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Self storage is one of the most fast growing sector of small businesses nowadays. That’s why there is no surprise that most business minded people are considering this as a business they’d further like to engage. Self storage are also proven to make high profits if done right. But there are only a few banks nationally that do a bunch of SBA self storage small business loans:
1) Live Oak Banking Company — Wilmington, NC
2017: 77 loans, $2,503,857 average loan, average interest rate of 6.1%
If you’re looking to build, expand or renovate your business, this bank offers a team of lending experts with over 24 years of self-storage experience. From loan origination to closing, you’ll work directly with individuals who focus exclusively on self-storage loans. Live Oak gives you the financing edge you need that’s why there’s no surprise that it is on the top of our list.
2) First Bank Financial Centre — Oconomowoc, WI
2017: 18 loans, $1,543,362 average loan, average interest rate of 5.4%
As an SBA Preferred Lender, this bank can provide faster turn-around time on SBA loans, while still providing personalized service. In fact, it is Wisconsin’s #1 SBA lender, and the 2014 Wisconsin SBA Lender of the Year. Without a doubt, First Bank Financial Partner can be the perfect partner for your business’s growth.
| Rank | Bank | City | State | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|---|
| 1 | Live Oak | Wilmington | NC | 122 | $2,274,025 | 6.3% |
| 2 | First Bank Financial Centre | Oconomowoc | WI | 51 | $1,492,102 | 5.9% |
| 3 | U.S. Bank | Cincinnati | OH | 8 | $452,813 | 6.3% |
| 4 | Byline Bank | Chicago | IL | 5 | $986,200 | 7.4% |
| 5 | M&T | Buffalo | NY | 5 | $214,600 | 8.1% |
| 6 | Seacoast Commerce Bank | San Diego | CA | 5 | $1,344,060 | 6.4% |
| 7 | BancFirst | Oklahoma City | OK | 4 | $942,675 | 5.7% |