In fiscal year 2025, lenders approved 2,038 SBA 7(a) loans worth $596.0 million to businesses in Massachusetts. Here is where that money went, which institutions approved it, and how big a loan a business like yours actually gets — straight from the SBA's own published records.
The median approval was $100,000, $66,850 below the national median of $166,850. That number matters more than the headline total: it is the size of deal lenders in this state are comfortable writing, and asking for something far outside it is the quiet reason many files stall.
| Loan size | 7(a) loans | Share |
|---|---|---|
| Under $50K | 440 | 21.6% |
| $50K-$150K | 710 | 34.8% |
| $150K-$350K | 455 | 22.3% |
| $350K-$1M | 305 | 15.0% |
| $1M+ | 128 | 6.3% |
27.0% of Massachusetts approvals went to new businesses (startups or under two years old), against 29.8% nationally.
Ranked by number of FY2025 approvals to Massachusetts businesses. The single most active 7(a) lender in the state was Eastern Bank with 323 approvals at a median of $60,000 — which tells you exactly the size of deal it wants.
| Lender | Loans in Massachusetts | Median size | Total approved |
|---|---|---|---|
| Eastern Bank | 323 | $60,000 | $56.0 million |
| TD Bank, National Association | 241 | $40,000 | $27.3 million |
| Northeast Bank | 156 | $112,000 | $22.9 million |
| Rockland Trust Company | 149 | $150,000 | $43.0 million |
| Manufacturers and Traders Trust Company | 141 | $50,000 | $14.8 million |
| Newtek Bank, National Association | 84 | $250,000 | $33.9 million |
| Salem Five Cents Savings Bank | 75 | $135,000 | $14.1 million |
| Beacon Bank and Trust | 55 | $130,000 | $25.1 million |
| The Huntington National Bank | 47 | $291,900 | $21.5 million |
| Bristol County Savings Bank | 43 | $50,000 | $3.4 million |
| Live Oak Banking Company | 41 | $765,000 | $53.3 million |
| Readycap Lending, LLC | 41 | $175,000 | $11.0 million |
Lenders are listed because the SBA publishes them. Inclusion is not a recommendation, an endorsement, or a statement that any of them will approve your file — and Goldspur Capital is not affiliated with any lender named.
The median initial rate recorded at approval was 10.25%, with most loans between 7.5% and 12.25%, and 71.0% written on a variable rate. Historic rates at approval across the year — not a quote, and not what you would be offered today.
| Industry | Loans | Median loan |
|---|---|---|
| Full-Service Restaurants | 112 | $120,350 |
| Limited-Service Restaurants | 78 | $100,000 |
| Landscaping Services | 60 | $60,750 |
| Residential Remodelers | 53 | $150,000 |
| Electrical Contractors and Other Wiring Installation Contractors | 43 | $83,000 |
| Beauty Salons | 43 | $48,800 |
| Plumbing, Heating, and Air-Conditioning Contractors | 40 | $115,000 |
| Fitness and Recreational Sports Centers | 40 | $224,250 |
| Child Care Services | 36 | $75,000 |
| All Other Specialty Trade Contractors | 32 | $130,000 |
| County | Loans | Median loan |
|---|---|---|
| Middlesex | 506 | $150,000 |
| Essex | 300 | $100,000 |
| Norfolk | 210 | $150,000 |
| Worcester | 203 | $145,000 |
| Suffolk | 177 | $135,300 |
| Plymouth | 172 | $100,000 |
| Bristol | 161 | $92,000 |
| Barnstable | 112 | $50,000 |
A 504 loan is not made by one lender. Roughly half comes from a bank, about 40% from a Certified Development Company — a nonprofit certified by the SBA to deliver the 504 debenture — and about 10% from you. Which means that in Massachusetts, choosing a 504 lender is really choosing a CDC first, and the CDC then brings or accepts the bank.
Massachusetts saw 245 504 approvals worth $187.1 million in FY2025, median $509,000. These are the CDCs that actually approved them, ranked by FY2025 volume:
| Certified Development Company | 504 loans | Median size | Total approved |
|---|---|---|---|
| Granite State Economic Development Corporation | 84 | $408,000 | $62.1 million |
| Bay Colony Development Corporation | 81 | $571,000 | $57.5 million |
| New England Certified Development Corporation | 32 | $481,000 | $20.7 million |
| Worcester Business Development Corporation | 15 | $412,000 | $12.0 million |
| Cape & Islands Community Development, Inc. | 14 | $455,000 | $11.9 million |
| South Eastern Economic Development Corporation | 14 | $710,500 | $10.1 million |
Read the median column before you call anyone: a CDC writing a median $408,000 project is set up for that size of deal. A CDC does not have to be headquartered in Massachusetts to lend here — many are certified across several states — and appearing above is not an endorsement or any indication it would approve your project. How the structure, the fixed rate and the eligible-use rules work is set out on our 504 rates and terms page, and the 7(a) or 504 comparison covers which one fits a building.
| Fiscal year | 7(a) loans approved | Total approved | Median |
|---|---|---|---|
| FY2023 | 1,429 | $434.5 million | $100,000 |
| FY2024 | 1,928 | $523.4 million | $100,000 |
| FY2025 | 2,038 | $596.0 million | $100,000 |
| FY2026 (partial) | 1,102 | $364.4 million | $113,400 |
Three practical readings. First, size your ask to the state's median band — a request that sits where lenders are already active is a materially easier file than one that does not. Second, a decline is a matching problem far more often than a credit problem: the tables above show institutions with completely different appetites operating in the same state in the same year. Third, if your industry is not in the list above, it does not mean no, it means fewer lenders — and that is exactly the situation where going through a partner who knows which desk to call is worth more than another application.
Source: U.S. Small Business Administration, 7(a) and 504 FOIA loan data (data.sba.gov), files as of 30 June 2026, read on 1 September 2026. Figures cover loan APPROVALS, not disbursements, and the files contain no declined applications — so no approval rate can be calculated from them. Fiscal year 2026 is partial (1 October 2025 to 30 June 2026). Aggregated by Goldspur Capital; borrower-level records are not published. State figures are aggregated on the project state of each loan. Program guidelines shown are our lending partners' published minimums as of September 2026 and can change. They are qualification floors, not an offer.
One free application, 14 funding programs, SBA and non-SBA. Soft review only, and no fee is ever charged to a business owner.
Checking your options does not affect your business credit. A soft review only.
🍪 We use cookies and similar technologies to run this site, remember your preferences, measure traffic, and improve your experience — and some tools help us understand which businesses visit us. By clicking Accept you agree to this use. You can decline non-essential cookies anytime. See our Privacy Policy.