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SBA Express Loans for Self Storage Companies
There are more than 20,000 self-storage and warehousing businesses in the U.S., earning an estimated $25 billion in revenue and employing almost 240,000 people. Find out how to finance yours.
As of 2018, there were more than 20,000 self-storage and warehousing businesses in the U.S., earning an estimated $25 billion in revenue and employing almost 240,000 people. From 2013 to 2018, the industry grew at a healthy average of 4.3% per year, a trend that’s expected to continue for the next several years.
That means that it could be a great time to buy or expand your self-storage business. If you need affordable financing to do so, an SBA Express loan could be a great choice.
How SBA Express Loans Can Help Self-Storage Facilities
SBA Express loans can provide businesses up to $500,000 in financing, which they can use for working capital, purchasing equipment, and buying or renovating commercial real estate.
Self-storage businesses commonly use SBA Express loans for purposes including:
Renovating a building: If you’ve purchased a regular warehouse, or even a former office building, and you want to convert it to a self-storage facility, an SBA Express loan could be a smart way to do so.
Funding working capital: Paying employees, keeping the lights on, and marketing your self-storage business isn’t cheap— but an SBA Express loan can help give you some of the funds you need to keep on trucking.
Acquiring an existing business: Whether you want to buy a self-storage facility for the first time, or you want to branch out by expanding your self-storage facility to a new location, an SBA Express loan can help.
What are the requirements for an SBA Express loan for a self storage company?
The SBA Express loan requirements for self storage companies include:
- The business must be a for-profit business
- The business must be located in the United States
- The business must have been in operation for at least two years
- The business must have a net worth of less than $15 million
- The business must have an average net income of less than $5 million over the past two years
The loan amount can be up to $350,000 and can be used for working capital, purchasing equipment, and buying or renovating commercial real estate.
What are the advantages of an SBA Express loan for a self storage company?
An SBA Express loan can provide businesses up to $350,000 in financing, which they can use for working capital, purchasing equipment, and buying or renovating commercial real estate. Self-storage businesses commonly use SBA Express loans for purposes including:
- Renovating a building: If you’ve purchased a regular warehouse, or even a former office building, and you want to convert it to a self-storage facility, an SBA Express loan could be a smart way to do so.
- Funding working capital: Paying employees, keeping the lights on, and marketing your self-storage business isn’t cheap— but an SBA Express loan can help give you some of the funds you need to keep on trucking.
- Acquiring an existing business: Whether you want to buy a self-storage facility for the first time, or you want to branch out by expanding your self-storage facility to a new location, an SBA Express loan can help.
The advantages of an SBA Express loan for a self storage company include up to $350,000 in financing, which can be used for working capital, purchasing equipment, and buying or renovating commercial real estate. The loan also offers competitive interest rates and flexible repayment terms.
What are the disadvantages of an SBA Express loan for a self storage company?
The main disadvantage of an SBA Express loan for a self storage company is that it only offers up to $350,000 in financing, which may not be enough for some businesses. Additionally, the interest rates for SBA Express loans are typically higher than those for other SBA loan programs, such as the SBA 504 and SBA 7(a) loans.
For more information, please see the following sources:
How long does it take to get approved for an SBA Express loan for a self storage company?
It typically takes around 36 hours to get approved for an SBA Express loan for a self storage company. According to the SBA Express Loans for Self Storage Companies blog post, SBA Express loans are one of the fastest and most efficient ways to get SBA financing for a self-storage business.
What documents are needed to apply for an SBA Express loan for a self storage company?
To apply for an SBA Express loan for a self storage company, you will need to provide the following documents:
- Business tax returns for the past three years
- Personal tax returns for the past three years
- Business financial statements
- Personal financial statements
- Business and personal credit reports
- Business and personal bank statements
- Business and personal asset statements
- Business and personal liability statements
- Business and personal legal documents
- Business and personal insurance documents
- Business and personal lease documents
- Business and personal loan documents
- Business and personal employment documents
- Business and personal contracts
- Business and personal licenses
- Business and personal permits
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
- Business and personal agreements
- Business and personal certifications
SBA 504 and SBA 7(a) Loans Can Also Be Great Options for Self-Storage Facilities
SBA Express loans are one of the fastest and most efficient ways to get SBA financing for a self-storage business, but they’re not the only game in town. The SBA also offers other great loan programs, like the SBA 504 loan. The SBA 504 loan is specifically intended for the construction, acquisition, and renovation of commercial real estate, as well as the purchase of heavy equipment. SBA 504 loans offer up to $5.5 million in financing, with interest rates generally far lower.
Another great loan option is the SBA 7(a) loan, which is currently the SBA’s most popular loan program. While it takes somewhat longer to be approved for than an Express loan, the 7(a) loan can provide borrowers up to $5 million in financing, which can be used for working capital, inventory, equipment, and commercial real estate. In 2017, the SBA guaranteed more than $25 billion of 7(a) loans througout the U.S.