SBA lenders approved 1,789 7(a) loans to local general freight carriers from October 2023 to June 2026, about $512 million from 251 lenders. The median loan was $71,000, less than half the national $150,300, at a median rate of 10.5% against 10.25% nationally, and 44.9% of loans went through SBA Express. Acquisitions were rare, 5% of loans, but large, at a median of $1,153,200. Lenders decide on the carrier's contracts and customer concentration, driver arrangements, the fleet and, for larger loans, the yard or terminal.
| Measure | General Freight Trucking, Local | All industries |
|---|---|---|
| SBA 7(a) loans approved | 1,789 | 162,355 |
| Median loan | $71,000 | $150,300 |
| Middle half of loans | $30,000 – $200,000 | $50,000 – $500,000 |
| Loans of $1 million or more | 7.9% | 12.9% |
| Median rate at approval | 10.5% | 10.25% |
| Middle half of rates | 9.74% – 11.5% | 9.3% – 11.25% |
| Acquisitions (change of ownership) | 89 (5%) | 16,849 (10.4%) |
| Median acquisition loan | $1,153,200 | $693,000 |
| Lenders that made these loans | 251 | 1,648 |
| SBA 504 loans (real estate, equipment) | 88 | 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
- 1,789 (Oct 2023 – Jun 2026)
- Lenders that approved one
- 251
- Median loan
- $71,000
- Median rate at approval
- 10.5%
- Through SBA Express
- 44.9% of loans
- SBA 504 loans
- 88, median $1,035,000
What SBA lenders approved for local carriers
General freight trucking, local (NAICS 484110) covers carriers hauling general freight within a metropolitan area or a short radius: pickup and delivery, dedicated routes for a distributor, container drayage between ports, rail yards and warehouses, and last-mile delivery. From FY2024 through June 2026 it took 1,789 SBA 7(a) loans worth $512,438,800, from 251 lenders. The median loan supported 2 jobs.
| Figure | Local general freight | National | Reading |
|---|---|---|---|
| Median loan | $71,000 | $150,300 | Small fleets borrowing for working capital, repairs and down payments |
| Middle half of loans | $30,000 to $200,000 | — | Mostly in SBA's two highest rate-cap tiers |
| Loans of $1 million or more | 142 (7.9%) | — | Acquisitions and yards; the 90th percentile is $768,000 |
| Median rate at approval | 10.5% (middle half 9.74% to 11.5%) | 10.25% | Above the national median, as small loans usually are |
| SBA Express | 44.9% of loans | — | Up to $500,000 with a 50% guaranty |
| Acquisitions | 89 loans (5%), median $1,153,200 at 9.75% | 10.4% of loans | Rare, but among the largest loans in the industry |
| Start-ups | 8.4% of loans | — | Most borrowers have an operating history |
| SBA 504 | 88 loans, median $1,035,000 | — | Yards, terminals and shops |
Small loans carry SBA's widest rate caps: the base rate plus 6.5% for loans of $50,000 or less, and plus 6% from $50,001 to $250,000, against plus 3% above $350,000. The industry's median loan sits in the plus-6% tier, which helps explain why its median rate sits above the national one. The acquisitions, being large, priced at a median of 9.75%. See SBA loan rates.
How local trucking differs from long-haul
A long-haul truckload carrier lives on freight rates and miles; its revenue moves with the market. A local carrier more often lives on relationships: a distributor's daily routes, a warehouse's container moves, a larger carrier's subcontracted deliveries. That makes local revenue steadier week to week, and more fragile in one specific way. If the main customer leaves, much of the revenue can go with it. Compare the long-haul trucking figures, and specialized local freight for dump, tank and flatbed work.
| Where the freight comes from | What the lender reads | The main risk |
|---|---|---|
| Dedicated routes for one shipper or distributor | The contract: term, rates, fuel surcharge, how either side can end it | Termination on short notice |
| Subcontracted delivery for a larger carrier or network | The service agreement and how routes are awarded and renewed | The network can re-bid or take routes back |
| Container drayage | Customer list, port or rail access, chassis and equipment arrangements | Volume swings with import and export flows |
| Broker and spot freight | Revenue by broker, payment history, factoring arrangements | Rate volatility and slow-paying brokers |
For a local carrier, the customer contract is the collateral a lender cares about most, and it is usually the one it cannot take.
What lenders look for in a local carrier
SBA requires debt service coverage of at least 1.15x, and 1.0x globally once the owners' personal finances are included; conventional banks commonly look for 1.25x. Lenders test it on filed returns, adding back depreciation but asking what the fleet will cost to replace. See maintenance capex and debt service coverage ratio.
