States › Massachusetts
State2.6% of US approvals228 lenders active
SBA loans in Massachusetts
7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.
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 Massachusetts received 8,965 SBA loan approvals worth $3.35bn in FY2021 to FY2025, 7,623 of them 7(a) loans and 1,342 504 loans.
That is 48.8 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 2.6% of all approvals in the country (13th of 54 states and territories).
In FY2025 there were 2,283 approvals totalling $783M, about level with FY2024. The median 7(a) approval over the five years was $100K and the median 504 approval $455K.
228 lenders had at least one approval in the state; by number of 7(a) approvals the most active were Eastern Bank (1,376), TD Bank, National Association (877) and Rockland Trust Company (405).
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 5.6% as charged off, against 6.6% nationally.
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.
Most active 7(a) lenders in Massachusetts
Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.
| # | Lender | Approvals in MA, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | Eastern BankBoston, MA | 1,376 | $222M | 18.1% | $78K | 6.7% | |
| 2 | TD Bank, National AssociationWilmington, DE | 877 | $123M | 11.5% | $50K | 14.4% | |
| 3 | Rockland Trust CompanyRockland, MA | 405 | $136M | 5.3% | $200K | 3.0% | |
| 4 | Manufacturers and Traders Trust CompanyBuffalo, NY | 285 | $37.5M | 3.7% | $50K | 8.0% | |
| 5 | Webster Bank National AssociationWaterbury, CT | 238 | $103M | 3.1% | $200K | 3.8% | |
| 6 | Salem Five Cents Savings BankSalem, MA | 228 | $55.1M | 3.0% | $128K | 3.0% | |
| 7 | Northeast BankLewiston, ME | 220 | $30.6M | 2.9% | $106K | 12.8% | |
| 8 | Beacon Bank and TrustBrookline, MA | 207 | $106M | 2.7% | $630K | 4.6% | |
| 9 | Needham BankNeedham, MA | 192 | $36.5M | 2.5% | $100K | 2.5% | |
| 10 | St. Mary's CUMarlborough, MA | 184 | $14.4M | 2.4% | $48K | 0.8% | |
| 11 | The Huntington National BankColumbus, OH | 176 | $69.2M | 2.3% | $92K | 5.7% | |
| 12 | Newtek Bank, National AssociationMiami, FL | 164 | $84.4M | 2.2% | $225K | — | |
| 13 | Leader Bank, National AssociationArlington, MA | 161 | $59.7M | 2.1% | $250K | 1.3% | |
| 14 | Live Oak Banking CompanyWilmington, NC | 152 | $215M | 2.0% | $850K | 2.2% | |
| 15 | BayFirst National BankSaint Petersburg, FL | 141 | $22.9M | 1.8% | $150K | 19.2% | |
| 16 | Bank of America, National AssociationCharlotte, NC | 131 | $45.4M | 1.7% | $300K | 2.6% | |
| 17 | Bristol County Savings BankTaunton, MA | 129 | $14.5M | 1.7% | $90K | 2.1% | |
| 18 | Readycap Lending, LLCBerkeley Heights, NJ | 119 | $28.2M | 1.6% | $138K | 4.3% | |
| 19 | Cambridge Savings BankCambridge, MA | 103 | $40.9M | 1.4% | $126K | 6.6% | |
| 20 | The Cape Cod Five Cents Savings BankHyannis, MA | 94 | $10.2M | 1.2% | $52K | 5.1% | |
| 21 | Citizens Bank, National AssociationProvidence, RI | 89 | $56.9M | 1.2% | $350K | 4.0% | |
| 22 | Santander Bank, National AssociationWilmington, DE | 88 | $5.7M | 1.2% | $60K | 6.8% | |
| 23 | Webster Five Cents Savings BankWebster, MA | 66 | $11.7M | 0.9% | $80K | 6.1% | |
| 24 | United Midwest Savings Bank National AssociationDe Graff, OH | 65 | $21.9M | 0.9% | $150K | 15.9% | |
| 25 | Newtek Small Business Finance, Inc.Lake Success, NY | 64 | $36.6M | 0.8% | $300K | 6.8% | |
