MINNESOTA · NAICS 531130
Minnesota self-storage deals turn on a structurally under-stored Twin Cities market: Minneapolis runs just 2.1 square feet of storage per resident across 22 facilities, far below the national average and among the most under-stored major metros in the country. Seasonal boat and RV storage layers a Minnesota-specific demand stream on top, and Live Oak Bank's national vertical closed $111.7 million in calendar 2025.
FEASIBILITY TRIGGER
Self-storage is special-purpose; studies analyze supply within a three to five mile radius, absorption, and rent benchmarks.
Minnesota generated 69 SBA-disbursed self-storage loans between FY2010 and FY2026, worth $46.9 million in approved 7(a) and 504 financing at an average of $680,000 per deal. Ranked #17 of 38 states for self-storage SBA volume, the state captures 1.3% of national self-storage dollars. 43.5% of the loans ran through 7(a) with 504 covering the remainder; 5 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 69 |
| Approved volume | $46.9 million |
| Average loan size | $680,000 |
| 7(a) share | 43.5% |
| Approvals since FY2024 | 5 |
| State rank by loan count | #17 of 38 |
Among the 50 seasoned loans in this segment (approvals FY2010–FY2021), 6.0% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for self-storage is 1.1%, against 7.3% across all industries. That performance runs above the national benchmark for this asset class, which is a factor lenders weigh in their credit decision.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 6.0% adverse-resolution rate against the national self-storage benchmark of 1.1% tells credit committees to scrutinize revenue projections and coverage assumptions closely on Minnesota deals in this class. A rigorous third-party feasibility study — built on documented demand, defensible pricing, and stressed coverage — carries meaningful weight in that underwriting conversation, particularly at an average loan size of $680,000 across 69 loans.
Every Minnesota self-storage project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Minnesota projects often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, and the state's calendar 2025 average rate ran 0.63 points below the national figure. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Minneapolis runs just 2.1 square feet of storage per resident across 22 facilities, far below the national average and among the most under-stored major metros in the country, with seasonal boat and RV storage layering a Minnesota-specific demand stream on top; Live Oak Bank's dedicated national vertical closed $111.7 million in calendar 2025.
For a national view of this asset class, see our self-storage SBA feasibility overview, and read our related analysis in the self-storage lending research on our blog. The SBA self-storage feasibility study tests pipeline supply, verified competitor occupancy and the monthly lease-up reserve.
Fifteen-minute scoping call, written proposal inside one business day, firm fixed fee before you sign.
Book a MeetingOur SBA feasibility study consultants prepare storage and vehicle storage studies for lenders, CDCs and sponsors. See pricing, methodology or request a fixed fee quote.
California, Texas, Florida, New York, Illinois, Georgia, New Jersey, Ohio, Pennsylvania, Michigan, Arizona, Colorado, Washington, Virginia, Minnesota, Maryland, Wisconsin, Missouri, Indiana, South Carolina, Oregon, Connecticut, Nevada, North Carolina, Tennessee, Massachusetts, Nebraska, New Mexico, West Virginia, Idaho, Montana, Maine, New Hampshire, Rhode Island, Delaware, Iowa, Kansas, Wyoming.