA has publicly named four Arkansas B&I guarantees since 2022, ranging from $4.3 million to $11.5 million: a lakefront resort, a 442-acre camp, a sawmill and a seed company. Together they show the state's pattern. Arkansas B&I credits are mid-sized and tied to the Ozarks visitor economy, the timber base and Delta agribusiness. USDA Rural Development invested $451.8 million in Arkansas in FY2026 across all programs, most of it in housing. Arkansas does not appear among the ten largest B&I states by total dollars in the 2015–2024 national assessment commissioned by the National Rural Lenders Association.
| Borrower | Location | Announced | Loan amount | Purpose |
|---|---|---|---|---|
| Camden Timbers LLC | Camden area | December 2022 | $11,457,803 | Purchase and retooling of a sawmill, plus working capital |
| Riceland Seed Co. (Stratton Seed) | Stuttgart area | May 2022 | $10,000,000 | Refinance and working capital |
| Anchor Ventures LLC | Near Eureka Springs | May 2022 | $8,080,000 | Purchase of the Beaver Lakefront Resort |
| Big Creek Adventures LLC | Harriet | December 2022 | $4,325,000 | Purchase of the Shepherd of the Ozarks Camp (442 acres, 500 capacity) |
Source: USDA Rural Development program charts (May 24, 2022; December 6, 2022).
Where B&I Financing Can Go in Arkansas
B&I eligibility excludes any city or town above 50,000 population, measured by the latest decennial census, together with the urbanized area contiguous and adjacent to it (7 CFR 5001.3). Nine Arkansas cities exceed the threshold. Together they held 804,442 residents in 2020, or 26.7 percent of the state's 3,011,524 (calculated). At most 73.3 percent of Arkansans therefore live in B&I-eligible territory, and the true share is lower once residents of the urbanized fringes are removed.
SPUR, the new 90 percent guarantee for meat, poultry and seafood processing, carries no rural-area restriction. A processing plant inside an excluded city can still qualify.
| City | 2020 Census (estimates base) | July 1, 2025 estimate |
|---|---|---|
| Little Rock | 202,591 | 206,427 |
| Fayetteville | 93,949 | 106,623 |
| Fort Smith | 89,142 | 90,855 |
| Springdale | 87,315 | 90,685 |
| Jonesboro | 78,576 | 83,296 |
| Rogers | 69,908 | 76,956 |
| North Little Rock | 64,608 | 65,120 |
| Conway | 64,134 | 72,328 |
| Bentonville | 54,219 | 59,471 (2023) |
Eligibility Watch List
These places sit on or near the edges of excluded urbanized areas. The column below is a desk screen under the 5001.3 rule, not a USDA determination; every study confirms eligibility on the USDA map at the address level.
| Place | Area | Screening risk |
|---|---|---|
| Lowell, Cave Springs, Centerton, Farmington | Northwest Arkansas | High: contiguous to the Fayetteville–Springdale–Rogers–Bentonville core |
| Bella Vista, Pea Ridge | Northwest Arkansas | Medium |
| Siloam Springs, Prairie Grove | Northwest Arkansas | Low to medium |
| Bryant, Sherwood, Jacksonville, Maumelle | Central Arkansas | High: contiguous to Little Rock and North Little Rock |
| Benton, Cabot | Central Arkansas | Medium |
| Greenbrier | Central Arkansas | Low to medium |
| Van Buren | River Valley | High: across the river from Fort Smith |
| Alma | River Valley | Medium |
| West Memphis, Marion | Crittenden County | High: may fall inside the Memphis, Tennessee urbanized area |
| Texarkana | Miller County | Medium to high: bi-state urbanized area |
2026–2027 Program Terms Monitor
As of late October 2026, USDA has not published a FY2027 OneRD guarantee fee notice, and USDA has indicated that a funding lapse may continue into FY2027, with commitments issued subject to the availability of commitment authority. Until the notice is published, B&I credits are underwritten on the current schedule: an 85 percent guarantee on loans under $5 million and 80 percent from $5 million to $25 million, a 3 percent upfront fee, a 0.55 percent annual retention fee, and a 1 percent reduced fee for qualifying projects.
