Lenders › Worcester Business Development Corporation
504 CDCWorcester, Massachusettscertified development company104th of 182 by approvals
Worcester Business Development Corporation
SBA 504 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.
Worcester Business Development Corporation, based in Worcester, Massachusetts, is a certified development company (CDC) that makes SBA 504 loans. SBA approved 54 of its 504 loans worth $31.2M in FY2021 to FY2025, which places it 104th of 182 active CDCs by number of approvals.
In FY2025, the latest complete fiscal year, it had 15 approvals totalling $12.0M. FY2026 to 30 Jun 2026 adds 10 more.
The median approval was $378K, against $657K for the 504 program as a whole; 5.6% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 3 states and territories and 3 counties, led by Massachusetts (96.3%), New Hampshire (1.9%) and New York (1.9%). The largest industry group was construction at 16.7% of approvals.
Of 59 disbursed loans approved in FY2010 to FY2021, SBA records 1 as charged off (1.7%), 25 as paid in full and 33 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to 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* | 10 | $6.3M | $610K | $625K | 43 |
| FY2025 | 15 | $12.0M | $412K | $803K | 109 |
| FY2024 | 6 | $5.1M | $499K | $848K | 25 |
| FY2023 | 11 | $4.1M | $385K | $371K | 32 |
| FY2022 | 13 | $5.9M | $373K | $457K | 64 |
| FY2021 | 9 | $4.0M | $243K | $449K | 31 |
| FY2020 | 8 | $9.5M | $741K | $1.2M | 107 |
| FY2019 | 7 | $5.2M | $314K | $742K | 36 |
| FY2018 | 8 | $2.8M | $355K | $356K | 36 |
| FY2017 | 8 | $7.1M | $338K | $890K | 63 |
| FY2016 | 11 | $4.6M | $294K | $414K | 55 |
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 42 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 | 504 program |
|---|---|---|---|
| Approvals in these years | 78 | 3,213 | 85,591 |
| Cancelled or never disbursed | 19 | 565 | 12,514 |
| Disbursed loans | 59 | 2,648 | 73,077 |
| Paid in full | 25 | 1,185 | 35,491 |
| Charged off | 1 | 40 | 905 |
| Still outstanding (status exempt from disclosure) | 33 | 1,423 | 36,681 |
| Charged off, share of disbursed loans | 1.7% | 1.5% | 1.2% |
| Dollars charged off, share of disbursed dollars | 1.2% | 1.6% | 0.9% |
| Dollars charged off | $571K | $23.8M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 8 | 1 | 0 | — | 0.1% |
| FY2020 | 8 | 0 | 0 | — | 0.1% |
| FY2019 | 4 | 0 | 0 | — | 0.3% |
| FY2018 | 6 | 2 | 0 | — | 0.4% |
| FY2017 | 4 | 1 | 0 | — | 0.8% |
| FY2016 | 8 | 4 | 0 | — | 1.0% |
| FY2015 | 4 | 2 | 0 | — | 1.2% |
| FY2014 | 4 | 2 | 1 | — | 1.3% |
| FY2013 | 1 | 1 | 0 | — | 1.4% |
| FY2012 | 7 | 7 | 0 | — | 2.0% |
| FY2011 | 3 | 3 | 0 | — | 2.1% |
| FY2010 | 2 | 2 | 0 | — | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $378K | $657K |
| Average approval | $578K | $1.0M |
| Approvals of $150,000 or less | 5.6% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 9.3% | 14.4% |
| Approvals to franchise businesses | 0.0% | 9.0% |
| Jobs supported per approval, as reported | 4.8 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 1.7% | 1.2% |
States served
| # | State of the business (3 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Massachusetts | 52 | $30.1M | 96.3% | |
| 2 | New Hampshire | 1 | — | 1.9% | |
| 3 | New York | 1 | — | 1.9% |
In Massachusetts the lender accounts for 3.9% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (3 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Worcester County, MA | 52 | $30.1M | 96.3% | |
| 2 | Hillsborough County, NH | 1 | — | 1.9% | |
| 3 | Onondaga County, NY | 1 | — | 1.9% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 9 | 16.7% | |
| 2 | Health Care and Social Assistance | 8 | 14.8% | |
| 3 | Professional, Scientific, and Technical Services | 6 | 11.1% | |
| 4 | Retail Trade | 6 | 11.1% | |
| 5 | Accommodation and Food Services | 5 | 9.3% | |
| 6 | Other Services (except Public Administration) | 4 | 7.4% | |
| 7 | Arts, Entertainment, and Recreation | 3 | 5.6% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 3 | 5.6% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Building Equipment ContractorsNAICS 2382 | 5 | 9.3% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 5 | 9.3% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 5 | 9.3% | |
| 4 | Other Schools and InstructionNAICS 6116 | 3 | 5.6% | |
| 5 | Other Amusement and Recreation IndustriesNAICS 7139 | 2 | 3.7% | |
| 6 | Home Health Care ServicesNAICS 6216 | 2 | 3.7% | |
| 7 | Pharmaceutical and Medicine ManufacturingNAICS 3254 | 2 | 3.7% | |
| 8 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 2 | 3.7% | |
| 9 | Other Specialty Trade ContractorsNAICS 2389 | 2 | 3.7% | |
| 10 | Automotive Repair and MaintenanceNAICS 8111 | 2 | 3.7% |
Approval sizes
- $50,001 to $150,0005.6%3
- $150,001 to $350,00037.0%20
- $350,001 to $1 million42.6%23
- $1 million to $2 million13.0%7
- Over $2 million1.9%1
Loan terms
- Over 10 to 20 years3.7%2
- Over 20 years96.3%52
Age of the businesses
- Existing, more than 2 years old81.5%44
- New business, 2 years or less1.9%1
- Startup, loan funds will open the business7.4%4
- Change of ownership9.3%5
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | 504 Basic | 33 | 61.1% | |
| 2 | Accredited Lenders Program | 18 | 33.3% | |
| 3 | ALP Express | 3 | 5.6% |
Franchise share
0 of 54 approvals in FY2021–FY2025 (0.0%) carried an SBA franchise code; across the 504 program the share is 9.0%.
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | Webster Five Cents Savings Bank | 11 | 20.4% | |
| 2 | bankHometown | 8 | 14.8% | |
| 3 | Cornerstone Bank | 6 | 11.1% |
Questions and answers
How many SBA loans does Worcester Business Development Corporation make?
SBA approved 15 504 loans through Worcester Business Development Corporation in FY2025, worth $12.0M, and 54 over FY2021 to FY2025. That ranks 104th of 182 active CDCs by number of approvals.
How large are Worcester Business Development Corporation's typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $378K and the average $578K. The program-wide median was $657K.
What is Worcester Business Development Corporation's charge-off rate?
Of 59 disbursed loans approved in FY2010 to FY2021, SBA records 1 as charged off (1.7%), 25 as paid in full and 33 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to 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 Worcester Business Development Corporation lend to most?
By number of approvals in FY2021 to FY2025: building equipment contractors (5); restaurants and other eating places (5); offices of other health practitioners (5); other schools and instruction (3).
Where does Worcester Business Development Corporation make SBA loans?
In 3 states and territories. Massachusetts 52, New Hampshire 1, New York 1. In Massachusetts it accounts for 3.9% of all 504 approvals.
Is Worcester Business Development Corporation's SBA lending rising?
Approvals in the three latest complete fiscal years total 32, against 30 in the three before: broadly level (+7%).
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