FAQ Categories

Are Truckers Eligible for SBA?

Yes. SBA loans are available for any small business in the U.S., provided the business meets normal SBA application criteria.

Even truckers who are sole proprietors are eligible for SBA loans (although the barrier to approval might be a little higher). SBA has standard requirements for time in business, credit score and financial qualifications which need to be met in order to qualify.

Basic SBA Requirements:

1. Must Be a ‘for profit’ considered a small business, as defined by SBA
2. Have a FICO score over 650
3. Have reasonable invested equity (for loans over $300k)
4. Be able to demonstrate a need for a loan
5. Use the funds for a sound business purpose
6. Not be delinquent on any existing debt obligations to the U.S. government

When truckers are interested in applying for an SBA loan, BLF can help with making sure the above qualifications are met. In some cases, a low credit score for instance, we will assist you in getting up to speed by working on any issues before you apply. The goal is to make an SBA application as strong as possible, even if this means delaying the application until it is at the level it needs to be.

Learn more about how to apply for an SBA loan.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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