SBA loans by state
SBA loans in Massachusetts: 1,485 approvals in FY 2026, median $117,400
58% of loans went through SBA Express. 29% of loans had a fixed rate, against 13% nationally.
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Massachusetts: 7(a) loans approved last year
1,485
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Massachusetts: median rate at approval, $50,001 to $250,000 | 9.50% |
| Massachusetts: median 7(a) loan last year | $117,400 |
| Payment over 10 years, SBA fee added to the loan | $1,572/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Massachusetts, FY 2026: 1,485 SBA 7(a) approvals for $500.3 million (12th of the 50 states and DC, SBA file of September 30, 2026). 58% of loans went through SBA Express. 29% of loans had a fixed rate, against 13% nationally. Loans were small: the median was $117,400, against $220,000 nationally. Few loans ran past 15 years: 5%. Home-state lenders made 44% of the loans, against 26% nationwide. Franchises took only 8% of loans. Business purchases were rare, 11% of loans. Start-ups took only 13% of approvals. Lenders kept most loans on their books. 35% of approvals were revolving lines of credit. The state stood out for loans to painting and wall covering contractors. Only 117 lenders were active. Today’s cap on a $117,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| Eastern Bank | 296 | $80,000 | 8.49% | Massachusetts (in-state) |
| TD Bank | 165 | $50,000 | 9.50% | Delaware |
| M&T Bank | 141 | $65,000 | 10.00% | New York |
| Rockland Trust | 93 | $216,300 | 8.25% | Massachusetts (in-state) |
| Northeast Bank | 64 | $150,000 | 9.75% | Maine |
Express is the main route
58% of Massachusetts’s loans were SBA Express, 7th highest among the 50 states and DC. Among the busiest lenders, Eastern Bank, TD Bank and M&T Bank made mostly Express loans. Most of these are small loans decided by the bank itself, on a 50% guaranty.
A fixed-rate market
Massachusetts lenders wrote 29% of their SBA loans at a fixed rate, 3rd highest among the 50 states and DC, at a median of 8.00%. The fixed cap, prime plus 5 to 8 points, is set in the Federal Register notice of August 1, 2022.
Among the smallest SBA loans in the country
A median of $117,400 makes Massachusetts’s loans 8th lowest among the 50 states and DC in size. 29% were for $50,000 or less, the band where SBA lets the rate reach prime plus 6.5 (13.50% today) and charges 2% on an 85% guaranty.
Short terms dominate
Only 5% of Massachusetts’s loans ran 15 years or more (13% nationally); the median term was 10 years. Loans under 15 years can be repaid early with no SBA fee.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 428 | 9.75% | 13.50% |
| $50,001 to $250,000 | 659 | 9.50% | 13.00% |
| $250,001 to $350,000 | 112 | 9.50% | 11.50% |
| over $350,000 | 286 | 8.75% | 10.00% |
One of the most home-grown SBA markets
Few states rely on their own banks the way Massachusetts does: 44% of its loans came from a lender headquartered there, 8th highest among the 50 states and DC. Eastern Bank and Rockland Trust carry most of that. Margins: 2.00 points over prime at the median for in-state lenders, 2.75 points for the others.
Few franchise loans
Franchise units took 8% of Massachusetts’s approvals, below the 14% national share; independent businesses took nearly all the rest.
Few business purchases
Only 11% of Massachusetts’s approvals financed a change of ownership (13% nationally). Most of the money went to owners expanding, equipping or adding working capital to a business they already run.
Few start-ups
Businesses not yet open took 13% of Massachusetts’s approvals, against 16% nationwide; established firms over two years old took 62%. A going concern is judged on its tax returns and cash flow and skips the 10% start-up equity rule.
Counties with the most approvals: Middlesex (316), Essex (261) and Suffolk (160). Trades: full-service restaurants (75), limited-service restaurants (51), landscaping services (46), fitness and recreational sports centers (41) and child care services (35).
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