January 2018 Newsletter
SBA Lending Updates
The Small Business Administration has issued new Standard Operating Procedures (SOP) for 2018. While there are several changes the major one is the requirement that employees be hired and paid by the owners and owners must have oversight of the employees. Essentially this means that if you decide to go with a management company you can NOT get an SBA Loan.
The difference between the required capital for an SBA loan and a traditional loan can be huge. For new self-storage construction a SBA loan typically requires 10 – 15% down and a traditional bank typically requires 30-40% down, So for a phase one $3,500,000 loan, it means an equity requirement of $400,000 for a SBA loan vs $1,200,000+_ for a traditional loan.
A message from our President
I could list all our vast accomplishments in 2017 and outline our many goals for 2018. It would be impressive but it is not what is going to motivate you to take a leap of faith and start your own business. Instead, I am going to get right to the point, you can make it happen in 2018 but you have to be ready for the journey. As I learned a long time ago: If it is to be it is up to me (and a bunch of smarter people on my team.)
While you are compiling the facts I encourage you to always be learning from the insights and encouragement of others. One of the daily blogs I read is by Seth Godin. Below is a portion of two recent blogs by Seth that may encourage you to make your dreams come true in 2018.
Enjoy the Passage of Time!
No new costs, no new machines, no new resources.
Smarter about the process, about the effects, about planning. Smarter about leadership, about management, about measurement.
How much is smarter worth?
In my experience, smarter is almost always a bargain, something you can buy for a lot less than it’s worth.
The power of the possible
Next year is almost here.
And doing what you did this year probably isn’t going to be sufficient.
That’s because you have more to contribute than you did this year. You have important work worth sharing.
To reach your goals, you’ll probably need more effective and powerful ways to tell your story, get clients, gain market share and serve your audience.
As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the landmines, including finding land, designing, financing and building a premier self-storage facility and to understand the options and prepare accordingly.
If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com
Don’t forget to check out “Why Storage Authority
” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com
or Direct 941-928-1354)