| Program | Guarantee | Upfront fee | Retention fee | Notes |
|---|---|---|---|---|
| B&I, under $5M | 85% | 3.0% | 0.55% | Maximum $25M per borrower |
| B&I, $5M to $25M | 80% | 3.0% | 0.55% | — |
| B&I, reduced-fee tier | 80% | 1.0% | 0.50% | Subject to annual cap |
| SPUR (meat, poultry, seafood processing) | 90% | 3.0% | 0.55% | Lender holds at least 10%; no rural-area restriction |
| Pre-completion loan note guarantee | — | +0.50% | — | All programs |
SPUR for Arkansas Processors
Federal Register Doc. 2026-21858, published October 27, 2026, opened the Strengthening Processing for US Ranchers guaranteed loan program with at least $5 billion in loan level. It finances projects that establish, reopen, retrofit, expand or improve a meat, poultry or seafood processing facility, with a 90 percent guarantee, no geographic restriction, and applications accepted until funds are exhausted. USDA announced a maximum of $175 million per borrower. Poultry processing qualifies explicitly. Catfish processing should be confirmed against the program's definition of seafood. For Arkansas poultry and protein processors, SPUR is now the strongest USDA guarantee available.
REAP After the October 2026 Rule
Under USDA's revised REAP rule (91 FR 62600), effective October 16, 2026, grants are capped at 25 percent of project cost, with maximums of $500,000 for renewable energy systems and $250,000 for energy efficiency improvements. Projects must be completed and operating, with 12 months of actual output data, before the applicant applies. Ground-mount solar and wind on certified cropland are excluded, and each owner may receive one award per fiscal year. In Arkansas, Act 278 of 2023 also moved new solar systems from one-to-one net metering to avoided-cost export credits. Solar therefore pencils only on self-consumption economics, with REAP treated as possible upside rather than construction capital.
Capital Stacking in Arkansas
| Source | Terms and status |
|---|---|
| ACC Capital (formerly Arkansas Capital Corporation) | Approved USDA B&I guaranteed lender since 1997; now a national nonprofit CDFI |
| Governor's Quick Action Closing Fund | Active; for example, a $5 million bridge loan of up to six months to Delta Peanut LLC (Jonesboro) in 2025 |
| Natural State Initiative Economic Opportunity Zones | Created around Pinnacle Mountain, Petit Jean, Delta Heritage Trail and Queen Wilhelmina state parks to attract private tourism development |
| Rural Health Transformation Program | $208,779,396 FY2026 award; awards of $149.3M and $54.6M across two rounds, including $5.07M to UAMS; grant funds, not a source of debt service |
Reduced-Fee Eligibility (7 CFR 5001.454(d))
A lender may request the reduced fee when the project meets any one of these criteria, subject to USDA's annual cap on reduced-fee authority:
- It is located in a rural community that is distressed under the Economic Innovation Group index, has experienced long-term population decline across three decennial censuses, is in a persistent poverty county, is in a presidentially declared disaster area declared within the prior 24 months, has unemployment at or above 125 percent of the national rate, or is on tribal lands.
- It processes, distributes, aggregates, stores or markets locally or regionally produced agricultural food products and promotes access to healthy foods.
- It is locally owned and managed, and either supports value-added agriculture or produces a natural-resource value-added product.
- It is part of a multi-jurisdictional strategic plan under Section 6401 of the 2018 Farm Bill.
- It provides an additional market for existing local businesses.
Each study confirms persistent-poverty and distressed-community designations against the current source lists.
Arkansas USDA Feasibility Study Consultant by Project Type
Each module sets out the Arkansas-specific evidence a lender or USDA reviewer will expect, and the test the study must pass.
Hotel and Resort Feasibility Study Consultant in Arkansas (USDA B&I)
Arkansas set a visitor record in 2025, but spending and tax receipts were flat, so hotel feasibility must rest on city-level demand rather than statewide headlines.
