504 lending data
Which CDC and which bank do you need for a 504 loan in Massachusetts?
The CDCs and first-mortgage banks that actually closed SBA 504 projects in Massachusetts, including which pairs work together most often.
756 SBA 504 projects were approved in Massachusetts recently, at a median total project size of $1,163,000. The busiest CDC was Bay Colony Development Corporation with 261 loans, and the most active first-mortgage bank was Rockland Trust Company.
You need two lenders, not one
This is the thing that trips up most first-time 504 borrowers. A 504 project is a stack: a bank provides roughly 50% as a first mortgage, a Certified Development Company provides roughly 40% as an SBA-backed second mortgage, and you put in about 10%. Both institutions have to approve, and they have to be willing to work with each other.
What 504 lending in Massachusetts looks like
Computed from SBA 504 loan-level FOIA data released 2026-06-30, covering projects approved fiscal years 2023 to 2026, using data released June 2026.
| Measure | Massachusetts | All 504 borrowers |
|---|---|---|
| Projects approved | 756 | 22,192 |
| Median CDC portion | $507,000 | $730,000 |
| Median total project | $1,163,000 | $1,642,000 |
| Median term | 25 years | 25 years |
| Share to newer businesses | 18.5% | 16.5% |
| Charge-off rate, mature cohorts | 5.0% | 8.0% |
| Jobs supported | 6,025 | 235,155 |
Which CDCs are active in Massachusetts
CDCs are non-profits licensed by the SBA, and they are regional — most serve a defined territory. These are the ones actually closing projects here.
| CDC | 504 loans, fiscal years 2023 to 2026, using data released June 2026 |
|---|---|
| Bay Colony Development Corporation | 261 |
| Granite State Economic Development Corporation | 242 |
| New England Certified Development Corporation | 119 |
| Worcester Business Development Corporation | 41 |
| Cape & Islands Community Development, Inc | 40 |
| South Eastern Economic Development Corporation | 39 |
| Ocean State Business Development Authority | 12 |
Which banks write the first mortgage
The bank half of the stack is a conventional commercial mortgage on the bank's own terms. A bank that has closed dozens of 504s knows the process; one that has closed none will add weeks.
| Bank | 504 loans, fiscal years 2023 to 2026, using data released June 2026 |
|---|---|
| Rockland Trust Company | 113 |
| Eastern Bank | 75 |
| Salem Five Cents Savings Bank | 52 |
| Beacon Bank and Trust | 23 |
| Webster Bank | 22 |
| Needham Bank | 21 |
| Avidia Bank | 19 |
| North Easton Savings Bank | 16 |
The pairings that actually close
This is the useful part, and it is not published anywhere else. Both lenders have to approve and coordinate two simultaneous closings. Pairs that have already done it together dozens of times are a materially smoother experience than assembling a new combination.
| CDC (second mortgage) | Bank (first mortgage) | Projects together |
|---|---|---|
| Bay Colony Development Corporation | Salem Five Cents Savings Bank | 44 |
| Granite State Economic Development Corporation | Rockland Trust Company | 42 |
| Bay Colony Development Corporation | Rockland Trust Company | 37 |
| Bay Colony Development Corporation | Eastern Bank | 26 |
| New England Certified Development Corporation | Eastern Bank | 25 |
| Bay Colony Development Corporation | Needham Bank | 17 |
| Granite State Economic Development Corporation | Eastern Bank | 17 |
| South Eastern Economic Development Corporation | Rockland Trust Company | 15 |
How to use this
- Call two CDCs from the table above. Ask whether your project type and county are in their territory, and what their current turnaround is.
- Ask each CDC which banks they close with most. Compare their answer to the pairings table — if it matches, you are on a well-worn path.
- Check the occupancy rule before anything else. You must occupy at least 51% of an existing building, or 60% of new construction. Investment property is not eligible.
- Order the appraisal and Phase I environmental early. They are the most common cause of a delayed 504 closing.
- Understand the rate timing. The CDC portion prices at a debenture sale after closing, not at approval. See the rates page for current levels.