States › Massachusetts › FY2021
FY20211 Oct 2020 – 30 Sep 2021
SBA loans in Massachusetts, FY2021
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 FY2021 (1 October 2020 to 30 September 2021) SBA approved 1,445 loans in Massachusetts: 1,103 under 7(a) and 342 under 504, worth $687M.
That is about level with FY2020, when there were 1,406 approvals worth $446M.
Massachusetts accounted for 2.3% of the 61,532 approvals nationwide that year. 123 lenders had at least one approval in the state; Eastern Bank had the most, 200.
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 FY2021, of 123 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Eastern Bank | 7(a) | 200 | $38.6M | 13.8% | 446 | -246 |
| 2 | Bay Colony Development Corporation | 504 | 128 | $79.2M | 8.9% | 95 | +33 |
| 3 | Granite State Economic Development Corporation | 504 | 105 | $57.8M | 7.3% | 84 | +21 |
| 4 | TD Bank, National Association | 7(a) | 71 | $22.9M | 4.9% | 83 | -12 |
| 5 | Webster Bank National Association | 7(a) | 66 | $37.4M | 4.6% | 43 | +23 |
| 6 | New England Certified Development Corporation | 504 | 54 | $38.2M | 3.7% | 49 | +5 |
| 7 | Leader Bank, National Association | 7(a) | 53 | $6.3M | 3.7% | 16 | +37 |
| 8 | Live Oak Banking Company | 7(a) | 47 | $70.2M | 3.3% | 16 | +31 |
| 9 | Rockland Trust Company | 7(a) | 45 | $19.9M | 3.1% | 26 | +19 |
| 10 | Needham Bank | 7(a) | 45 | $12.5M | 3.1% | 16 | +29 |
| 11 | Beacon Bank and Trust | 7(a) | 38 | $24.7M | 2.6% | 16 | +22 |
| 12 | St. Mary's CU | 7(a) | 34 | $2.9M | 2.4% | 40 | -6 |
| 13 | Salem Five Cents Savings Bank | 7(a) | 26 | $10.7M | 1.8% | 31 | -5 |
| 14 | Cambridge Savings Bank | 7(a) | 23 | $13.3M | 1.6% | 20 | +3 |
| 15 | South Eastern Economic Development Corporation | 504 | 22 | $16.1M | 1.5% | 18 | +4 |
| 16 | Cape & Islands Community Development, Inc. | 504 | 22 | $11.2M | 1.5% | 15 | +7 |
| 17 | Newtek Small Business Finance, Inc. | 7(a) | 20 | $13.6M | 1.4% | 7 | +13 |
| 18 | Bristol County Savings Bank | 7(a) | 19 | $3.8M | 1.3% | 19 | 0 |
| 19 | Citizens Bank, National Association | 7(a) | 16 | $20.2M | 1.1% | 18 | -2 |
| 20 | The Cape Cod Five Cents Savings Bank | 7(a) | 16 | $2.5M | 1.1% | 7 | +9 |
| 21 | Customers Bank | 7(a) | 15 | $10.0M | 1.0% | 1 | +14 |
| 22 | TruNorth Bank | 7(a) | 15 | $3.8M | 1.0% | 10 | +5 |
| 23 | United Midwest Savings Bank National Association | 7(a) | 15 | $3.6M | 1.0% | 7 | +8 |
| 24 | SouthState Bank, National Association | 7(a) | 14 | $16.1M | 1.0% | 3 | +11 |
| 25 | Avidia Bank | 7(a) | 12 | $6.2M | 0.8% | 7 | +5 |
| 26 | South Shore Bank | 7(a) | 12 | $3.1M | 0.8% | 13 | -1 |
| 27 | Northern Bank and Trust Company | 7(a) | 11 | $3.3M | 0.8% | 10 | +1 |
| 28 | Workers FCU | 7(a) | 11 | $1.4M | 0.8% | 2 | +9 |
| 29 | KeyBank National Association | 7(a) | 10 | $6.8M | 0.7% | 0 | new |
| 30 | Manufacturers and Traders Trust Company | 7(a) | 10 | $4.8M | 0.7% | 22 | -12 |
| 31 | The Huntington National Bank | 7(a) | 10 | $3.5M | 0.7% | 5 | +5 |
| 32 | Newburyport Five Cents Savings Bank | 7(a) | 10 | $2.0M | 0.7% | 10 | 0 |
| 33 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 10 | $1.1M | 0.7% | 5 | +5 |
| 34 | Greylock Federal Credit Union | 7(a) | 10 | $437K | 0.7% | 1 | +9 |
| 35 | Worcester Business Development Corporation | 504 | 9 | $4.0M | 0.6% | 8 | +1 |
| 36 | Mechanics Cooperative Bank | 7(a) | 9 | $2.3M | 0.6% | 5 | +4 |
| 37 | Ameris Bank | 7(a) | 7 | $6.6M | 0.5% | 4 | +3 |
| 38 | Primary Bank | 7(a) | 7 | $5.4M | 0.5% | 1 | +6 |
| 39 | BayFirst National Bank | 7(a) | 7 | $2.2M | 0.5% | 8 | -1 |
| 40 | Greenfield Co-Operative Bank | 7(a) | 7 | $1.1M | 0.5% | 4 | +3 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|
| 1 | Middlesex County | 356 | $151M | 24.6% | 299 | +57 |
| 2 | Essex County | 222 | $106M | 15.4% | 215 | +7 |
| 3 | Norfolk County | 172 | $90.4M | 11.9% | 158 | +14 |
| 4 | Plymouth County | 128 | $65.1M | 8.9% | 152 | -24 |
| 5 | Worcester County | 127 | $61.1M | 8.8% | 126 | +1 |
| 6 | Bristol County | 103 | $53.8M | 7.1% | 93 | +10 |
| 7 | Suffolk County | 97 | $51.3M | 6.7% | 144 | -47 |
| 8 | Barnstable County | 90 | $32.9M | 6.2% | 98 | -8 |
| 9 | Hampden County | 52 | $31.8M | 3.6% | 47 | +5 |
| 10 | Berkshire County | 42 | $13.6M | 2.9% | 20 | +22 |
| 11 | Hampshire County | 22 | $12.6M | 1.5% | 25 | -3 |
| 12 | Franklin County | 16 | $4.4M | 1.1% | 14 | +2 |
| 13 | Nantucket County | 12 | $10.2M | 0.8% | 3 | +9 |
| 14 | Dukes County | 6 | $2.9M | 0.4% | 12 | -6 |
FY2021 against FY2020
| Massachusetts | FY2021 | FY2020 |
|---|---|---|
| 7(a) approvals | 1,103 | 1,136 |
| 7(a) dollars | $480M | $284M |
| Median 7(a) approval | $150K | $85K |
| 504 approvals | 342 | 270 |
| 504 dollars | $207M | $162M |
| Jobs supported, as reported | 15,074 | 11,090 |
Questions and answers
Which lenders made the most SBA loans in Massachusetts in FY2021?
Eastern Bank (200), Bay Colony Development Corporation (128), Granite State Economic Development Corporation (105), TD Bank, National Association (71), Webster Bank National Association (66). 123 lenders had at least one approval.
How many SBA loans were approved in Massachusetts in FY2021?
1,445: 1,103 under 7(a) worth $480M and 342 under 504 worth $207M.
Which Massachusetts counties had the most SBA approvals in FY2021?
Middlesex County (356), Essex County (222), Norfolk County (172), Plymouth County (128), Worcester County (127).
When does FY2021 start and end?
The federal fiscal year 2021 runs from 1 October 2020 to 30 September 2021.
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