- Arkansas recorded 54.3 million visitors in 2025, 55 percent of them in-state.Tourism Economics for ADPHT
- The 2% state tourism tax reached a record $26,851,526 in FY2026, while calendar-2025 collections were down 0.24 percent.ADPHT
- USDA guaranteed $8,080,000 for the purchase of the Beaver Lakefront Resort near Eureka Springs (2022).USDA RD
| Indicator | 2024 | 2025 |
|---|---|---|
| Hot Springs National Park recreation visits | 2,461,812 | 2,494,611 (+1.3%) |
| Buffalo National River visits | 1,686,348 | 1,393,246 (−17.4%) |
| Visitor spending | $10.3B | $10.2B |
| Hospitality tax, 17 tracked cities | $73.028M | $72.028M (−1.37%) |
Source: NPS; Tourism Economics for ADPHT (sponsor-commissioned); Talk Business tourism ticker.
What the reviewer will test
Room-night demand by segment built from city tax trends rather than statewide visitor counts; a competitive-set ADR and occupancy test; a sensitivity case at flat 2025 demand; and Buffalo National River volatility for Ozark gateway sites.
RV Park, Campground and Camp Feasibility Study Consultant in Arkansas
Federal campgrounds set low price ceilings in the Ozarks, so private parks and camps need a demand case that federal sites cannot meet.
- USDA guaranteed $4,325,000 for the purchase of the 442-acre Shepherd of the Ozarks Camp in Harriet (2022).USDA RD
- Hot Springs National Park's only campground offers 40 reservation-only sites at $34 per night; Buffalo National River campgrounds charge $20 per site per night, with reservations required mid-March to mid-November.NPS
What the reviewer will test
Shoulder-season occupancy; a rate survey including federal sites; river-level and float-season dependence; and utility extension costs.
Poultry and Meat Processing Feasibility Study Consultant in Arkansas
Arkansas is one of the country's largest broiler states, and SPUR's 90 percent guarantee now applies to processing plants whether or not they are rural.
- Capacity is being reshaped. Tyson closed its Van Buren plant in May 2023 (969 jobs). Cargill closed its Springdale plant on August 1, 2025, and Tyson bought it for further processing. Tyson has also invested $70 million in a Hope hatchery and $67 million in a Hempstead County feed mill.Company releases; Meatingplace
- Highly pathogenic avian influenza reached four commercial Arkansas flocks in 2025, and 191,200 broilers were lost in Clay County on April 10, 2026.University of Arkansas; WATTPoultry
| Year | Broilers (head) | Live weight (lb) | Value |
|---|---|---|---|
| 2024 | 1,033.8M | 7,443.4M | $5,307.1M |
| 2025 | 1,035.8M | 7,561.3M | $5,625.6M |
Source: USDA NASS, Poultry Production and Value (April 2026).
What the reviewer will test
Integrator or offtake contracts; a biosecurity plan; labor availability; and the SPUR rationale for added or diversified capacity.
Rice, Seed and Aquaculture Feasibility Study Consultant in Arkansas
Delta agribusiness has the deepest Arkansas USDA record, from seed companies to fish farms.
- USDA guaranteed $10,000,000 to Riceland Seed Co. (Stratton Seed) for refinancing and working capital (2022).USDA RD
- REAP grants in October 2024 included $751,842 to Keo Fish Farms and $699,821 to Saul Minnow Farms.USDA RD
- Arkansas River Valley Farms received a $250,000 Value-Added Producer Grant to package rice milled on the farm.USDA RD
What the reviewer will test
Commodity price and trade exposure; water supply; and, for catfish processing, confirmation of SPUR eligibility.
Sawmill and Forest Products Feasibility Study Consultant in Arkansas
Timber is one of Arkansas's clearest B&I precedents, and lumber prices, not log supply, set the credit.
- USDA guaranteed $11,457,803 to Camden Timbers LLC to buy and retool a sawmill (2022).USDA RD
- REAP grants went to South Central Pallets ($250,000) and Mountain Home Lumber ($223,914) in 2024.USDA RD
What the reviewer will test
Lumber price cycle stress; residual chip and byproduct markets; and equipment and fire risk.
