Local lending data
Who lends to businesses in Essex County?
927 SBA 7(a) loans went to businesses in Essex County recently, at a median of $100,000. The lenders that made them, ranked, with local rates and startup share.
927 SBA 7(a) loans went to businesses in Essex County in the most recent fiscal years, at a median of $100,000. The most active lender was Eastern Bank, with 247 loans.
SBA lending in Essex County, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans that were actually approved to businesses in this county, not advertised ranges.
| Measure | Essex County | Massachusetts | National |
|---|---|---|---|
| Loans approved | 927 | 5,664 | 214,102 |
| Median loan | $100,000 | $100,000 | $150,000 |
| 25th - 75th percentile | $50,000 - $200,000 | $50,000 - $252,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years | 10 years |
| Median initial rate | 10.25% | 10.00% | 10.25% |
| Share to startups | 26.6% | 27.9% | 33.6% |
| Charge-off rate, FY2010-19 | 6.5% | 5.9% | 7.1% |
| Jobs supported | 7,033 | 51,061 | 2,142,602 |
Which lenders actually funded them
Ranked by loans approved to businesses in Essex County. The median, startup share and rate columns describe each lender's own loans in this county, not its national averages.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Eastern Bank | 247 | $58,100 | 17% | 10.24% |
| TD Bank | 131 | $50,000 | 28% | 11.50% |
| Salem Five Cents Savings Bank | 106 | $100,000 | 14% | 9.50% |
| Manufacturers and Traders Trust Company | 91 | $50,000 | 37% | 11.50% |
| Rockland Trust Company | 32 | $179,000 | 28% | 7.12% |
| Beacon Bank and Trust | 32 | $128,500 | 25% | 10.11% |
| Newburyport Five Cents Savings Bank | 31 | $100,000 | 61% | 9.50% |
| Northeast Bank | 17 | $69,000 | 6% | 10.50% |
| Bank of America | 16 | $334,000 | 12% | 7.00% |
| Newtek Bank | 16 | $137,500 | 56% | 11.00% |
What stands out here
Reading these 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 price higher under the SBA spread caps, so budget for a rate above the headline range.
- Startup share is about average, at 27% against 34% nationally.
- One lender dominates. Eastern Bank alone made 27% of these loans, and the top three made 52%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
Who borrows in Essex County
The mix of industries taking SBA loans here, led by construction.
| Sector | Loans | Share |
|---|---|---|
| Construction | 133 | 14.3% |
| Professional Services | 118 | 12.7% |
| Personal Services | 109 | 11.8% |
| Healthcare | 100 | 10.8% |
| Restaurants and Hotels | 99 | 10.7% |
| Retail | 85 | 9.2% |
| Admin Services | 70 | 7.6% |
| Manufacturing | 59 | 6.4% |
How to use this
- Shortlist three lenders from the table whose median loan in this county is close to what you need. Size match matters more than brand.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year — see choosing an SBA lender.
- Check your coverage first with the affordability calculator, so you ask for a number your cash flow supports.
- Follow your sector link in the table above for lender data specific to your industry across Massachusetts.
Other counties in Massachusetts
- Nearby markets with published data: Middlesex County, Worcester County, Norfolk County, Suffolk County, Plymouth County, Bristol County, Barnstable County, Hampden County