Sector exposure

Trucking, not restaurants, is the worst-performing sector

Distress rate by two-digit NAICS sector, FY2022–FY2023 originations. Sectors with 800+ loans.

Freight rates peaked in 2022, small carriers expanded against them, and the freight recession left those borrowers servicing equipment debt on materially lower revenue. Accommodation and food service carries the largest absolute exposure at 12,289 loans, but ranks fifth by rate.

15.97%transportation and warehousing — 5,997 loans

12.27%accommodation and food service — 12,289 loans

10.78%cohort average across both years

Source: Analysis of SBA 7(a) FOIA loan-level data (as of 31 March 2026). Cancelled approvals excluded. Charge-off timing measured from approval date to recorded charge-off date. Published by sba-feasibility-study.com.