Manufacturing and Industrial Supplier Feasibility Study Consultant in Arkansas
Mississippi County steel, the Camden defense cluster and Smackover lithium create the strongest industrial supplier demand in rural Arkansas.
- U.S. Steel is building a $1.9 billion direct reduced iron facility at Big River Steel Works in Osceola, expected to support about 200 full-time jobs and 2,000 construction jobs at peak; MISA is opening a $37 million, 35-job steel processing plant in the county.U.S. Steel; AEDC
- In Camden, R2S opened a $63 million plant, General Dynamics-OTS is building a $110 million 155 mm munitions plant, and Lockheed Martin delivered 620 PAC-3 MSE missiles in 2025 under a framework to triple output.AEDC; company releases
- Arkansas regulators approved a 2.5 percent lithium royalty in 2025. The Standard Lithium–Equinor South West Arkansas project targets 22,500 tonnes a year and first production in 2028, but had not taken a final investment decision as of May 2026.AOGC; Standard Lithium SEC filing
What the reviewer will test
Customer concentration and contract tenor; a delay case for pre-FID projects such as Smackover lithium; and workforce availability and housing in Mississippi and Ouachita counties.
Solar and REAP Feasibility Study Consultant in Arkansas
Arkansas solar now pencils only on self-consumption, after Act 278 changed export credits and REAP moved to post-completion grants.
- Zy-Ax Qozb LLC in Manila received a $1,000,000 REAP grant for a 1.27 MW solar system serving a factory (2024); the October 2024 round funded 21 Arkansas projects with more than $6.6 million.USDA RD
- Systems interconnected before September 30, 2024 keep one-to-one net metering; new systems export at avoided cost.University of Arkansas Cooperative Extension
What the reviewer will test
Load-matched self-consumption modeling; a no-grant base case; the utility tariff (Entergy, SWEPCO, OG&E or cooperative); and the build-first REAP sequence.
Assisted Living Feasibility Study Consultant in Arkansas
Arkansas controls assisted living supply through permits, which protects incumbents and gates new projects.
- A Level II assisted living license requires a Permit of Approval from the Health Services Permit Agency, and licensed beds cannot exceed the permit.Arkansas DHS Office of Long Term Care
- The Living Choices waiver covers care, but not room and board, in Level II facilities for adults 65 and over who meet nursing-home level of care; the waiver's renewal and slot count should be confirmed with DHS.Arkansas DHS; Medicaid.gov
- Community Facilities projections for assisted living must assume no more than 90 percent occupancy.7 CFR 5001.304
What the reviewer will test
A Permit of Approval or a credible path to one; the Medicaid and private-pay mix; Living Choices reimbursement assumptions; and staffing.
Rural Clinic and Hospital Feasibility Study Consultant in Arkansas
Rural health capital is flowing into Arkansas through both USDA and the new federal transformation program.
- Arkansas received a $208,779,396 Rural Health Transformation Program award for FY2026.CMS
- USDA provided a $5,000,000 Community Facilities loan to 1st Choice Healthcare for a replacement clinic in Pocahontas, and $223,000 in Emergency Rural Health funds to Ozark Health in Clinton (2023).USDA RD
What the reviewer will test
Payer mix; grant funds kept out of debt service; provider recruitment; and Community Facilities scoring for communities under 20,000.
Workforce Housing Feasibility Study Consultant in Arkansas
Industrial build-outs in Osceola and Camden create housing demand that local markets cannot absorb.
- Big River Steel's expansion is expected to draw about 2,000 construction workers at peak.U.S. Steel
- Defense employment around Camden has grown 35 percent since 2020, with an average L3Harris wage in Arkansas of $78,700.Arkansas Department of Commerce via CNN; company data
What the reviewer will test
Construction-phase vs. permanent demand; employer master leases or anchor letters; and rents and absorption in thin markets.
Gas Station and Truck Stop Feasibility Study Consultant in Arkansas
Arkansas's interstate corridors carry heavy freight, and alcohol permitting can decide in-store margins.
