Industry data
Financing for long-haul trucking companies: what the loan data shows
3,261 SBA 7(a) loans went to long-haul trucking companies recently, at a median of $75,200. The lenders that make them, the terms they write, and what underwriters look at.
3,261 SBA 7(a) loans went to long-haul trucking companies in the most recent fiscal years, at a median of $75,200 over 10 years. 21.3% went to new or under-two-year-old businesses, and the most active lender was The Huntington National Bank.
Also searched as: semi truck financing, OTR carrier loans, trucking authority financing.
What a long-haul trucking companie loan actually looks like
These are approvals, not advertised ranges. Computed from SBA 7(a) loan-level FOIA data released 2026-06-30.
| Measure | Long-haul truckload carriers | All 7(a) borrowers |
|---|---|---|
| Loans approved, fiscal years 2023 to 2026, using data released June 2026 | 3,261 | 214,102 |
| Median loan | $75,200 | $150,000 |
| 25th - 75th percentile | $31,000 - $150,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.50% | 10.25% |
| Share to new businesses | 21.3% | 33.6% |
| Charge-off rate, FY2010-19 | 8.3% | 7.1% |
What stands out
Reading these figures against all 7(a) borrowers:
- Loans here run smaller than average. The median of $75,200 is 50% below the $150,000 national median. Smaller loans price higher under the SBA spread caps, so budget for a rate above the headline range.
- This is a hard market for new businesses. Only 21% of these loans went to startups, against 34% nationally. If you are pre-revenue, work from the startup table below rather than the main list.
- One lender dominates. The Huntington National Bank alone made 39% of these loans, and the top three made 53%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
Which lenders actually fund long-haul trucking companies
Ranked by loans approved in this niche. The median, startup share and rate describe each lender's own loans to long-haul trucking companies, not its national averages — which is how you spot a genuine specialist.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 1,256 | $55,000 | 14% | 10.25% |
| Lendistry SBLC, LLC | 259 | $150,000 | 0% | 12.25% |
| Northeast Bank | 202 | $77,450 | 17% | 11.25% |
| TD Bank | 180 | $44,500 | 26% | 11.50% |
| BayFirst National Bank | 156 | $150,000 | 1% | 13.25% |
| Wells Fargo Bank | 150 | $15,000 | 99% | 13.50% |
| JPMorgan Chase Bank | 101 | $100,000 | 5% | 11.85% |
| Manufacturers and Traders Trust Company | 84 | $50,000 | 43% | 11.74% |
| KeyBank | 53 | $35,500 | 68% | 11.49% |
| Readycap Lending, LLC | 38 | $350,000 | 32% | 10.38% |
Where these businesses borrow
Most active states for long-haul trucking companies: Ohio (518), Illinois (470), Michigan (308), California (260), Indiana (201), Florida (188).
Before you apply
- Check coverage first. Run the payment through the affordability calculator at 1.25x.
- Shortlist from the lender table, favouring ones whose median loan here is close to what you need.
- Assemble the documents — see the checklist.
- If you are buying rather than starting, read business acquisition loans first; the injection rules and diligence are different.
How to actually finance one
The data above says what lenders did. This is what the process looks like from your side, and what is specific to long-haul trucking companies rather than true of any business.
What you are actually financing
| Transaction | What it involves |
|---|---|
| Owner-operator, one truck | The truck itself plus insurance, permits, authority and several months of operating cash before the first settlements land. |
| Adding to a fleet | Easier — you have a trading history and existing contracts. |
| Buying an existing carrier | Includes the authority, contracts and drivers, and is underwritten on the book of business. |
| Trailers | Financed separately and usually on better terms than tractors. |
Matching the money to the transaction
The truck
The cash gap between delivery and payment
Invoice factoring is the industry default, and for good reason — brokers pay in 30 to 45 days and fuel does not wait.
Buying a carrier
General working capital
A line of credit once you have history.
The numbers this sector is judged on
- How long you have held your authority. New authorities are the single biggest risk flag, and insurance prices accordingly.
- Your CDL and driving record, and for a fleet, your drivers'.
- Contracted freight or a dedicated lane. A signed commitment changes the conversation more than anything else you can bring.
- The truck's age and mileage, which drive the advance rate and term.
- Insurance cost, which for a new authority is substantial and routinely underestimated.
The obstacle specific to this sector
The sector-specific paperwork
- Your authority, and how long you have held it
- Insurance quotes — actual quotes, not estimates
- Any contracted freight or dedicated lane agreement
- Driving record and CDL
- A per-mile cost model including fuel, maintenance, insurance and your own pay
The general list is in the document checklist, and the application readiness check will tell you how much of it you actually have. Before any of it, run the payment through the affordability calculator — coverage is the test most declined applicants actually failed.