| 26 | Celtic Bank CorporationSalt Lake City, UT | 61 | $24.2M | 0.8% | $150K | 17.0% | |
| 27 | Avidia BankHudson, MA | 59 | $26.0M | 0.8% | $290K | 10.3% | |
| 28 | Newburyport Five Cents Savings BankNewburyport, MA | 56 | $8.6M | 0.7% | $100K | 0.0% | |
| 29 | UniBank for SavingsWhitinsville, MA | 54 | $3.6M | 0.7% | $34K | 2.5% | |
| 30 | Northern Bank and Trust CompanyWoburn, MA | 48 | $26.3M | 0.6% | $256K | 5.4% | |
| 31 | Fall River Five Cents Savings Bank d/b/a BankFiveFall River, MA | 44 | $5.4M | 0.6% | $100K | 5.1% | |
| 32 | Baycoast BankSwansea, MA | 42 | $6.5M | 0.6% | $100K | 2.9% | |
| 33 | TruNorth BankPeabody, MA | 40 | $11.2M | 0.5% | $225K | 3.7% | |
| 34 | KeyBank National AssociationCleveland, OH | 38 | $14.8M | 0.5% | $75K | 4.3% | |
| 35 | Customers BankMalvern, PA | 34 | $32.0M | 0.4% | $500K | 6.8% | |
| 36 | Common Capital Inc.Springfield, MA | 34 | $4.8M | 0.4% | $120K | — | |
| 37 | Workers FCULittleton, MA | 31 | $3.8M | 0.4% | $90K | 0.9% | |
| 38 | South Shore BankWeymouth, MA | 29 | $7.5M | 0.4% | $193K | 3.0% | |
| 39 | Lendistry SBLC, LLCLos Angeles, CA | 29 | $6.7M | 0.4% | $150K | 22.7% | |
| 40 | First Bank of the LakeOsage Beach, MO | 27 | $14.0M | 0.4% | $350K | 2.7% |
504 certified development companies
| # | Lender | Approvals in MA, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | Bay Colony Development CorporationWaltham, MA · 504 CDC | 479 | $329M | 35.7% | $417K | 1.3% | |
| 2 | Granite State Economic Development CorporationPortsmouth, NH · 504 CDC | 429 | $303M | 32.0% | $363K | 1.5% | |
| 3 | New England Certified Development CorporationWakefield, MA · 504 CDC | 219 | $192M | 16.3% | $499K | 0.8% | |
| 4 | South Eastern Economic Development CorporationTaunton, MA · 504 CDC | 76 | $58.5M | 5.7% | $502K | 1.5% | |
| 5 | Cape & Islands Community Development, Inc.Centerville, MA · 504 CDC | 71 | $53.2M | 5.3% | $521K | 0.0% | |
| 6 | Worcester Business Development CorporationWorcester, MA · 504 CDC | 52 | $30.1M | 3.9% | $378K | 1.7% | |
| 7 | Ocean State Business Development AuthorityWarwick, RI · 504 CDC | 12 | $21.7M | 0.9% | $426K | 1.3% | |
| 8 | Small Business Growth CorporationSpringfield, IL · 504 CDC | 1 | — | 0.1% | $609K | 1.4% | |
| 9 | SomerCor 504, Inc.Chicago, IL · 504 CDC | 1 | — | 0.1% | $587K | 1.4% | |
| 10 | Business Development Corporation (BDC)South Bend, IN · 504 CDC | 1 | — | 0.1% | $410K | 1.3% | |
| 11 | Community Investment CorporationHamden, CT · 504 CDC | 1 | — | 0.1% | $450K | 2.5% |
Fiscal-year ledger
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 1,102 | $364M | $113K | 141 | $120M | 1,243 | 11,226 |
| FY2025 | 2,038 | $596M | $100K | 245 | $187M | 2,283 | 18,378 |
| FY2024 | 1,928 | $523M | $100K | 214 | $175M | 2,142 | 19,098 |
| FY2023 | 1,429 | $435M | $100K | 203 | $178M | 1,632 | 16,158 |
| FY2022 | 1,125 | $327M | $100K | 338 | $245M | 1,463 | 12,515 |
| FY2021 | 1,103 | $480M | $150K | 342 | $207M | 1,445 | 15,074 |
| FY2020 | 1,136 | $284M | $85K | 270 | $162M | 1,406 | 11,090 |
| FY2019 | 1,594 | $357M | $100K | 246 | $155M | 1,840 | 13,780 |
| FY2018 | 2,128 | $353M | $60K | 270 | $172M | 2,398 | 17,153 |
| FY2017 | 2,547 | $350M | $50K | 264 | $139M | 2,811 | 18,302 |
| FY2016 | 2,566 | $383M | $50K | 270 | $176M | 2,836 | 18,722 |
7(a) approvals504 approvals
Counties
Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.
