Lending data
Who actually lends to finance and insurance businesses in Massachusetts?
69 SBA 7(a) loans went to finance and insurance businesses in Massachusetts recently, at a median of $150,000. Here are the lenders that made them, ranked.
69 SBA 7(a) loans went to finance and insurance businesses in Massachusetts in the most recent fiscal years. The median was $150,000 over 10 years. The most active lender was Eastern Bank, with 17 loans.
What lending to finance and insurance businesses in Massachusetts actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Finance and insurance, Massachusetts | All 7(a) borrowers |
|---|---|---|
| Loans approved | 69 | 214,102 |
| Median loan | $150,000 | $150,000 |
| 25th - 75th percentile | $58,700 - $350,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.50% | 10.25% |
| Share to startups | 10.1% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 3.6% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to finance and insurance businesses in Massachusetts. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Eastern Bank | 17 | $75,000 | 6% | 8.74% |
| Live Oak Banking Company | 7 | $1,100,000 | 14% | 8.34% |
| TD Bank | 5 | $100,000 | 20% | 10.75% |
| Manufacturers and Traders Trust Company | 5 | $50,000 | 20% | 10.49% |
| Bank of America | 3 | $425,000 | 0% | 6.46% |
| Salem Five Cents Savings Bank | 3 | $211,000 | 0% | 9.00% |
| Celtic Bank Corporation | 3 | $106,000 | 0% | 10.25% |
| Byline Bank | 2 | $782,500 | 0% | 10.12% |
| Capital Bank | 2 | $250,000 | 0% | 11.25% |
| Readycap Lending, LLC | 2 | $76,750 | 0% | 13.12% |
What stands out in this market
Reading the figures above against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- This is a hard market for new businesses. Only 10% of these loans went to startups, against 34% nationally. If you are pre-revenue, work from the startup table below rather than the main list.
- No single lender dominates, but the top three made 42% of these loans, so the shortlist below covers most of the active market.
- Rates run lower here. The median initial rate of 9.50% is 0.75 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- This market has performed well. Its FY2010-2019 charge-off rate of 3.6% is below the 7.1% overall figure, which is part of why lenders compete for it.
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- 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 the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in Massachusetts: construction, professional services, restaurants and hotels, personal services, retail, healthcare
- Finance in comparable states: North Carolina, Indiana, Missouri, Utah, Washington, Arizona