What the reviewer will test
Interchange-level ArDOT traffic counts with truck percentages; fuel-margin assumptions; competing travel centers; and the site's wet or dry status, because beer can be a material share of in-store margin.
Car Wash Feasibility Study Consultant in Arkansas
Arkansas's fastest growth is in Northwest and Central Arkansas, where eligibility boundaries need checking first.
- The Fayetteville–Springdale–Rogers metro grew 13.8 percent from 2020 to 2025, to 622,177; Faulkner County grew from 123,498 to 133,979.Census
What the reviewer will test
Address-level eligibility; competitor tunnels within the trade area; and wash-ticket and membership assumptions.
Self-Storage Feasibility Study Consultant in Arkansas
Storage demand follows Arkansas's growth corridors and lake country.
- Centerton was the sixth-fastest-growing U.S. city of 20,000 or more in 2022–23, up 11.2 percent.Census
What the reviewer will test
Supply per capita within the trade area; rent comparables; boat and RV storage demand near the lakes; and eligibility on the Northwest Arkansas edge.
Restaurant Feasibility Study Consultant in Arkansas
Arkansas restaurant receipts softened in 2025, so projects need local demand evidence.
- Hospitality tax collections across 17 tracked cities fell 1.37 percent in 2025, to $72.028 million.Talk Business tourism ticker
What the reviewer will test
Local tax trends; labor; and alcohol permitting in dry areas.
Event Venue and Agritourism Feasibility Study Consultant in Arkansas
Arkansas's visitor base is mostly regional, so venues rely on drive-in weekend demand.
- 55 percent of Arkansas's 54.3 million visitors in 2025 were in-state.Tourism Economics for ADPHT
- The Natural State Initiative created Economic Opportunity Zones around four state parks to draw private tourism development.Talk Business, July 2026
What the reviewer will test
A booked calendar; weekday utilization; and permitting.
Arkansas USDA Precedent File
| Program | Recipient | Location | Year | Amount | Purpose |
|---|---|---|---|---|---|
| B&I | Camden Timbers LLC | Camden area | 2022 | $11,457,803 | Sawmill purchase and retooling |
| B&I | Riceland Seed Co. (Stratton Seed) | Stuttgart area | 2022 | $10,000,000 | Refinance and working capital |
| B&I | Anchor Ventures LLC | Eureka Springs area | 2022 | $8,080,000 | Lakefront resort purchase |
| B&I | Big Creek Adventures LLC | Harriet | 2022 | $4,325,000 | Camp purchase |
| CF loan | 1st Choice Healthcare Inc. | Pocahontas | 2023 | $5,000,000 | Replacement medical clinic |
| CF Emergency Rural Health | Ozark Health Inc. | Clinton | 2023 | $223,000 | Rural health |
| REAP | Zy-Ax Qozb LLC | Manila | 2024 | $1,000,000 | 1.27 MW factory solar |
| REAP | Keo Fish Farms | Keo | 2024 | $751,842 | Aquaculture energy |
| REAP | Saul Minnow Farms | Des Arc | 2024 | $699,821 | Aquaculture energy |
| REAP | Twin Lakes Farm II | Earle | 2024 | $655,800 | Farm energy |
| REAP | Mountain Top Poultry | Floral | 2024 | $375,000 | Poultry energy |
| REAP | South Central Pallets | Hatfield | 2024 | $250,000 | Wood products energy |
| REAP | Mountain Home Lumber | Mountain Home area | 2024 | $223,914 | Wood products energy |
| VAPG | Arkansas River Valley Farms LP | — | 2016 | $250,000 | On-farm rice packaging |
Source: USDA Rural Development program charts and releases (2016–2024).