| # | County | Approvals | Dollars | Establishments | Per 1,000 establishments | By fiscal year |
|---|---|---|---|---|---|---|
| 1 | Middlesex County | 2,086 | $770M | 44,624 | 46.7 | |
| 2 | Essex County | 1,400 | $429M | 19,988 | 70.0 | |
| 3 | Worcester County | 992 | $425M | 19,181 | 51.7 | |
| 4 | Norfolk County | 975 | $387M | 20,745 | 47.0 | |
| 5 | Plymouth County | 779 | $314M | 13,421 | 58.0 | |
| 6 | Suffolk County | 747 | $294M | 22,034 | 33.9 | |
| 7 | Bristol County | 633 | $243M | 13,221 | 47.9 | |
| 8 | Barnstable County | 515 | $164M | 8,957 | 57.5 | |
| 9 | Hampden County | 389 | $148M | 9,339 | 41.7 | |
| 10 | Berkshire County | 164 | $70.6M | 3,749 | 43.7 | |
| 11 | Hampshire County | 137 | $48.5M | 3,491 | 39.2 | |
| 12 | Franklin County | 68 | $23.1M | 1,549 | 43.9 | |
| 13 | Nantucket County | 47 | $24.1M | 1,317 | 35.7 | |
| 14 | Dukes County | 33 | $13.1M | 1,251 | 26.4 |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 868 | $349M | 9.7% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 466 | $107M | 5.2% | |
| 3 | Building Equipment ContractorsNAICS 2382 | 386 | $108M | 4.3% | |
| 4 | Residential Building ConstructionNAICS 2361 | 352 | $62.0M | 3.9% | |
| 5 | Personal Care ServicesNAICS 8121 | 334 | $73.9M | 3.7% | |
| 6 | Automotive Repair and MaintenanceNAICS 8111 | 278 | $122M | 3.1% | |
| 7 | Building Finishing ContractorsNAICS 2383 | 273 | $56.6M | 3.0% | |
| 8 | Offices of Other Health PractitionersNAICS 6213 | 272 | $60.4M | 3.0% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 233 | $145M | 2.6% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 217 | $84.3M | 2.4% | |
| 11 | Child Day Care ServicesNAICS 6244 | 176 | $110M | 2.0% | |
| 12 | Grocery StoresNAICS 4451 | 171 | $47.9M | 1.9% | |
| 13 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 168 | $54.2M | 1.9% | |
| 14 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 162 | $41.2M | 1.8% | |
| 15 | Other Personal ServicesNAICS 8129 | 153 | $44.6M | 1.7% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 1,472 | 16.4% | |
| 2 | Accommodation and Food Services | 1,068 | 11.9% | |
| 3 | Retail Trade | 1,005 | 11.2% | |
| 4 | Professional, Scientific, and Technical Services | 965 | 10.8% | |
| 5 | Other Services (except Public Administration) | 889 | 9.9% | |
| 6 | Health Care and Social Assistance | 829 | 9.2% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 697 | 7.8% | |
| 8 | Manufacturing | 522 | 5.8% | |
| 9 | Transportation and Warehousing | 359 | 4.0% | |
| 10 | Arts, Entertainment, and Recreation | 284 | 3.2% |
Franchise brands
| # | Brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | The UPS Store | 17 | 0.2% | |
| 2 | The Goddard School | 16 | 0.2% | |
| 3 | Crumbl | 10 | 0.1% | |
| 4 | Primrose Schools | 9 | 0.1% | |
| 5 | Jersey Mike’s Subs | 9 | 0.1% | |
| 6 | Smash My Trash | 8 | 0.1% | |
| 7 | Domino's Pizza | 7 | 0.1% | |
| 8 | Servpro | 7 | 0.1% | |
| 9 | Tropical Smoothie Cafe | 7 | 0.1% | |
| 10 | Honey Dew Donuts | 7 | 0.1% |
