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County2nd of 14 in Massachusetts by approvalsFIPS 25009
SBA loans in Essex County, Massachusetts
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Essex County, Massachusetts, received 1,400 SBA loan approvals worth $429M in FY2021 to FY2025 (1,205 7(a), 195 504).
That is 70.0 approvals per 1,000 business establishments (19,988 establishments in 2023), above the Massachusetts figure of 48.8 and above the national 41.0.
It ranks 2nd of 14 Massachusetts counties with approvals. In FY2025 there were 331, about level with FY2024.
86 lenders had approvals here; the most active were Eastern Bank (300), TD Bank, National Association (169) and Salem Five Cents Savings Bank (129). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Essex County
By number of approvals to businesses in the county, FY2021–FY2025; 86 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Eastern BankBoston, MA | 300 | $38.0M | 21.4% | |
| 2 | TD Bank, National AssociationWilmington, DE | 169 | $25.8M | 12.1% | |
| 3 | Salem Five Cents Savings BankSalem, MA | 129 | $24.4M | 9.2% | |
| 4 | Bay Colony Development CorporationWaltham, MA · CDC | 99 | $60.0M | 7.1% | |
| 5 | Manufacturers and Traders Trust CompanyBuffalo, NY | 85 | $7.2M | 6.1% | |
| 6 | Granite State Economic Development CorporationPortsmouth, NH · CDC | 55 | $40.7M | 3.9% | |
| 7 | Newburyport Five Cents Savings BankNewburyport, MA | 49 | $6.5M | 3.5% | |
| 8 | Beacon Bank and TrustBrookline, MA | 41 | $13.4M | 2.9% | |
| 9 | New England Certified Development CorporationWakefield, MA · CDC | 40 | $29.5M | 2.9% | |
| 10 | Rockland Trust CompanyRockland, MA | 36 | $13.0M | 2.6% | |
| 11 | TruNorth BankPeabody, MA | 30 | $7.8M | 2.1% | |
| 12 | Webster Bank National AssociationWaterbury, CT | 28 | $6.8M | 2.0% | |
| 13 | Northeast BankLewiston, ME | 25 | $3.5M | 1.8% | |
| 14 | Bank of America, National AssociationCharlotte, NC | 18 | $7.9M | 1.3% | |
| 15 | Live Oak Banking CompanyWilmington, NC | 17 | $24.3M | 1.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 140 | 10.0% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 65 | 4.6% | |
| 3 | Personal Care ServicesNAICS 8121 | 61 | 4.4% | |
| 4 | Residential Building ConstructionNAICS 2361 | 54 | 3.9% | |
| 5 | Offices of Other Health PractitionersNAICS 6213 | 51 | 3.6% | |
| 6 | Automotive Repair and MaintenanceNAICS 8111 | 49 | 3.5% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 40 | 2.9% | |
| 8 | Child Day Care ServicesNAICS 6244 | 37 | 2.6% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 32 | 2.3% | |
| 10 | Other Personal ServicesNAICS 8129 | 32 | 2.3% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 191 | 13.6% | |
| 2 | Health Care and Social Assistance | 160 | 11.4% | |
| 3 | Accommodation and Food Services | 160 | 11.4% | |
| 4 | Other Services (except Public Administration) | 160 | 11.4% | |
| 5 | Professional, Scientific, and Technical Services | 156 | 11.1% | |
| 6 | Retail Trade | 152 | 10.9% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 102 | 7.3% | |
| 8 | Manufacturing | 95 | 6.8% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 192 | $44.5M | $100K | 25 | $24.7M | 217 | 1,689 |
| FY2025 | 300 | $60.0M | $100K | 31 | $23.1M | 331 | 2,266 |
| FY2024 | 305 | $66.0M | $75K | 31 | $22.9M | 336 | 2,727 |
| FY2023 | 239 | $45.2M | $100K | 34 | $22.4M | 273 | 2,191 |
| FY2022 | 193 | $51.6M | $100K | 45 | $31.6M | 238 | 1,995 |
| FY2021 | 168 | $75.6M | $177K | 54 | $30.4M | 222 | 1,762 |
| FY2020 | 172 | $32.2M | $73K | 43 | $19.1M | 215 | 2,014 |
| FY2019 | 269 | $45.1M | $60K | 31 | $18.2M | 300 | 2,041 |
| FY2018 | 283 | $37.5M | $50K | 41 | $13.6M | 324 | 2,264 |
| FY2017 | 335 | $38.4M | $50K | 43 | $15.2M | 378 | 2,623 |
| FY2016 | 341 | $45.3M | $50K | 41 | $21.1M | 382 | 2,280 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 1,599 approvals.
Against Massachusetts and the country
| FY2021–FY2025 | Essex County | Massachusetts | United States |
|---|---|---|---|
| Approvals | 1,400 | 8,965 | 342,825 |
| Approvals per 1,000 establishments | 70.0 | 48.8 | 41.0 |
| Median 7(a) approval | $100K | $100K | $190K |
| Median 504 approval | $449K | $455K | $657K |
| Average approval | $306K | $374K | $573K |
| 504 share of approvals | 13.9% | 15.0% | 11.0% |
| Jobs supported per approval, as reported | 7.8 | 9.1 | 10.5 |
| Share of state approvals | 15.6% | 100.0% | — |
Approval sizes
- $50,000 or less30.3%424
- $50,001 to $150,00026.9%377
- $150,001 to $350,00020.3%284
- $350,001 to $1 million16.9%237
- $1 million to $2 million3.7%52
- Over $2 million1.9%26
Age of the businesses
- Existing, more than 2 years old69.6%974
- New business, 2 years or less16.1%226
- Startup, loan funds will open the business8.2%115
- Change of ownership5.9%83
- Not answered0.1%2
Questions and answers
Which lenders make the most SBA loans in Essex County?
By approvals in FY2021 to FY2025: Eastern Bank (300), TD Bank, National Association (169), Salem Five Cents Savings Bank (129), Bay Colony Development Corporation (99), Manufacturers and Traders Trust Company (85). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Essex County?
The median 7(a) approval was $100K and the median 504 approval $449K; the Massachusetts 7(a) median was $100K.
Which industries get the most SBA loans in Essex County?
Restaurants and Other Eating Places (140); Services to Buildings and Dwellings (65); Personal Care Services (61); Residential Building Construction (54); Offices of Other Health Practitioners (51).
Is SBA lending in Essex County rising?
Approvals in the three latest complete fiscal years total 940, against 675 in the three before: rising (+39%).
How does Essex County compare with the rest of Massachusetts?
70.0 approvals per 1,000 establishments against 48.8 statewide, and 1,400 of the state's 8,965 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error