Self Storage Feasibility Study in New Hampshire
What SBA's own loan files show about self storage lending in New Hampshire, and what a feasibility study for a project there has to test.
New Hampshire storage is overrepresented and cancels often
A location quotient of 1.90x tells us self storage takes almost twice the share of SBA lending in New Hampshire that it takes nationally, and the class holds 11 of 39 inside the state. The 43 loans approved over FY2017 to FY2026, worth $40.8 million, rank New Hampshire 22 of 50 among states. The more distinctive metric is cancellation: at least 21.4% of the FY2017 to FY2024 approvals fell through, with the ceiling unchanged, so more than one approval in five did not fund. A median of $804,000 is 0.86x the national figure for storage.
A 504 state, with Granite State at the centre
SBA 504 carried 26 loans and SBA 7(a) carried 17, so debenture financing leads. Granite State Economic Development Corporation has 15 loans worth $14.8 million, and Capital Regional Development Council has 7 worth $7.1 million. On the 7(a) side the leader is Live Oak Banking Company, at 11 loans and $11.9 million. Franchise affiliation is 9.3% of loans, and most requests fall between $454,000 and $1.2 million. Hillsborough County leads with 11 loans, Rockingham has 6, Strafford 5, and Belknap and Carroll 4 each.
The charge-off blank and a thin recent record
New Hampshire storage has no published charge-off rate; the funded cohort sits under the 30-loan minimum, and a blank is not a zero. Approvals peaked at 14 loans worth $14.6 million in FY2021 and have almost vanished since: 1 loan in FY2023, none at all in FY2024 or FY2026, and 1 loan worth $1.6 million in FY2025. Zoning limits and construction costs could be part of the explanation, but the data do not say.
What the study has to test
Because over a fifth of approvals did not close, the study should document zoning, site plan approval and environmental review before any loan commitment is relied on. Demand needs a count of existing storage within a drive time, in a state with scattered population centers and strong seasonal use. Cost must carry a contingency for site work and weather. Coverage should assume a slow lease-up, and the appraisal should be run on as-complete and stabilised values.
Camper, trailer and boat yards have no code to themselves and are counted under self storage or other warehousing.
SBA 7(a) and 504 self storage loans in New Hampshire
| Loans approved, FY2017 to FY2026 | 43 |
|---|---|
| Gross dollars approved | $40.8 million |
| Median loan | $804,000 |
| Middle half of loans, from | $454,000 |
| Middle half of loans, to | $1.2 million |
| SBA 7(a) loans | 17 |
| SBA 504 loans | 26 |
| Franchise share of loans | 9.3% |
| Rank among states for self storage loans | 22 of 50 |
| Rank of self storage among classes in New Hampshire | 11 of 39 |
| Location quotient (share of loans against the national share) | 1.90x |
| Median loan against the national median for the class | 0.86x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | 21.4% |
|---|---|
| The same, counting loans still undisbursed as cancelled (a ceiling) | 21.4% |
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | not reported: fewer than 30 loans in the cohort |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA 7(a) and 504 self storage loans approved in New Hampshire, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | 4 | $2.8 million |
| FY2018 | 5 | $4.1 million |
| FY2019 | 4 | $4.6 million |
| FY2020 | 8 | $6.5 million |
| FY2021 | 14 | $14.6 million |
| FY2022 | 6 | $6.1 million |
| FY2023 | 1 | $437,000 |
| FY2024 | 0 | $0 |
| FY2025 | 1 | $1.6 million |
| FY2026 | 0 | $0 |
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| Granite State Economic Development Corporation | 15 | $14.8 million |
| Capital Regional Development Council | 7 | $7.1 million |
| Lender | Loans | Dollars |
|---|---|---|
| Live Oak Banking Company | 11 | $11.9 million |
Where the loans are, by county
| County | Loans |
|---|---|
| HILLSBOROUGH | 11 |
| ROCKINGHAM | 6 |
| STRAFFORD | 5 |
| BELKNAP | 4 |
| CARROLL | 4 |
| CHESHIRE | 3 |
| COOS | 3 |
| GRAFTON | 3 |
| MERRIMACK | 3 |
| SULLIVAN | 1 |
RV and boat storage cannot be separated from self storage. Shared code: RV and boat storage has no own code; it is self storage (531130) or other warehousing (493190).
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; Loan Analytics loan-outcome cell SA-NH-C04.
Related feasibility study pages
- New Hampshire feasibility study company
- Feasibility studies for self storage projects
- SBA 7(a) Self Storage Feasibility Study
- SBA 504 Self Storage Feasibility Study
- Feasibility studies for SBA 7(a) and 504 loans
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