Massachusetts SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Massachusetts
Since FY2020, 234 lenders have funded 10,161 SBA loans worth $3.7B for businesses in Massachusetts. Borrowers reported 90,279 jobs supported by those loans. Below is who actually writes them, how big they run, and which Massachusetts businesses get funded.
Most active SBA lenders in Massachusetts
Ranked by loans funded for Massachusetts projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Massachusetts beats a local name that rarely writes SBA loans.
| Lender | Program | MA loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| Eastern Bank | 7(a) | 1,905 | 528 | $60K | 8.99% |
| TD Bank, National Association | 7(a) | 918 | 291 | $50K | 10.5% |
| Bay Colony Development Corporation | 504 (CDC) | 541 | 126 | $412K | n/a |
| Granite State Economic Development Corporation | 504 (CDC) | 491 | 124 | $405K | n/a |
| Rockland Trust Company | 7(a) | 448 | 197 | $200K | 7.25% |
| Manufacturers and Traders Trust Company | 7(a) | 343 | 206 | $60K | 10.75% |
| Webster Bank National Association | 7(a) | 275 | 44 | $200K | 8% |
| New England Certified Development Corporation | 504 (CDC) | 259 | 47 | $560K | n/a |
| Salem Five Cents Savings Bank | 7(a) | 248 | 92 | $125K | 8.5% |
| Beacon Bank and Trust | 7(a) | 222 | 65 | $150K | 8% |
| St. Mary's CU | 7(a) | 220 | 25 | $49K | 6% |
| Live Oak Banking Company | 7(a) | 199 | 79 | $775K | 8.25% |
| The Huntington National Bank | 7(a) | 190 | 60 | $251K | 10.25% |
| Needham Bank | 7(a) | 169 | 13 | $100K | 6.5% |
| Leader Bank, National Association | 7(a) | 149 | 30 | $113K | 8.75% |
| Bristol County Savings Bank | 7(a) | 142 | 48 | $83K | 7.95% |
| Newtek Bank, National Association | 7(a) | 138 | 83 | $200K | 11.25% |
| BayFirst National Bank | 7(a) | 134 | 21 | $150K | 12.25% |
| Northeast Bank | 7(a) | 133 | 80 | $100K | 10.75% |
| Bank of America, National Association | 7(a) | 122 | 32 | $300K | 7.14% |
| Readycap Lending, LLC | 7(a) | 118 | 52 | $104K | 11.25% |
| Santander Bank, National Association | 7(a) | 109 | 23 | $70K | 10.75% |
| Cambridge Savings Bank | 7(a) | 107 | 0 | $112K | 7% |
| South Eastern Economic Development Corporation | 504 (CDC) | 107 | 25 | $416K | n/a |
| The Cape Cod Five Cents Savings Bank | 7(a) | 103 | 45 | $55K | 8.5% |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big Massachusetts SBA loans run
Share of Massachusetts 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | MA | US |
|---|---|---|
| Under $150K | 56.9% | 40.4% |
| $150K to $500K | 28.3% | 31.9% |
| $500K to $1M | 7.9% | 12.9% |
| $1M and up | 6.9% | 14.9% |
Who gets funded in Massachusetts
Business age on Massachusetts 7(a) loans. 8.6% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | MA | US |
|---|---|---|
| Established, more than 2 years | 64.1% | 55.2% |
| New, 2 years or less | 16.4% | 16.9% |
| Startup, loan opens the business | 10.8% | 16.8% |
| Change of ownership (buying a business) | 8.6% | 11.1% |
Industries Massachusetts SBA lenders fund most
Share of all Massachusetts SBA loans by industry, and how that compares with the national mix.
| Industry | MA loans | Share | Compared with US |
|---|---|---|---|
| Construction | 1,658 | 16.3% | 1.3x the national share |
| Restaurants and hotels | 1,238 | 12.2% | in line with national |
| Professional services | 1,102 | 10.8% | 1.2x the national share |
| Retail | 1,087 | 10.7% | in line with national |
| Personal and repair services | 1,071 | 10.5% | in line with national |
| Healthcare | 927 | 9.1% | in line with national |
| Business support services | 790 | 7.8% | 1.4x the national share |
| Manufacturing | 597 | 5.9% | in line with national |
The most common specific business types funded in Massachusetts: full-service restaurants (585), landscaping services (361), limited-service restaurants (331), residential remodelers (227), plumbing, heating, and air-conditioning contractors (225), beauty salons (201).
Where in Massachusetts the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Middlesex | 2,307 | 23% |
| Essex | 1,626 | 16% |
| Norfolk | 1,117 | 11% |
| Worcester | 1,099 | 11% |
| Plymouth | 918 | 9% |
| Suffolk | 865 | 9% |
| Bristol | 693 | 7% |
| Barnstable | 620 | 6% |
7(a) or 504 in Massachusetts
15% of Massachusetts SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $435K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Massachusetts:
- Bay Colony Development Corporation: 541 504 loans, median $412K
- Granite State Economic Development Corporation: 491 504 loans, median $405K
- New England Certified Development Corporation: 259 504 loans, median $560K
- South Eastern Economic Development Corporation: 91 504 loans, median $527K
- Cape & Islands Community Development, Inc.: 86 504 loans, median $504K
Massachusetts SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 993 | 224 | $350M |
| FY2021 | 951 | 283 | $576M |
| FY2022 | 998 | 292 | $500M |
| FY2023 | 1,268 | 180 | $526M |
| FY2024 | 1,722 | 203 | $633M |
| FY2025 | 1,718 | 233 | $689M |
| FY2026 (through June 30, 2026) | 956 | 140 | $444M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Massachusetts?
By funded loans since FY2020, Eastern Bank leads Massachusetts with 1,905 loans.
How big is a typical SBA loan in Massachusetts?
The median 7(a) loan in Massachusetts is $100K, and the middle half runs from $50K to $288K. The median 504 loan is $435K. Nationally the 7(a) median is $200K.
What interest rate do Massachusetts SBA borrowers get?
The median starting rate on Massachusetts 7(a) loans since FY2020 is 8.99%, against 9.25% nationally. 63% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Massachusetts?
Yes. 27% of Massachusetts 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Massachusetts. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.