SBA lenders approved 471 7(a) loans to couriers and express delivery services (NAICS 492110) from October 2023 through June 2026, $264,760,900 from 111 lenders. The median loan was $256,000 against $150,300 nationally, and 19.3% of loans were $1 million or more. Acquisitions made up 23.8% of loans, more than twice the national 10.4%, at a median of $846,500 and a median rate of 9.5%. Lenders underwrite these companies on the customer contract: how much revenue depends on one carrier, how long the contract runs, and whether that carrier approves a new owner.
| Measure | Couriers and Express Delivery Services | All industries |
|---|---|---|
| SBA 7(a) loans approved | 471 | 162,355 |
| Median loan | $256,000 | $150,300 |
| Middle half of loans | $64,150 – $854,000 | $50,000 – $500,000 |
| Loans of $1 million or more | 19.3% | 12.9% |
| Median rate at approval | 10.25% | 10.25% |
| Middle half of rates | 9.25% – 11.25% | 9.3% – 11.25% |
| Acquisitions (change of ownership) | 112 (23.8%) | 16,849 (10.4%) |
| Median acquisition loan | $846,500 | $693,000 |
| Lenders that made these loans | 111 | 1,648 |
| SBA 504 loans (real estate, equipment) | 4 | 16,714 |
Approvals FY2024 – FY2026 to date (1 Oct 2023 – 30 Jun 2026), cancelled loans excluded. Source: SBA 7(a) and 504 FOIA loan records, as of June 30, 2026.
- SBA 7(a) loans approved
- 471 (Oct 2023 – Jun 2026), from 111 lenders
- Median loan
- $256,000 (national $150,300)
- Median rate at approval
- 10.25% (national 10.25%)
- Acquisitions
- 112 loans (23.8%), median $846,500 at 9.5%
- Loans of $1 million or more
- 91 (19.3%)
- SBA 504
- 4 loans, median $999,500
Three kinds of delivery business
NAICS 492110 covers companies that pick up and deliver parcels and documents, locally or across a network. Within it, lenders see three businesses with very different risks.
| Model | Who pays | What the lender underwrites |
|---|---|---|
| Contracted route operator | One national parcel carrier, under a service contract | The contract: term, renewal, termination rights, rate changes, and whether the carrier approves a sale |
| Independent on-demand and scheduled courier | Many local customers: medical labs, pharmacies, law firms, parts distributors | Customer spread, recurring scheduled runs versus one-off calls, driver pay model |
| Final-mile delivery for retailers and distributors | A handful of retail or wholesale accounts | Concentration, seasonal volume, whether rates cover fuel and vehicle costs |
The first model accounts for many of the larger loans. A contracted operator runs vans and drivers under an agreement with a national carrier, which sets the service area, the standards and much of the pay. The operator's revenue can be steady and its customer is creditworthy, but it has exactly one customer, and that customer writes the terms. A lender does not decline for that; it prices and structures around it.
What the SBA approvals show
| Figure | Couriers and express delivery | Reading |
|---|---|---|
| Loans / total / lenders | 471 / $264,760,900 / 111 | About four loans per lender |
| Median loan | $256,000 | Well above the national $150,300 |
| Middle half of loans | $64,150 to $854,000 | A very wide spread: vans at one end, route packages at the other |
| 90th percentile | $1,403,400 | — |
| Loans of $1 million or more | 91 (19.3%) | Almost one in five |
| Median rate (middle half) | 10.25% (9.25% to 11.25%) | Level with the national median |
| Fixed-rate share | 13.8% | — |
| SBA Express | 36.1% | Smaller vehicle and working-capital loans |
| Start-ups / franchises | 11.9% / 10.4% | — |
| Median jobs supported | 6 | Mostly drivers |
| SBA 504 | 4 loans, median $999,500 | Almost none: the business rarely owns real estate |
The middle half of loans runs from $64,150 to $854,000, a far wider spread than the median alone suggests. At the bottom are courier start-ups and operators adding vans. At the top are purchases of route businesses, which is why 19.3% of loans cleared $1 million. Only 4 SBA 504 loans went to the industry: delivery companies work out of leased stations and yards, and real estate rarely enters the credit.
Buying routes: what the lender is actually financing
The 112 change-of-ownership loans, at a median of $846,500 and a median rate of 9.5%, include many purchases of contracted route businesses. The buyer pays for a stream of earnings from a contract with the carrier, plus a fleet of vans if the seller owns them. Most of the price is goodwill, and the goodwill is only as good as the contract.
- Carrier approval. A sale typically needs the carrier's consent to the new owner. Lenders will not close until it is in hand, and the buyer should expect the carrier to review the buyer as well. See change-of-control consents.
- Contract term. If the contract expires or can be terminated well before a ten-year loan is repaid, the lender is lending past the life of the only revenue source. The remaining term, the renewal history and the termination clauses are read closely.
