Tap to get financing
Nasdaq: JNVRSBA 7(a) Loans
SBA 7(a) Loans
Uses for the SBA 7(a) LoanCompare SBA LoansFund a StartupBuy EquipmentGet a Commercial MortgageRepair CapitalRefinance Business DebtGet a Working Capital LoanBuy a BusinessLearn About the SBA Lending ProcessFind an SBA Lender
Requirements Rates Loan Calculator
SBA Tools
SBA 7(a) Loan CalculatorSBA 504 Loan CalculatorEnsuring a Smooth CloseSBA Form 1081 Guide
Blog
About Us
About usContact us
(561) 559-5551 Get financing →
Close sba7a.loans is an independently owned and operated website and has no government affiliation. We are not the Small Business Administration and are not a lender. If you are trying to reach the SBA click here to be redirected.
Interest Rates

Today’s interest rates for all SBA loans
Check Today's Rates →

Newly Published
Sep 21 at SBA 7(a) Loans
The ‘Hidden’ Costs of SBA 7(a) Loans
Sep 13 at SBA 7(a) Loans
How to Write a Business Plan for an SBA 7(a) Loan
Sep 12 at SBA 7(a) Loans
Why 2023 Is the Right Time to Buy a Business
Explore the Janover Network
Sep 29 at SBA 504 Loans
SBA 504 Loans for Preschools and Daycare Centers
Sep 26 at HUD Loans
What Is Fair Market Rent? 2024 FMR Calculator by ZIP
Sep 25 at Multifamily Loans
Multifamily Minute Reader Reflections: How Do You Communicate Rent Increases?
Was This Article Helpful?
Small Business and SBA Lending Blog
Last updated on Aug 21, 2023
4 min read

SBA 7(a) Loans for Trucking and Transport Companies

SBA 7(a) loans can be an excellent way for trucking companies to source working capital, expand operations, or buy another business. Find out more.

In this article:
  1. SBA 7(a) Loans for Trucking Firms: The Basics
  2. How SBA 7(a) Loans Can Help Trucking Firms
  3. Working Capital
  4. Buying a Competitor
  5. Refinancing Business Debt
  6. Expanding Your Trucking Company
  7. Case Study: Expanding a Logistics Firm in Arizona
  8. Large Trucking Firms Can Also Benefit From SBA 504 Loans
  9. Get Your Best Loan
  10. Related Questions
  11. Get Financing
Start Your Application and Unlock the Power of Choice Experience expert guidance, competitive options, and unparalleled industry expertise.
Click Here to Get Quotes →
$5.6M offered by a Bank at 6.1%$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1.4M offered by an SBA Lender at 9%Click Here to Get Quotes!

The trucking industry is huge. While there may not be many household names apart from UPS, FedEx, and the likes, the industry includes approximately 1.2 million unique companies.

A huge proportion of these companies need access to capital at some point, and SBA 7(a) loans are a great choice for a variety of reasons. SBA loans for the logistics industry average around $110,000, and they have many potential uses.

SBA 7(a) Loans for Trucking Firms: The Basics

How SBA 7(a) Loans Can Help Trucking Firms

The trucking and transport industry can be tough for businesses who don’t have the funds they need. Fortunately, trucking entrepreneurs can use SBA 7(a) loans for purposes including:

Working Capital

Running a trucking company can get expensive— and you might not always know when you’e about to get hit with a big charge. From truck repairs, to accidents, and driver overtime, an SBA 7(a) loan can provide the money your firm needs to move forward.

Buying a Competitor

The trucking business can be extremely competitive, and in some situations, it could be in your best interest to purchase the competition; acquiring their routes/clients, trucks, and some, if not all, of their drivers.

Refinancing Business Debt

If you want to refinance SBA-eligible business debt to reduce interest rates or free up cash flow, an SBA 7(a) loan can be an effective way to do so. However, the SBA stipulates the debt must currently be offered to the borrower on unreasonable terms, and needs to have been used for business purposes, not personal expenses.

Expanding Your Trucking Company

If you want to expand to new routes, hire new truckers, or purchase new trucks, an SBA 7(a) loan could be a great way to do it.

Case Study: Expanding a Logistics Firm in Arizona

Bryan, a skilled logistics expert, founded Goodyear Haulers, a transport and trucking business in Goodyear, Arizona. Over the years, his business gained a reputation for its reliable and efficient services, catering to a diverse clientele that included manufacturers, retailers, and e-commerce companies.

As the demand for his company's services grew, Bryan realized that expanding his business was crucial to maintaining its competitive edge and meeting the increasing needs of his customers. He sought an SBA 7(a) loan to finance the expansion, which included purchasing new trucks, hiring additional drivers, and investing in a state-of-the-art logistics software system.

Bryan applied for an SBA 7(a) loan of $350,000, which he planned to use for his expansion plans. He prepared a thorough business plan, outlining his objectives, market research, and financial projections. This document played a crucial role in convincing lenders that Goodyear Haulers was a viable and profitable venture.

Bryan's impeccable credit history, coupled with his extensive experience in the transportation industry, made him an ideal candidate for an SBA 7(a) loan. Upon approval, Bryan was able to execute his expansion plans, taking Goodyear Haulers to new heights.

With the loan funds, Bryan purchased five new trucks, hired and trained six new drivers, and invested in cutting-edge logistics software to improve the efficiency of his operations. The expansion allowed Goodyear Haulers to extend its reach, serve a broader customer base, and further solidify its reputation as a trusted transport and trucking business in Arizona and beyond.

