Industry data
Financing for LTL carriers: what the loan data shows
217 SBA 7(a) loans went to LTL carriers recently, at a median of $43,100. The lenders that make them, the terms they write, and what underwriters look at.
217 SBA 7(a) loans went to LTL carriers in the most recent fiscal years, at a median of $43,100 over 10 years. 48.4% went to new or under-two-year-old businesses, and the most active lender was Wells Fargo Bank.
What a LTL carrier loan actually looks like
These are approvals, not advertised ranges. Computed from SBA 7(a) loan-level FOIA data released 2026-06-30.
| Measure | Less-than-truckload carriers | All 7(a) borrowers |
|---|---|---|
| Loans approved, fiscal years 2023 to 2026, using data released June 2026 | 217 | 214,102 |
| Median loan | $43,100 | $150,000 |
| 25th - 75th percentile | $20,000 - $123,850 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 12.00% | 10.25% |
| Share to new businesses | 48.4% | 33.6% |
| Charge-off rate, FY2010-19 | 9.8% | 7.1% |
What stands out
Reading these figures against all 7(a) borrowers:
- Loans here run smaller than average. The median of $43,100 is 71% below the $150,000 national median. Smaller loans price higher under the SBA spread caps, so budget for a rate above the headline range.
- New businesses do well here. 48% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- One lender dominates. Wells Fargo Bank alone made 30% of these loans, and the top three made 64%. 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.
- Rates run higher here. The median initial rate of 12.00% is 1.75 points above the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- Lenders have been burned here before. 9.8% of loans to this market from the FY2010-2019 cohorts were charged off, against 7.1% overall. That history is why underwriting in this sector is tighter than the numbers alone would suggest — it is not personal.
Which lenders actually fund LTL carriers
Ranked by loans approved in this niche. The median, startup share and rate describe each lender's own loans to LTL carriers, not its national averages — which is how you spot a genuine specialist.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Wells Fargo Bank | 65 | $15,000 | 100% | 13.75% |
| The Huntington National Bank | 42 | $60,000 | 17% | 10.50% |
| Lendistry SBLC, LLC | 31 | $150,000 | 0% | 12.25% |
| TD Bank | 13 | $25,000 | 46% | 11.50% |
| Manufacturers and Traders Trust Company | 9 | $92,000 | 56% | 12.00% |
| Northeast Bank | 8 | $50,000 | 12% | 11.00% |
| KeyBank | 6 | $35,950 | 83% | 11.74% |
| JPMorgan Chase Bank | 4 | $115,000 | 0% | 12.28% |
| Bank of America | 4 | $147,050 | 0% | 10.00% |
| U.S. Bank | 3 | $50,000 | 67% | 7.74% |
Where these businesses borrow
Most active states for LTL carriers: California (27), Texas (22), Illinois (15), New Jersey (15), Ohio (13), Pennsylvania (13).
Which financing fits
| Product | Fit for this sector | Typical cost |
|---|---|---|
| SBA 7(a) | The dominant vehicle in this niche | 10.0% - 14.0% APR |
| Equipment financing | For the hard assets, often cheaper separately | 7.0% - 30.0% APR |
| Line of credit | For seasonality and payroll timing | 9.0% - 60.0% APR |
| SBA microloan | If you need under $50,000 | 8.0% - 13.0% APR |
| Business acquisition loan | If you are buying an existing operation | 10.0% - 14.0% APR |
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.