USDA Rural Development in Arkansas
USDA Rural Development's Arkansas State Office is at 700 West Capitol, Room 3416, Little Rock, AR 72201 (501-301-4200). State Director David L. Branscum was appointed in May 2025. Timothy S. Smith directs Business Programs and is acting director of Community Programs, so early pre-application contact matters.
| Office | Counties served |
|---|---|
| Harrison | Baxter, Benton, Boone, Carroll, Fulton, Izard, Madison, Marion, Newton, Searcy, Stone, Washington |
| Jonesboro | Clay, Cleburne, Craighead, Greene, Independence, Jackson, Lawrence, Mississippi, Poinsett, Randolph, Sharp |
| Forrest City | Arkansas, Crittenden, Cross, Lee, Lonoke, Monroe, Phillips, Prairie, Pulaski, St. Francis, White, Woodruff |
| Hope | Clark, Garland, Hempstead, Hot Spring, Howard, Lafayette, Little River, Miller, Montgomery, Nevada, Pike, Polk, Saline, Sevier |
| Monticello | Ashley, Bradley, Calhoun, Chicot, Cleveland, Columbia, Dallas, Desha, Drew, Grant, Jefferson, Lincoln, Ouachita, Union |
| Fort Smith | Conway, Crawford, Franklin, Faulkner, Johnson, Logan, Perry, Pope, Sebastian, Scott, Van Buren, Yell |
Satellite offices operate in Pine Bluff and Russellville.
Lender Landscape
ACC Capital, formerly Arkansas Capital Corporation, has been an approved USDA B&I lender since 1997. In May 2026, USDA revoked or declined to renew OneRD approved-lender status for ten lenders holding about 47 percent of Rural Development's delinquent loans; revoked lenders cannot obtain new guarantees. Every Arkansas study we prepare records the originating lender's OneRD standing as of the study date.
How Our Arkansas USDA Feasibility Study Consultants Scope a Study
Eligibility at the address level
Map screenshots for edge places in Northwest Arkansas, Central Arkansas, the River Valley and Crittenden County.
Program fit
B&I vs. SPUR for processors, Community Facilities scoring, and REAP under the post-completion rule.
Arkansas demand evidence
State and city tourism tax trends, NPS visits, NASS production and AEDC announcements.
Arkansas regulatory screens
Permit of Approval, wet or dry status, and Act 278 solar terms.
Arkansas stress tests
Integrator concentration, avian influenza, commodity prices, pre-FID industrial projects, and flat tourism demand.
Lender and precedent documentation
The originating lender's OneRD standing and comparable Arkansas USDA financings.
Related Case Studies
Lake Texoma RV Resort Expansion: USDA B&I Feasibility Case Study
Great Lakes Marina with Lodging, Ludington, Michigan: USDA B&I Feasibility Case Study
Arkansas USDA Feasibility Study FAQ
Does USDA approve feasibility study consultants in Arkansas?
USDA does not maintain a public list of approved consultants. Part 5001 defines a qualified consultant as an independent third-party person with the knowledge, expertise and experience to perform the task, and for B&I the consultant must be acceptable to the Agency. The Arkansas state office makes that determination for each application.
Can the borrower, developer or lender prepare the feasibility study?
Not when USDA requires an independent study for B&I. The rule calls for an independent, qualified third party with no financial interest in the borrower, the project or the loan. For Community Facilities, a lender may prepare a financial feasibility analysis in some cases, but a CF guarantee above $1 million to a new entity or activity requires an independent qualified consultant.
How do I choose a USDA feasibility study consultant for an Arkansas project?
Look for independence, experience with your asset class, and command of Arkansas-specific evidence: decennial-census eligibility around Little Rock, Northwest Arkansas, Fort Smith, Jonesboro and the Memphis urbanized area; SPUR for processors; integrator and avian influenza risk; Permit of Approval for assisted living; Act 278 solar economics; and flat 2025 tourism demand. The study should address all five Part 5001 components (economic, market, technical, financial and management feasibility) in the form the state office reviews.
Does USDA require a feasibility study for a B&I loan in Arkansas?
Yes, for B&I guarantees above $1,000,000 to a new business. For smaller loans and existing businesses, USDA may require one when the lender's analysis does not establish technical feasibility or economic viability, or when the project significantly affects an existing borrower's operations.
Is my site eligible if it is in Bryant, Lowell, Van Buren or West Memphis?
