SBA Ledger

States › Massachusetts › FY2024

FY20241 Oct 2023 – 30 Sep 2024

SBA loans in Massachusetts, FY2024

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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 2,142 loans in Massachusetts: 1,928 under 7(a) and 214 under 504, worth $699M.

That is up 31% on FY2023, when there were 1,632 approvals worth $612M.

Massachusetts accounted for 2.8% of the 76,235 approvals nationwide that year. 138 lenders had at least one approval in the state; Eastern Bank had the most, 346.

2,142approvalsFY2023: 1,632
$699Mdollars approvedFY2023: $612M
$100Kmedian 7(a) approvalFY2023: $100K
138lenders with an approval
19,098jobs 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 FY2024, of 138 active.

#LenderProgramApprovalsDollarsShare of stateFY2023Change
1Eastern Bank7(a)346$46.8M16.2%247+99
2TD Bank, National Association7(a)274$38.2M12.8%202+72
3Rockland Trust Company7(a)144$48.7M6.7%35+109
4Manufacturers and Traders Trust Company7(a)87$10.3M4.1%42+45
5Bay Colony Development Corporation50477$57.1M3.6%72+5
6Granite State Economic Development Corporation50472$50.1M3.4%63+9
7Newtek Bank, National Association7(a)61$39.3M2.8%19+42
8The Huntington National Bank7(a)56$23.3M2.6%50+6
9Northeast Bank7(a)56$7.3M2.6%6+50
10BayFirst National Bank7(a)55$8.7M2.6%45+10
11Webster Bank National Association7(a)48$19.1M2.2%44+4
12Readycap Lending, LLC7(a)46$5.8M2.1%17+29
13St. Mary's CU7(a)46$3.6M2.1%460
14Bank of America, National Association7(a)44$16.0M2.1%43+1
15Salem Five Cents Savings Bank7(a)44$8.8M2.1%45-1
16Beacon Bank and Trust7(a)41$30.7M1.9%45-4
17New England Certified Development Corporation50439$40.7M1.8%35+4
18Cambridge Savings Bank7(a)37$8.2M1.7%27+10
19Bristol County Savings Bank7(a)36$3.2M1.7%14+22
20Leader Bank, National Association7(a)29$8.8M1.4%30-1
21Live Oak Banking Company7(a)27$33.6M1.3%21+6
22UniBank for Savings7(a)24$1.3M1.1%21+3
23Santander Bank, National Association7(a)24$1.3M1.1%16+8
24Needham Bank7(a)22$3.4M1.0%56-34
25Citizens Bank, National Association7(a)20$5.9M0.9%9+11
26United Midwest Savings Bank National Association7(a)17$3.8M0.8%8+9
27Webster Five Cents Savings Bank7(a)17$2.3M0.8%16+1
28JPMorgan Chase Bank, National Association7(a)15$3.6M0.7%6+9
29The Cape Cod Five Cents Savings Bank7(a)15$1.6M0.7%4+11
30Celtic Bank Corporation7(a)14$5.2M0.7%16-2
31First Bank of the Lake7(a)12$3.5M0.6%1+11
32Newburyport Five Cents Savings Bank7(a)11$1.1M0.5%19-8
33Lee Bank7(a)10$6.1M0.5%2+8
34Baycoast Bank7(a)10$2.8M0.5%4+6
35Cape & Islands Community Development, Inc.5049$8.8M0.4%10-1
36South Eastern Economic Development Corporation5049$6.3M0.4%90
37Florence Bank7(a)9$4.9M0.4%1+8
38Northern Bank and Trust Company7(a)9$4.7M0.4%4+5
39Lendistry SBLC, LLC7(a)9$1.4M0.4%0new
40Common Capital Inc.7(a)9$1.0M0.4%5+4

Approvals by county

#CountyApprovalsDollarsShare of stateFY2023Change
1Middlesex County482$149M22.5%374+108
2Essex County336$88.9M15.7%273+63
3Norfolk County257$88.1M12.0%164+93
4Worcester County245$93.8M11.4%211+34
5Suffolk County202$74.6M9.4%141+61
6Plymouth County166$52.6M7.7%133+33
7Bristol County141$51.7M6.6%112+29
8Barnstable County112$30.6M5.2%94+18
9Hampden County96$32.7M4.5%65+31
10Berkshire County47$19.1M2.2%22+25
11Hampshire County35$8.5M1.6%16+19
12Franklin County9$5.7M0.4%12-3
13Dukes County9$1.5M0.4%5+4
14Nantucket County5$1.7M0.2%10-5

FY2024 against FY2023

MassachusettsFY2024FY2023
7(a) approvals1,9281,429
7(a) dollars$523M$435M
Median 7(a) approval$100K$100K
504 approvals214203
504 dollars$175M$178M
Jobs supported, as reported19,09816,158

Questions and answers

Which lenders made the most SBA loans in Massachusetts in FY2024?

Eastern Bank (346), TD Bank, National Association (274), Rockland Trust Company (144), Manufacturers and Traders Trust Company (87), Bay Colony Development Corporation (77). 138 lenders had at least one approval.

How many SBA loans were approved in Massachusetts in FY2024?

2,142: 1,928 under 7(a) worth $523M and 214 under 504 worth $175M.

Which Massachusetts counties had the most SBA approvals in FY2024?

Middlesex County (482), Essex County (336), Norfolk County (257), Worcester County (245), Suffolk County (202).

When does FY2024 start and end?

The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.

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