Top Massachusetts SBA Lenders | SBA Loans in MA

Last annual update: Mar 2, 2024

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Massachusetts-based banks were among the largest lenders to “The Bay State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top  SBA Lenders in Massachusetts:

Top SBA lenders in Massachusetts

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1Eastern BankBoston, MA 16011.2% $143,667
2TD BankWilmington, DE 13811.9% $155,380
3BayFirst National BankSaint Petersburg, FL 4712.1% $150,987
4St. Mary’s CUMarlborough, MA 417.1% $65,171
5M&TBuffalo, NY 3211.9% $191,963
6Huntington BankColumbus, OH 2510.5% $404,184
7Salem Five Cents Savings BankSalem, MA 259.9% $123,600
8Bank of AmericaCharlotte, NC 229.1% $278,391
9United Midwest Savings BankDe Graff, OH 2210.8% $304,864
10Brookline BankBrookline, MA 218.4% $132,871
11Webster BankWaterbury, CT 209.4% $798,165
12Cambridge Savings BankCambridge, MA 199.0% $268,132
13Live OakWilmington, NC 199.6% $1,269,237
14Leader BankArlington, MA 189.5% $323,822
15Needham BankNeedham, MA 1710.0% $172,929
16Rockland Trust CompanyRockland, MA 177.2% $576,124
17Newtek BankMiami, FL 1512.1% $650,200
18Noah BankMiami, FL 1512.1% $650,200
19UniBank for SavingsWhitinsville, MA 158.5% $84,627
20Readycap Lending, LLCBerkeley Heights, NJ 1312.5% $386,792

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Top industries receiving SBA loans in Massachusetts

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1Full-Service Restaurants429.7% $346,445
2Landscaping Services4110.5% $147,629
3Limited-Service Restaurants3210.1% $257,269
4All Other Specialty Trade Contractors2810.6% $217,868
5Plumbing, Heating, and Air-Conditioning Contractors279.7% $419,967
6Residential Remodelers2411.0% $124,400
7Other Personal Care Services199.8% $369,021
8Child Day Care Services179.3% $296,000
9Beauty Salons1711.1% $172,406
10Offices of Lawyers1710.8% $95,782
11All Other Professional, Scientific, and Technical Services1610.8% $160,013
12Electrical Contractors1611.4% $90,313
13Painting and Wall Covering Contractors1510.8% $135,793
14New Single-Family Housing Construction (except Operative Builders)1411.4% $123,743
15Janitorial Services1411.5% $481,629
16General Automotive Repair1210.6% $496,867
17Snack and Nonalcoholic Beverage Bars119.8% $181,864
18Fitness and Recreational Sports Centers1110.4% $217,391
19Supermarkets and Other Grocery (except Convenience) Stores1010.8% $104,000
20Flooring Contractors910.0% $235,800

SBA loans – Massachusetts

A note about these Massachusetts SBA lenders – People frequently ask us if one of the banks above is 1) on the Massachusetts preferred lender list 2) an approved lender in Massachusetts, or 3) participating in the Massachusetts SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Massachusetts and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Massachusetts and in Boston.

We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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