- Customer concentration. Revenue by customer for each year. A carrier with one customer is lendable, but the lender will size and structure the loan around losing it. See customer concentration and debt.
- Contracts. The written agreements behind the largest customers, their terms and renewal history. A handshake arrangement that has run for years is evidence, but a signed contract is stronger.
- Drivers. Whether drivers are employees or independent owner-operators, and how they are paid. Treating drivers as contractors when they work like employees creates a liability that lenders and buyers both ask about.
- Fleet. Unit age, mileage and liens. Day cabs, straight trucks and box trucks are cheaper to replace than long-haul sleepers, but local work is hard on equipment.
- Safety and insurance. The carrier's safety record and insurance loss runs, which drive premiums and, for many shippers, whether the carrier keeps the work.
Factoring, lines and the yard
Carriers hauling broker freight often factor their invoices. SBA will not refinance a factoring agreement or an active merchant cash advance; 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. A carrier with creditworthy shippers may move from factoring to an asset-based line, which typically advances 80% to 90% of eligible receivables, with any single customer commonly capped at 20% to 25%. That cap matters for a carrier running mostly for one shipper. See moving from factoring to a line of credit, lines of credit for trucking companies and refinancing cash advances for trucking companies.
Local carriers need somewhere to park, fuel and fix trucks close to their customers, and in metropolitan areas that land is scarce. SBA 504 financed 88 projects in this industry at a median of $1,035,000, nearly as many as its 89 acquisition loans and at a similar size. 504 typically takes 10% from the borrower, 40% from the CDC and 50% from a bank, for property the business occupies. Lenders will review any fuel tanks or maintenance areas environmentally. See SBA 7(a) vs 504. For the trucks themselves, see equipment financing vs SBA 7(a).
Buying a local carrier
Only 89 loans financed a change of ownership, 5% of the industry's loans against 10.4% nationally, but their median of $1,153,200 is above the industry's 90th percentile of $768,000. In a local carrier, the buyer is mostly paying for customer relationships, and a customer contract may not pass to a buyer without the customer's consent. Lenders want that consent, or at least a conversation with the key customer, before closing. See change-of-control consents and financing a trucking company acquisition.
SBA's acquisition rules apply: an equity injection of at least 10% of total project costs, a seller note counting toward half of it only on full standby for the life of the loan, no earnout to the seller, and a seller who may consult for up to 12 months, or up to 24 months for loans under SOP 50 10 8.1 from 1 October 2026, but not stay as an employee. From that date every change of ownership needs financial due diligence and debt service coverage of 1.25x on historical results, and change-of-ownership loans amortize over no more than 10 years except the real estate share. Where the amount financed, less appraised real estate and equipment, exceeds $250,000, SBA requires an independent business valuation.
Preparing a local carrier's file
SBA's standard list 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. The debt schedule should list every truck note, any factoring agreement and any cash advance, with balances and payments.
Add revenue by customer for each year, copies of the main customer contracts, a fleet list with year, mileage and lienholder, driver arrangements, insurance loss runs and the safety record. An acquisition adds the target's latest full year of figures, never an older year, and the letter of intent.
Transparent builds those documents into a full lender package — financing model, lender presentation, blind teaser and underwriting memo — in a day, and routes each need to the part of its book built for it: 278 lenders write SBA 7(a) and 504, 244 write equipment, 235 write asset-based lending and lines, and 116 write factoring. On SBA loans the lender pays Transparent, not the borrower. See the package.
Common questions
- How big is a typical SBA loan for a local trucking company?
- Small. The median 7(a) loan from October 2023 to June 2026 was $71,000, with the middle half between $30,000 and $200,000. Acquisitions and yard purchases account for most of the larger loans.
- Can I get an SBA loan if most of my revenue comes from one customer?
- Yes, but the lender will structure the loan around the risk of losing that customer. Expect questions about the contract, its term and how long the relationship has run.
- Can an SBA loan pay off my factoring company?
- SBA will not refinance a factoring agreement. A carrier moving off factoring usually does it with an asset-based line or a conventional lender, and the factor's lien has to be released either way.
- Can I use SBA 504 to buy a truck yard?
- Yes, if the business will occupy it: at least 51% of an existing property. 504 financed 88 trucking projects in this industry at a median of $1,035,000.
- Do lenders care whether my drivers are employees or contractors?
- Yes. How drivers are classified and paid affects costs and can create a liability, and lenders and buyers both ask about it.