SBA 7(a) Loan Offers Ideal Option For First-Time Self-Storage Owners BY TERRY CAMPBELL
When Jennifer Perkins decided to open a storage facility just west of Nashville, Tenn., she spoke with many banks in her quest for financing. Ultimately, everything pointed her to the SBA 7(a) product. The SBA 7(a) loan program was a good fit for two main reasons. First, Perkins didn’t have the money that most lenders require to secure the massive loan she needed for the project. The SBA loan would allow her to use the land she owned as her equity injection into the loan.