SBA 504 Self Storage Feasibility Study in Georgia

Georgia self storage lending in SBA's records

In Georgia, SBA 504 approved 51 loans in the self storage class. Across FY2017 to FY2026 in Georgia that came to $75.5 million gross. Counting self storage loans, Georgia ranks 7 across states for self storage under this program, and self storage sits 6 of 39 among Georgia classes. A median of $1.1 million is 1.25x of the national self storage median under SBA 504, so Georgia runs above the norm. For self storage in Georgia, the middle half spans $593,500 to $1.5 million, and franchise flags mark 0.00% of Georgia self storage loans.

Who holds the self storage loans, and where

The largest named self storage holder in Georgia is Florida Business Development Corporation: 14 loans worth $24.6 million; behind it Small Business Access Partners, Inc., 11 loans ($15.6 million); CSRA Local Development Corporation, 9 loans ($10.3 million). Holders in Georgia are those SBA currently lists. The Georgia self storage county count starts with Hall at 7, Carroll at 3, Gwinnett at 3, Newton at 3, Chatham at 2.

Timing of Georgia approvals

The Georgia self storage calendar shows 7 loans ($11.8 million) in FY2019, then in Georgia 6 in FY2020 ($8.6 million), and in Georgia 11 in FY2021 ($9.3 million), 7 in FY2023 ($12.6 million) and 6 in FY2024 ($16.7 million) against Georgia's peak of 11 in FY2021.

Self storage cancel and charge-off floors

In Georgia, approval did not always mean a self storage loan: of FY2017 to FY2024 Georgia approvals, at least 21.3% ended in Georgia cancellation, with 29.8% the ceiling if undisbursed self storage loans are added. The self storage cohort funded in Georgia is too small, so Georgia holds no stable charge-off rate for self storage loans in Georgia funded FY2017 to FY2021; Georgia withholds the rate, and Georgia lenders should not read it as zero.

Georgia self storage: the questions behind the loan

Self storage is judged on supply per household, so a Georgia study should map existing facilities and unit mixes within a realistic drive, document rents for climate-controlled and drive-up units, and estimate absorption from opening to stabilisation. Land, construction and any phased expansion belong beside the $1.1 million median under SBA 504, with coverage shown at a slow lease-up. Expect the appraiser to capitalise stabilised net income, so expense ratios and management fees must be defensible.

Georgia storage and boat bays

RV and boat bays are not coded separately, falling into this class or into warehousing, so a Georgia study for vehicle storage should support demand separately.