SBA loans in Massachusetts, FY2020

That fiscal year's approvals by lender and by county.

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 FY2020 (1 October 2019 to 30 September 2020) SBA approved 1,406 loans in Massachusetts: 1,136 under 7(a) and 270 under 504, worth $446M.

That is down 24% on FY2019, when there were 1,840 approvals worth $513M.

Massachusetts accounted for 2.8% of the 49,417 approvals nationwide that year. 112 lenders had at least one approval in the state; Eastern Bank had the most, 446.

1,406approvalsFY2019: 1,840

$446Mdollars approvedFY2019: $513M

$85Kmedian 7(a) approvalFY2019: $100K

112lenders with an approval

11,090jobs supported, as reported

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.

Approvals by lender

The 40 lenders with the most approvals to Massachusetts businesses in FY2020, of 112 active.

#	Lender	Program	Approvals	Dollars	Share of state	FY2019	Change
1	Eastern Bank	7(a)	446	$43.5M	31.7%	441	+5
2	Bay Colony Development Corporation	504	95	$45.3M	6.8%	92	+3
3	Granite State Economic Development Corporation	504	84	$50.6M	6.0%	82	+2
4	TD Bank, National Association	7(a)	83	$12.3M	5.9%	157	-74
5	New England Certified Development Corporation	504	49	$37.9M	3.5%	41	+8
6	Webster Bank National Association	7(a)	43	$14.0M	3.1%	96	-53
7	St. Mary's CU	7(a)	40	$2.6M	2.8%	29	+11
8	Salem Five Cents Savings Bank	7(a)	31	$22.3M	2.2%	39	-8
9	Rockland Trust Company	7(a)	26	$15.2M	1.8%	31	-5
10	Manufacturers and Traders Trust Company	7(a)	22	$4.0M	1.6%	16	+6
11	Santander Bank, National Association	7(a)	21	$4.3M	1.5%	49	-28
12	Cambridge Savings Bank	7(a)	20	$5.4M	1.4%	47	-27
13	Bristol County Savings Bank	7(a)	19	$3.0M	1.4%	22	-3
14	Citizens Bank, National Association	7(a)	18	$16.9M	1.3%	55	-37
15	South Eastern Economic Development Corporation	504	18	$7.9M	1.3%	10	+8
16	Live Oak Banking Company	7(a)	16	$18.2M	1.1%	20	-4
17	Beacon Bank and Trust	7(a)	16	$10.9M	1.1%	38	-22
18	Needham Bank	7(a)	16	$3.9M	1.1%	26	-10
19	Leader Bank, National Association	7(a)	16	$1.8M	1.1%	50	-34
20	Cape & Islands Community Development, Inc.	504	15	$8.4M	1.1%	12	+3
21	South Shore Bank	7(a)	13	$2.6M	0.9%	10	+3
22	Northern Bank and Trust Company	7(a)	10	$3.3M	0.7%	23	-13
23	Five Star Bank	7(a)	10	$2.7M	0.7%	7	+3
24	TruNorth Bank	7(a)	10	$2.6M	0.7%	22	-12
25	Newburyport Five Cents Savings Bank	7(a)	10	$1.5M	0.7%	3	+7
26	Dean Co-operative Bank	7(a)	9	$784K	0.6%	4	+5
27	Worcester Business Development Corporation	504	8	$9.5M	0.6%	7	+1
28	Webster Five Cents Savings Bank	7(a)	8	$2.1M	0.6%	17	-9
29	BayFirst National Bank	7(a)	8	$1.7M	0.6%	19	-11
30	Newtek Small Business Finance, Inc.	7(a)	7	$3.1M	0.5%	12	-5
31	Avidia Bank	7(a)	7	$2.2M	0.5%	15	-8
32	Cornerstone Bank	7(a)	7	$1.9M	0.5%	22	-15
33	United Midwest Savings Bank National Association	7(a)	7	$1.1M	0.5%	12	-5
34	North Brookfield Savings Bank	7(a)	7	$918K	0.5%	3	+4
35	The Cape Cod Five Cents Savings Bank	7(a)	7	$860K	0.5%	16	-9
36	Adams Community Bank	7(a)	7	$625K	0.5%	0	new
37	First Merchants Bank	7(a)	6	$2.2M	0.4%	2	+4
38	Martha's Vineyard Bank	7(a)	6	$140K	0.4%	0	new
39	The Bancorp Bank National Association	7(a)	5	$3.9M	0.4%	1	+4
40	The Huntington National Bank	7(a)	5	$1.2M	0.4%	3	+2

Approvals by county

#	County	Approvals	Dollars	Share of state	FY2019	Change
1	Middlesex County	299	$109M	21.3%	436	-137
2	Essex County	215	$51.3M	15.3%	300	-85
3	Norfolk County	158	$54.2M	11.2%	184	-26
4	Plymouth County	152	$41.5M	10.8%	157	-5
5	Suffolk County	144	$48.4M	10.2%	186	-42
6	Worcester County	126	$43.0M	9.0%	196	-70
7	Barnstable County	98	$30.7M	7.0%	118	-20
8	Bristol County	93	$37.1M	6.6%	122	-29
9	Hampden County	47	$14.0M	3.3%	78	-31
10	Hampshire County	25	$6.9M	1.8%	22	+3
11	Berkshire County	20	$4.0M	1.4%	22	-2
12	Franklin County	14	$3.3M	1.0%	10	+4
13	Dukes County	12	$1.7M	0.9%	4	+8
14	Nantucket County	3	$981K	0.2%	5	-2

FY2020 against FY2019

Massachusetts	FY2020	FY2019
7(a) approvals	1,136	1,594
7(a) dollars	$284M	$357M
Median 7(a) approval	$85K	$100K
504 approvals	270	246
504 dollars	$162M	$155M
Jobs supported, as reported	11,090	13,780

Questions and answers

Which lenders made the most SBA loans in Massachusetts in FY2020?

Eastern Bank (446), Bay Colony Development Corporation (95), Granite State Economic Development Corporation (84), TD Bank, National Association (83), New England Certified Development Corporation (49). 112 lenders had at least one approval.

How many SBA loans were approved in Massachusetts in FY2020?

1,406: 1,136 under 7(a) worth $284M and 270 under 504 worth $162M.

Which Massachusetts counties had the most SBA approvals in FY2020?

Middlesex County (299), Essex County (215), Norfolk County (158), Plymouth County (152), Suffolk County (144).

When does FY2020 start and end?

The federal fiscal year 2020 runs from 1 October 2019 to 30 September 2020.

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