If you make the mistake of watching the wrong channels on TV, you’d think the biggest problem facing the nation is hoarding. Public awareness of the condition has recently experienced an increase with the launch of two competing reality television programs about the subject, Hoarders and Hoarding: Buried Alive, airing on the A&E and TLC networks respectively.
Is it coincidence that the new SOP now allows SBA financial assistance for self-storage facilities?
SBA has dramatically changed its thinking on “passive income”.
For example, under previous guidance, businesses such as self-storage facilities were ineligible for SBA financing unless more than 50% of their revenue was from sources other than rent (the “sufficient services” test). The new guidance in SOP 50 10 5(C) eliminates the “sufficient services” test in order to make SBA loan guarantees available to more of these types of businesses.
That means self-storage facilities are now eligible.