This is a fictional case study provided for illustrative purposes.

Large Trucking Firms Can Also Benefit From SBA 504 Loans

Most trucking companies will likely find that the SBA 7(a) loan is the best fit for their needs. However, for some of the largest “small” trucking businesses, especially those that want to purchase commercial real estate to build a new trucking hub, an SBA 504 loan could be the best choice. While SBA 504 loans can’t be used for working capital, they other benefits, such as lower interest rates, and a slightly larger maximum loan amount, at $5.5 million.

Get Your Best Loan

We’re here to help you get the commercial financing you need. Complete the quick form below to get a free quote and learn more about how SBA financing could transform your small business.

Related Questions

What are the eligibility requirements for SBA 7(a) loans for trucking and transport companies?

The eligibility requirements for SBA 7(a) loans for trucking and transport companies are outlined by the Small Business Administration (SBA). Generally, the business must be a for-profit, small business, and the loan must be used for business purposes. Additionally, the business must meet the SBA's size standards, be able to demonstrate the ability to repay the loan, and have a sound business purpose. For more information, please see the SBA's SOP 50 10 5 Subpart B 7(a) Loan Eligibility.

What are the advantages of SBA 7(a) loans for trucking and transport companies?

SBA 7(a) loans can provide trucking and transport companies with a variety of advantages, including:

  • Working capital: An SBA 7(a) loan can provide the money your firm needs to cover unexpected expenses, such as truck repairs, accidents, and driver overtime.
  • Buying a competitor: An SBA 7(a) loan can help you purchase the competition, acquiring their routes/clients, trucks, and some, if not all, of their drivers.
  • Refinancing business debt: An SBA 7(a) loan can be used to refinance SBA-eligible business debt to reduce interest rates or free up cash flow.
  • Expanding your trucking company: An SBA 7(a) loan can be used to expand to new routes, hire new truckers, or purchase new trucks.

For more information on SBA 7(a) loans, click here.

What are the maximum loan amounts for SBA 7(a) loans for trucking and transport companies?

The maximum loan amount for SBA 7(a) loans for trucking and transport companies is $5 million. For larger trucking businesses, an SBA 504 loan could be the best choice, with a maximum loan amount of $5.5 million.

What are the repayment terms for SBA 7(a) loans for trucking and transport companies?

SBA 7(a) loans for trucking and transport companies typically have repayment terms of up to 25 years. The exact repayment terms depend on the loan amount, the use of the loan proceeds, and the borrower's creditworthiness. Generally, the maximum repayment term for working capital loans is 7 years, while the maximum repayment term for equipment and real estate loans is 25 years.

For more information, please refer to the Standard Repayment Terms for SBA Loans page on the SBA website.

What documents are required to apply for SBA 7(a) loans for trucking and transport companies?

To apply for an SBA 7(a) loan for trucking and transport companies, you will need to provide the following documents:

  • Business tax returns for the past three years
  • Personal tax returns for the past three years
  • Business financial statements
  • Personal financial statements
  • Business license
  • Business lease
  • Business plan
  • Personal guaranty
  • Collateral

For more information, please visit SBA 7(a) Loans for Trucking and Transport Companies.

In this article:
  1. SBA 7(a) Loans for Trucking Firms: The Basics
  2. How SBA 7(a) Loans Can Help Trucking Firms
  3. Working Capital
  4. Buying a Competitor
  5. Refinancing Business Debt
  6. Expanding Your Trucking Company
  7. Case Study: Expanding a Logistics Firm in Arizona
  8. Large Trucking Firms Can Also Benefit From SBA 504 Loans
  9. Get Your Best Loan
  10. Related Questions
  11. Get Financing
Tags
  • SBA 7(a) Loans
  • SBA Loans
  • SBA 7(a)
  • SBA Business Loans
  • SBA 7(a) Trucking Company Loans
  • SBA Trucking Company Loans
  • Case Study

Getting a small business loan should be easy.⁠ Now it is.

Click below for a free, no obligation quote and to learn more about your loan options.

Get financing →
Janover logo

SBA 7(a) Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

Janover Inc.

6401 Congress Ave
Ste 250
Boca Raton FL 33487
(561) 559-5551 

hello@sba7a.loans

SBA 7(a) Loans

SBA Loan Comparison
SBA 7(a) Loan Fees, Rates, and Terms
Qualifying for an SBA 7(a) Loan
SBA Loan Guides per State
Commercial Mortgage Rates

Site Information

Privacy Policy
Terms of Use
Advertiser Disclosure

This website is owned by a company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing. We are a technology company that uses software and experience to bring lenders and borrowers together.

All users should perform their own due diligence and research. Nothing on this website is an offer or a solicitation for a loan. This website does not endorse or charge you for any service or product. None of the information on this site constitutes legal advice. We are not affiliated with the Small Business Administration (SBA). If you need to visit the SBA directly please click here: sba.gov

Click here for our Advertiser Disclosure.

This website utilizes artificial intelligence technologies to auto-generate responses, which have limitations in accuracy and appropriateness. Users should not rely upon AI-generated content for definitive advice and instead should confirm facts or consult professionals regarding any personal, legal, financial or other matters. The website owner is not responsible for damages allegedly arising from use of this website's AI.

Copyright © 2023 Janover Inc. All rights reserved.