- Rate changes. Carriers adjust what they pay operators. A lender will want several years of settlement statements to see how revenue per route has moved.
- Owner-operator economics. The seller's earnings may depend on the seller driving a route or managing without a salary. A buyer who will not do the same has to replace that cost, and lenders recompute cash flow accordingly. See buyer salary in acquisition DSCR.
SBA's ownership-change rules apply in full. The buyer injects at least 10% of total project costs; a seller note counts toward up to half of it only on full standby for the life of the loan; SBA prohibits an earnout to the seller. Because route purchases are goodwill-heavy, most need an independent business valuation: SBA requires one where the amount financed, less appraised real estate and equipment, exceeds $250,000, and the loan cannot exceed it. Appraised vans are subtracted before that threshold is measured; see the SBA business valuation requirement. The seller may consult for up to 12 months, or up to 24 months under SOP 50 10 8.1 from 1 October 2026.
From 1 October 2026 a change of ownership must also show 1.25x debt service coverage on historical results, financial due diligence is required on every one, and a quality of earnings report is required on purchases of $3 million or more excluding real estate. Buyers assembling several route packages at once should expect that threshold to come into play. Loans for goodwill run up to 10 years, and from that date a change-of-ownership loan amortizes over no more than 10 years except any real estate share. See financing a courier company acquisition.
In a route purchase, the contract with the carrier is the collateral that matters. Read it before the letter of intent, not after.
Vans, fuel and drivers: the cash-flow questions
A courier's costs are drivers, vehicles, fuel, insurance and maintenance, and each of them can move faster than revenue. Lenders test cash flow against SBA's minimum of 1.15x debt service coverage, 1.0x globally including the owners, and then ask what happens when a cost rises.
Vehicles. Delivery vans wear out quickly under stop-and-go use. Some operators own their fleet, some lease it, and some rent vans through programs tied to the carrier. Owned vans are collateral, though modest; leased vans are fixed charges. Either way, a lender will look at fleet age and ask how replacement is funded, because earnings that skip vehicle replacement are overstated. See maintenance vs growth capex and equipment lease vs equipment loan.
Drivers. Driver turnover, overtime, and whether drivers are employees or independent contractors all affect both cost and legal exposure. An independent courier paying drivers as contractors should expect questions about how that model would hold up to a challenge.
Insurance. Commercial auto coverage for a delivery fleet is expensive and can rise sharply after claims. The loss history belongs in the file.
Preparing the file
The SBA checklist applies: business tax returns for 2–3 years, a P&L and balance sheet with a year-to-date P&L through last month-end, a debt schedule with copies of notes being refinanced, and personal tax returns and a personal financial statement for each owner of 20% or more, each of whom personally guarantees the loan. For an acquisition, add the target's latest full year of figures and the letter of intent. For a courier business, add:
- The carrier or customer contracts, with amendments and any notices of rate or territory changes
- Settlement statements or revenue by customer for the last two to three years
- A fleet list: year, mileage, owned or leased, and the lienholder or lessor
- Insurance declarations and the loss history
- Driver headcount, pay structure and turnover
- For a purchase, the carrier's written consent or the status of the approval
Delivery companies that bridged payroll with merchant cash advances need to address them first: SBA will not refinance an active advance, and from 1 October 2026 an advance becomes eligible only once converted to a term loan that has amortized for at least 24 months with no new advance since. See refinancing cash advances for trucking and delivery companies. Transparent builds the full lender package — financing model, lender presentation, blind teaser and underwriting memo — in a day once the documents are in, and takes it to the 278 lenders in its book that write SBA 7(a) and 504. On SBA loans the lender pays Transparent, not the borrower.
Common questions
- Can I use an SBA loan to buy delivery routes?
- Yes. Acquisitions made up 23.8% of SBA loans to couriers from October 2023 to June 2026, at a median of $846,500. Expect the lender to require the carrier's approval of the sale, to read the contract's term and termination rights, and to require a business valuation on most purchases.
- Is having one customer a problem for an SBA loan?
- It is a risk lenders structure around, not an automatic decline. For a contracted route operator the lender focuses on the contract's remaining term, renewal history and termination clauses, and on how revenue per route has changed over time.
- Why are courier loans so much larger than average?
- Because many of them finance route purchases, which are priced on earnings and are mostly goodwill. The median courier loan was $256,000 against $150,300 nationally, and 19.3% were $1 million or more.
- Can the SBA loan pay for delivery vans?
- Yes. Vehicles can be financed within a 7(a) loan, and smaller vehicle purchases often go through SBA Express, which 36.1% of loans in this industry used. Compare a dedicated vehicle or equipment loan as well; it can be simpler for a single purchase.
- What does the October 2026 SBA update change for route buyers?
- From 1 October 2026 a change of ownership must show 1.25x debt service coverage on historical results, financial due diligence is required on every purchase, a quality of earnings report is required at $3 million or more excluding real estate, and the seller may consult for up to 24 months.