Lenders › Salem Five Cents Savings Bank
7(a) lenderSalem, MassachusettsFDIC-insured bank162nd of 2,184 by approvals
Salem Five Cents Savings Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
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.
In FY2021 to FY2025 SBA approved 236 7(a) loans, worth $57.3M, through Salem Five Cents Savings Bank of Salem, Massachusetts, an FDIC-insured bank in the SBA 7(a) program. By number of approvals that is 162nd among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 75 approvals totalling $14.1M, up 63% on FY2024 (46). FY2026 to 30 Jun 2026 adds 23 more.
The median approval was $128K, against $190K for the 7(a) program as a whole; 58.5% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 2 states and territories and 10 counties, led by Massachusetts (96.6%) and New Hampshire (3.4%). The largest industry group was construction at 22.5% of approvals, and 2.5% of approvals were to franchise businesses.
Of 365 disbursed loans approved in FY2010 to FY2021, SBA records 11 as charged off (3.0%), 303 as paid in full and 51 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
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. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 23 | $7.1M | $110K | $310K | 429 |
| FY2025 | 75 | $14.1M | $135K | $188K | 424 |
| FY2024 | 46 | $9.0M | $106K | $196K | 506 |
| FY2023 | 47 | $7.5M | $100K | $160K | 480 |
| FY2022 | 40 | $15.7M | $175K | $392K | 575 |
| FY2021 | 28 | $11.0M | $168K | $394K | 355 |
| FY2020 | 32 | $22.5M | $150K | $702K | 539 |
| FY2019 | 42 | $16.0M | $131K | $381K | 613 |
| FY2018 | 58 | $14.2M | $110K | $244K | 1,054 |
| FY2017 | 35 | $6.8M | $130K | $194K | 647 |
| FY2016 | 50 | $6.9M | $100K | $139K | 539 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 217 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Massachusetts | 7(a) program |
|---|---|---|---|
| Approvals in these years | 436 | 21,862 | 639,905 |
| Cancelled or never disbursed | 71 | 2,699 | 79,313 |
| Disbursed loans | 365 | 19,163 | 560,592 |
| Paid in full | 303 | 16,336 | 435,813 |
| Charged off | 11 | 1,068 | 36,891 |
| Still outstanding (status exempt from disclosure) | 51 | 1,759 | 87,888 |
| Charged off, share of disbursed loans | 3.0% | 5.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.8% | 2.9% | 2.5% |
| Dollars charged off | $1.7M | $94.5M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 24 | 5 | 0 | — | 2.8% |
| FY2020 | 23 | 11 | 0 | — | 4.0% |
| FY2019 | 33 | 26 | 3 | 9.1% | 6.7% |
| FY2018 | 47 | 40 | 2 | 4.3% | 7.9% |
| FY2017 | 31 | 27 | 0 | 0.0% | 7.7% |
| FY2016 | 41 | 36 | 1 | 2.4% | 7.2% |
| FY2015 | 33 | 30 | 0 | 0.0% | 6.9% |
| FY2014 | 31 | 30 | 1 | 3.2% | 6.4% |
| FY2013 | 26 | 25 | 1 | — | 6.0% |
| FY2012 | 20 | 19 | 1 | — | 6.3% |
| FY2011 | 34 | 34 | 0 | 0.0% | 6.9% |
| FY2010 | 22 | 20 | 2 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $128K | $190K |
| Average approval | $243K | $518K |
| Approvals of $150,000 or less | 58.5% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 8.9% | 34.3% |
| Approvals to franchise businesses | 2.5% | 11.5% |
| Jobs supported per approval, as reported | 9.9 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.0% | 6.6% |
States served
| # | State of the business (2 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Massachusetts | 228 | $55.1M | 96.6% | |
| 2 | New Hampshire | 8 | $2.2M | 3.4% |
In Massachusetts the lender accounts for 3.0% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (10 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Essex County, MA | 129 | $24.4M | 54.7% | |
| 2 | Middlesex County, MA | 74 | $21.5M | 31.4% | |
| 3 | Suffolk County, MA | 11 | $5.9M | 4.7% | |