Each sits on the edge of an excluded urbanized area: Little Rock, the Northwest Arkansas core, Fort Smith, and Memphis across the river. Eligibility depends on the exact address, so every study includes a dated USDA eligibility-map determination for the site.
Can an Arkansas poultry processor use the SPUR program?
Yes. SPUR, opened October 27, 2026, guarantees 90 percent of loans for meat, poultry and seafood processing facilities, at a 3 percent upfront fee and 0.55 percent retention fee, with no rural-area restriction. The lender must hold at least 10 percent of the loan, and applications are accepted until funds are exhausted.
How has REAP changed for Arkansas solar and efficiency projects?
Under the rule effective October 16, 2026, grants are capped at 25 percent of project cost and paid only after the project has operated for 12 months. Combined with Act 278's avoided-cost export credits for new systems, Arkansas solar should be underwritten on self-consumption without relying on the grant.
Does an Arkansas assisted living project need state approval before financing?
A Level II assisted living facility needs a Permit of Approval from the Health Services Permit Agency, and licensed beds cannot exceed the permit. A study should document the permit or a credible path to it before a lender relies on the projections.
Which USDA office covers my county?
Arkansas is served by area offices in Harrison, Jonesboro, Forrest City, Hope, Monticello and Fort Smith, with satellite offices in Pine Bluff and Russellville; see the county table above. Business program applications are reviewed by the state office in Little Rock.
Are FY2027 B&I terms set?
Not as of late October 2026. Lenders underwrite on the current schedule: 85 percent under $5 million, 80 percent from $5 million to $25 million, a 3 percent upfront fee and a 0.55 percent retention fee.
How long does a USDA feasibility study take in Arkansas?
Preparation typically runs several weeks depending on data availability and site complexity, and the completed study then enters the lender's underwriting package for USDA review during the Conditional Commitment process. USDA Rural Development staffing reductions in 2025 have extended agency processing timelines, so commissioning the study early protects the overall closing schedule.
What does 7 CFR Part 5001 require the study to contain?
The regulation requires an independent analysis covering economic, market, technical, financial, and management feasibility. In practice that means market demand and competitive supply analysis, site and technical assessment, five-to-ten-year financial projections with debt service coverage and sensitivity testing, and an evaluation of the management team, prepared by a qualified consultant with no financial interest in the project.
Related Analysis and Guides
How 7 CFR Part 5001 decides your file
Every USDA guaranteed loan passes through nine regulatory gates, and the feasibility study decides most of them. Our full framework sets out each gate, the current fiscal year fees and guarantee levels, and what the Agency looks for in the report.
Read the USDA Feasibility Study FrameworkFlagship research · 2026 editionUSDA Rural Capital Atlas 38 asset classes, program comparisons, capital stacks, lender performance and credit forensics.
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Sources and Methodology
Figures on this page are drawn from primary federal and state sources and verified as of October 2026. Industry, advocacy and sponsor sources are labeled as such. Where sources conflict, we use the controlling legal document (Federal Register or eCFR) or the most recent official release. Eligibility determinations require an address-level check on the USDA eligibility map.
Full source list (22 references)
- 7 CFR Part 5001
- SPUR notice, FR Doc. 2026-21858
- REAP final rule, FR Doc. 2026-20178
- USDA B&I program page
- USDA RD Arkansas contacts
- USDA RD Arkansas FY2026 investment (via KATV)
- USDA RD New and Better Markets chart (May 24, 2022)
- USDA RD New and Better Markets chart (December 6, 2022)
- USDA RD Arkansas chart (April 2023)
- USDA RD Arkansas REAP release (October 2024)
- USDA NASS Poultry Production and Value (April 2026)
- Arkansas tourism data
- Arkansas tourism ticker 2025
- NPS visitation (Hot Springs, Buffalo National River)
- Arkansas DHS Level II assisted living rules
- U.S. Steel Osceola expansion
- MISA Mississippi County
- R2S Camden
- Smackover Lithium update (SEC)
- Arkansas RHTP award
- Net metering (Act 278)
- City populations