How earlier loans turned out
| Loans approved FY2010–FY2021 | MA 7(a) | US 7(a) | MA 504 | US 504 |
|---|---|---|---|---|
| Approvals in these years | 21,862 | 639,905 | 3,213 | 85,591 |
| Cancelled or never disbursed | 2,699 | 79,313 | 565 | 12,514 |
| Disbursed loans | 19,163 | 560,592 | 2,648 | 73,077 |
| Paid in full | 16,336 | 435,813 | 1,185 | 35,491 |
| Charged off | 1,068 | 36,891 | 40 | 905 |
| Still outstanding (status exempt from disclosure) | 1,759 | 87,888 | 1,423 | 36,681 |
| Charged off, share of disbursed loans | 5.6% | 6.6% | 1.5% | 1.2% |
| Dollars charged off, share of disbursed dollars | 2.9% | 2.5% | 1.6% | 0.9% |
| Dollars charged off | $94.5M | $5.70bn | $23.8M | $499M |
Approval sizes
- $50,000 or less27.5%2,464
- $50,001 to $150,00026.2%2,353
- $150,001 to $350,00019.9%1,782
- $350,001 to $1 million17.5%1,572
- $1 million to $2 million5.6%505
- Over $2 million3.2%289
Age of the businesses
- Existing, more than 2 years old65.7%5,891
- New business, 2 years or less15.7%1,410
- Startup, loan funds will open the business11.0%984
- Change of ownership7.5%675
- Not answered0.1%5
Against the country
| FY2021–FY2025 | Massachusetts | United States |
|---|---|---|
| Approvals per 1,000 establishments | 48.8 | 41.0 |
| Median 7(a) approval | $100K | $190K |
| Median 504 approval | $455K | $657K |
| 504 share of approvals | 15.0% | 11.0% |
| Jobs supported per approval, as reported | 9.1 | 10.5 |
| Approvals, change on FY2016–FY2020 | -21% | 10% |
Questions and answers
Which lenders make the most SBA loans in Massachusetts?
By 7(a) approvals in FY2021 to FY2025: Eastern Bank (1,376), TD Bank, National Association (877), Rockland Trust Company (405), Manufacturers and Traders Trust Company (285), Webster Bank National Association (238). For 504 loans: Bay Colony Development Corporation (479), Granite State Economic Development Corporation (429), New England Certified Development Corporation (219). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Massachusetts?
The median 7(a) approval was $100K and the median 504 approval $455K; the average across both programs was $374K.
Which industries get the most SBA loans in Massachusetts?
Restaurants and Other Eating Places (868); Services to Buildings and Dwellings (466); Building Equipment Contractors (386); Residential Building Construction (352); Personal Care Services (334).
Which Massachusetts counties receive the most SBA loans?
Middlesex County (2,086), Essex County (1,400), Worcester County (992), Norfolk County (975), Plymouth County (779), by approvals in FY2021 to FY2025.
Is SBA lending in Massachusetts rising?
Approvals in the three latest complete fiscal years total 6,057, against 4,314 in the three before: rising (+40%).
What share of SBA loans in Massachusetts are charged off?
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 5.6% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.5% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.
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