State lending data
SBA lending in Massachusetts
5,664 SBA 7(a) loans went to businesses in Massachusetts recently, at a median of $100,000. The lenders that made them, what they charged, and how the state is trending.
5,664 SBA 7(a) loans went to businesses in Massachusetts in the most recent fiscal years, at a median of $100,000. The most active lender in the state was Eastern Bank, with 1,087 loans. Approvals are down 22.3% on the year.
SBA lending in Massachusetts, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Massachusetts, not advertised ranges.
| Measure | Massachusetts | National |
|---|---|---|
| Loans approved | 5,664 | 214,102 |
| Total approved | $1.7 billion | $104.1 billion |
| Median loan | $100,000 | $150,000 |
| 25th – 75th percentile | $50,000 – $252,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.00% | 10.25% |
| Share to startups | 27.9% | 33.6% |
| Charge-off rate, FY2010–19 | 5.9% | 7.1% |
| Jobs supported | 51,061 | 2,142,602 |
| Counties with recorded lending | 14 | — |
| Lenders active in the state | 193 | — |
Is SBA lending in Massachusetts growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Massachusetts went from 1,079 to 838 loans, down 22.3% — while the dollars approved went from $313.4 million to $291.7 million, down 7.0%. The average approval rose from $290,493 to $348,039, so the change is weighted toward larger loans.
That puts Massachusetts mid-table — 34th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Massachusetts | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 1,268 | 51,747 | 2.5% |
| FY2024 | 1,722 | 62,618 | 2.8% |
| FY2025 | 1,718 | 64,096 | 2.7% |
| FY2026 (part year) | 956 | 35,641 | 2.7% |
Which lenders actually fund businesses in Massachusetts
Ranked by loans approved inside Massachusetts. The median, startup share and rate columns describe each lender's own Massachusetts loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Eastern Bank | 1,087 | $75,000 | 16% | 10.24% |
| TD Bank | 712 | $50,000 | 33% | 11.25% |
| Rockland Trust Company | 359 | $186,000 | 33% | 7.35% |
| Manufacturers and Traders Trust Company | 310 | $62,500 | 34% | 11.25% |
| Salem Five Cents Savings Bank | 175 | $100,000 | 10% | 9.50% |
| The Huntington National Bank | 163 | $250,000 | 63% | 10.50% |
| Beacon Bank and Trust | 147 | $145,000 | 26% | 9.75% |
| Newtek Bank | 138 | $200,000 | 22% | 11.25% |
| Northeast Bank | 130 | $100,000 | 11% | 10.75% |
| Webster Bank | 129 | $200,000 | 25% | 9.75% |
| Live Oak Banking Company | 125 | $655,000 | 29% | 9.49% |
| St. Mary's CU | 113 | $50,000 | 44% | 7.25% |
What stands out about Massachusetts
Reading the state's own figures against the national picture:
- Loans here run smaller than average. The median of $100,000 is 33% below the $150,000 national median. Smaller loans usually price higher under the SBA spread caps, though that has not happened here: the median rate in this market is 10.00% against 10.25% nationally.
- This is a hard market for new businesses. Only 27.9% of these loans went to startups, against 33.6% nationally. If you are pre-revenue, work from the startup table below rather than the main list.
Who borrows in Massachusetts
The industry mix of SBA borrowers here, led by construction.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Construction | 998 | 17.6% | $100,000 | 22% |
| Professional Services | 658 | 11.6% | $100,000 | 19% |
| Restaurants and Hotels | 647 | 11.4% | $150,000 | 38% |
| Personal Services | 597 | 10.5% | $96,800 | 32% |
| Retail | 555 | 9.8% | $100,000 | 28% |
| Healthcare | 514 | 9.1% | $138,800 | 33% |
| Admin Services | 447 | 7.9% | $95,000 | 23% |
| Manufacturing | 279 | 4.9% | $165,000 | 27% |
| Trucking | 258 | 4.6% | $74,500 | 35% |
| Arts and Recreation | 199 | 3.5% | $150,000 | 49% |
| Wholesale | 164 | 2.9% | $110,300 | 24% |
| Real Estate | 100 | 1.8% | $115,500 | 28% |
Where the money goes in Massachusetts
SBA lending is more concentrated than state totals suggest, and Middlesex County alone accounts for 23% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Middlesex County | 1,324 | $128,000 | $412.1 million |
| Essex County | 927 | $100,000 | $186.7 million |
| Worcester County | 629 | $100,000 | $214.4 million |
| Norfolk County | 622 | $129,350 | $199.2 million |
| Suffolk County | 525 | $125,000 | $163.3 million |
| Plymouth County | 451 | $110,000 | $156.0 million |
| Bristol County | 380 | $100,000 | $113.2 million |
| Barnstable County | 319 | $65,000 | $74.3 million |
| Hampden County | 236 | $100,000 | $75.0 million |
| Hampshire County | 90 | $70,750 | $20.6 million |
| Berkshire County | 81 | $110,000 | $33.2 million |
| Franklin County | 34 | $67,500 | $11.2 million |
SBA 504 in Massachusetts
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Massachusetts 504 | National 504 |
|---|---|---|
| Projects approved | 756 | 22,192 |
| Median CDC share | $507,000 | $730,000 |
| Median total project | $1,163,000 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Massachusetts
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Massachusetts is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Colorado, North Carolina, Washington, Minnesota, Georgia, Arizona, California, Florida
Questions people actually ask
How many SBA loans are approved in Massachusetts each year?
5,664 SBA 7(a) loans were approved to businesses in Massachusetts across fiscal years 2023 to 2026, using data released June 2026, worth $1.7 billion in total. Over the most recent comparable months the number of approvals ran down 22.3% year on year, while the dollars approved ran down 7.0%.
Which bank approves the most SBA loans in Massachusetts?
Eastern Bank, with 1,087 loans approved to businesses in the state and a median loan of $75,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Massachusetts?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.