Self-Storage Owner Uses SBA Loans for Portfolio Growth

When an injury abruptly ended my dentistry career, I had to reset. It was conversations with a patient, who owned self-storage facilities, that put this industry on my radar. I started by building a project in St. Helens, Oregon, and grew from there. The further I went, the more the numbers and operating model made sense.

I started StoreIt in 2009. Since then, my team and I have developed nine and acquired two self-storage facilities in California and Oregon. Some were ground-up, while others were adaptive reuse. We’ve converted a lumberyard, a hazelnut-processing plant and a former newspaper building into modern, secure storage.

There’s something incredibly fulfilling about turning a forgotten, underused space into something safe, useful and valuable for the community. It isn’t just about storage; it’s about revitalizing neighborhoods. Our projects have breathed new life into properties that once sat idle, and we’re proud of the role we play in local development.

Every self-storage project I complete sharpens my approach to zoning, unit mix and operational efficiency. I also learn more about the financing side and how to maximize my return on investment. I’m still working to expand the portfolio, and financing from the Small Business Administration (SBA) has been a big part of this effort.

Why I Chose SBA 504

Self-storage development requires significant upfront capital. Costs for land acquisition, permitting, construction and infrastructure can add up quickly. For entrepreneurs like me, that kind of financial burden can be a barrier to growth.

I first learned about SBA 504 loans through a recommendation from my banker, who introduced me to a financing company that specializes in this loan type. That connection changed everything.

The 504 loan program offers a compelling structure: 10% to 15% down, a 25-year, fixed interest rate, and predictable monthly payments. This financing model allowed me to grow my business without overextending its resources, keeping capital available for operations and future investments.

At StoreIt, we’ve used two 504 loans to expand. The first helped us purchase an existing self-storage facility in Porterville, California. The second supported a ground-up development in Woodburn, Oregon, where we transformed a 12.5-acre parcel into a state-of-the-art site offering 795 units, including covered spaces for boats and RVs.

The process wasn’t without its challenges. Real estate development rarely is. What made a difference was Jim Azevedo, senior vice president of business development for commercial real estate firm TMC Financing. He and his team were knowledgeable, responsive and genuinely invested in our success. They helped us navigate the loan documentation, timelines and due diligence with confidence. I also want to recognize our company’s integrator, Valyrie German, whose coordination kept everything on track.

One thing I learned through this process is the importance of having the right partners. SBA 504 loans require thorough vetting, but that rigor is a vote of confidence in your self-storage business. It’s validation that your vision is sound and your execution is strong.

What’s Next?

With a strong team, a proven business model and the right financing tools in place, I see plenty of opportunities ahead for StoreIt. Every new project requires careful planning and smart capital allocation, but the SBA 504 program gives us room to grow strategically. With the right partners and approach, scaling a self-storage business is absolutely achievable, even when life throws you an unexpected curveball.

After 20-plus years of growing a successful dental practice, I discovered an unexpected passion: turning overlooked properties into profitable self-storage facilities. Now, with a portfolio valued at more than $50 million, I help other investors tap into this lucrative market.

I've learned that success in self-storage isn't just about the buildings; it's about creating win-win partnerships. My background in healthcare taught me the value of trust and attention to detail, skills that have proven invaluable in developing sites that serve investors and communities. Now, I specialize in finding hidden opportunities and transforming them into high-performing assets. With more than $92 million in developed properties, I know what works—and doesn't—in this industry. Along the way, SBA loans have proven to be an excellent financial resource to fuel my company’s growth.

Wayde Elliott is the founder and chief visionary officer of StoreIt, which operates 11 self-storage facilities in California and Oregon. He also provides investing and development consulting to other industry investors and owners. To reach him, call 971.727.4620 or email [email protected].

About the Author

Wayde Elliott

Founder, StoreIt

See more from Wayde Elliott

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