| 4 | Plymouth County, MA | 8 | $2.1M | 3.4% | |
| 5 | Rockingham County, NH | 7 | $1.9M | 3.0% | |
| 6 | Norfolk County, MA | 2 | — | 0.8% | |
| 7 | Worcester County, MA | 2 | — | 0.8% | |
| 8 | Hillsborough County, NH | 1 | — | 0.4% | |
| 9 | Bristol County, MA | 1 | — | 0.4% | |
| 10 | Barnstable County, MA | 1 | — | 0.4% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 53 | 22.5% | |
| 2 | Health Care and Social Assistance | 36 | 15.3% | |
| 3 | Professional, Scientific, and Technical Services | 31 | 13.1% | |
| 4 | Administrative and Support and Waste Management and Remediation Services | 26 | 11.0% | |
| 5 | Other Services (except Public Administration) | 24 | 10.2% | |
| 6 | Retail Trade | 19 | 8.1% | |
| 7 | Manufacturing | 8 | 3.4% | |
| 8 | Arts, Entertainment, and Recreation | 7 | 3.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Services to Buildings and DwellingsNAICS 5617 | 18 | 7.6% | |
| 2 | Residential Building ConstructionNAICS 2361 | 18 | 7.6% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 16 | 6.8% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 14 | 5.9% | |
| 5 | Personal Care ServicesNAICS 8121 | 11 | 4.7% | |
| 6 | Advertising, Public Relations, and Related ServicesNAICS 5418 | 8 | 3.4% | |
| 7 | Home Health Care ServicesNAICS 6216 | 7 | 3.0% | |
| 8 | Other Amusement and Recreation IndustriesNAICS 7139 | 7 | 3.0% | |
| 9 | Architectural, Engineering, and Related ServicesNAICS 5413 | 6 | 2.5% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 6 | 2.5% |
Approval sizes
- $50,000 or less21.6%51
- $50,001 to $150,00036.9%87
- $150,001 to $350,00024.2%57
- $350,001 to $1 million12.7%30
- $1 million to $2 million4.2%10
- Over $2 million0.4%1
Loan terms
- 5 years or less4.2%10
- Over 5 to 10 years94.5%223
- Over 10 to 20 years1.3%3
Age of the businesses
- Existing, more than 2 years old81.4%192
- New business, 2 years or less6.8%16
- Startup, loan funds will open the business2.1%5
- Change of ownership9.7%23
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | SBA Express Program | 166 | 70.3% | |
| 2 | Preferred Lenders Program | 68 | 28.8% | |
| 3 | International Trade Loans | 1 | 0.4% | |
| 4 | 7a General | 1 | 0.4% |
Franchise share
6 of 236 approvals in FY2021–FY2025 (2.5%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Senior Helpers | 3 | 1.3% | |
| 2 | Stride | 2 | 0.8% | |
| 3 | Jackson Hewitt Tax Service | 1 | 0.4% |
Questions and answers
How many SBA loans does Salem Five Cents Savings Bank make?
SBA approved 75 7(a) loans through Salem Five Cents Savings Bank in FY2025, worth $14.1M, and 236 over FY2021 to FY2025. That ranks 162nd of 2,184 active 7(a) lenders by number of approvals.
How large are Salem Five Cents Savings Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $128K and the average $243K. The program-wide median was $190K.
What is Salem Five Cents Savings Bank's charge-off rate?
Of 365 disbursed loans approved in FY2010 to FY2021, SBA records 11 as charged off (3.0%), 303 as paid in full and 51 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Salem Five Cents Savings Bank lend to most?
By number of approvals in FY2021 to FY2025: services to buildings and dwellings (18); residential building construction (18); offices of other health practitioners (16); building equipment contractors (14).
Where does Salem Five Cents Savings Bank make SBA loans?
In 2 states and territories. Massachusetts 228, New Hampshire 8. In Massachusetts it accounts for 3.0% of all 7(a) approvals.
Is Salem Five Cents Savings Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 168, against 100 in the three before: rising (+68%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error