GoSBA’s Top 50 Massachusetts SBA Lenders in 2024
Overview of SBA Loans in Massachusetts
Massachusetts, with a population of approximately 7 million people, is home to a diverse and thriving economy supported by industries such as healthcare, technology, finance, education, and manufacturing. The state is known for its robust entrepreneurial ecosystem, with many startups and small businesses benefiting from the innovation hub centered around cities like Boston, Cambridge, and Worcester.
Popular industries in Massachusetts include healthcare, technology, finance, education, and tourism. In FY 2023, Massachusetts SBA loan providers funded 2,500 businesses, with a total loan volume of $2.1 billion. Massachusetts also has a vibrant community of women-owned businesses, contributing significantly to the state’s economic growth.
Finding the Best Massachusetts SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Massachusetts for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Massachusetts.
Challenges in Accessing SBA Loans in Massachusetts
A significant challenge for small businesses in Massachusetts is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Eastern Bank, Citizens Bank, Rockland Trust Company, TD Bank, Berkshire Bank, Middlesex Savings Bank, Bank of America, Cambridge Savings Bank, UniBank, and Needham Bank. These ten lenders funded 1,400 businesses in Massachusetts, with a combined loan volume of $1.5 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Massachusetts Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Massachusetts, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Massachusetts SBA lenders in 2024.
Top 50 Massachusetts SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Eastern Bank | $18,780 | $26,980,600 | 219 | 11.64% |
| TD Bank, National Association | $23,165 | $26,282,000 | 195 | 11.68% |
| Rockland Trust Company | $8,124 | $26,123,700 | 82 | 8.64% |
| Newtek Bank, National Association | $5,488 | $24,872,000 | 46 | 11.95% |
| Live Oak Banking Company | $2,916 | $22,014,500 | 16 | 9.82% |
| Webster Bank National Association | $5,706 | $16,920,600 | 44 | 10.11% |
| Berkshire Bank | $1,974 | $13,519,100 | 15 | 10.50% |
| Bank of America, National Association | $4,812 | $11,410,100 | 35 | 9.47% |
| The Huntington National Bank | $3,789 | $11,257,900 | 30 | 10.68% |
| Cambridge Savings Bank | $3,462 | $7,910,500 | 35 | 10.00% |
| BayFirst National Bank | $5,160 | $7,091,900 | 43 | 13.01% |
| Salem Five Cents Savings Bank | $3,672 | $6,590,500 | 33 | 9.97% |
| Lee Bank | $984 | $5,872,000 | 8 | 8.00% |
| Manufacturers and Traders Trust Company | $6,066 | $5,529,500 | 60 | 12.52% |
| Capital One, National Association | $540 | $5,016,800 | 3 | 6.77% |
| Leader Bank, National Association | $2,604 | $4,981,500 | 22 | 10.70% |
| HarborOne Bank | $2,855 | $4,890,000 | 28 | 9.94% |
| Celtic Bank Corporation | $1,582 | $4,793,700 | 11 | 11.25% |
| Citizens Bank, National Association | $1,800 | $4,105,700 | 15 | 11.28% |
| Citibank, N.A. | $108 | $3,900,000 | 1 | 5.75% |
| Florence Bank | $370 | $3,848,700 | 4 | 9.09% |
| Enterprise Bank & Trust | $600 | $3,792,600 | 2 | 9.63% |
| Customers Bank | $489 | $3,782,000 | 4 | 9.50% |
| Enterprise Bank and Trust Company | $966 | $3,765,000 | 11 | 8.15% |
| Readycap Lending, LLC | $3,792 | $3,754,000 | 31 | 13.90% |
| Wells Fargo Bank, National Association | $618 | $3,571,200 | 2 | 7.53% |
| United Midwest Savings Bank, National Association | $1,560 | $3,133,000 | 13 | 11.21% |
| St. Mary’s CU | $3,396 | $3,103,400 | 39 | 7.86% |
| First Bank of the Lake | $1,392 | $3,102,500 | 10 | 12.38% |
| T Bank, National Association | $239 | $2,881,100 | 2 | 11.25% |
| Northeast Bank | $3,000 | $2,796,900 | 25 | 11.25% |
| Cadence Bank | $1,080 | $2,744,700 | 9 | 11.25% |
| BayCoast Bank | $888 | $2,643,600 | 8 | 9.11% |
| Grasshopper Bank National Association | $120 | $2,565,000 | 1 | 11.25% |
| Connecticut Community Bank, National Association | $250 | $2,549,200 | 2 | 11.00% |
| Dogwood State Bank | $302 | $2,482,200 | 1 | 10.75% |
| East West Bank | $600 | $2,430,700 | 2 | 9.63% |
| First National Bank of Pennsylvania | $365 | $2,407,000 | 3 | 10.17% |
| Needham Bank | $1,989 | $2,388,500 | 18 | 10.17% |
| Bristol County Savings Bank | $2,256 | $2,290,000 | 28 | 9.51% |
| The Cooperative Bank of Cape Cod | $360 | $2,280,000 | 3 | 11.00% |
| JPMorgan Chase Bank, National Association | $1,236 | $2,156,000 | 10 | 13.33% |
| Brookline Bank | $1,380 | $2,111,500 | 14 | 10.04% |
| Coastal Heritage Bank | $683 | $1,935,000 | 7 | 9.00% |
| Citizens Bank | $367 | $1,788,900 | 3 | 11.00% |
| Merchants Bank of Indiana | $192 | $1,735,000 | 2 | 10.63% |
| Byline Bank | $362 | $1,730,000 | 3 | 11.25% |
| VelocitySBA, LLC | $124 | $1,629,000 | 1 | 11.00% |
| Avidia Bank | $720 | $1,625,000 | 6 | 9.96% |
| City Bank & Trust Co. | $120 | $1,530,000 | 1 | 8.00% |
Leading Massachusetts SBA Lenders by Loan Volume
Analyzing the table above, Eastern Bank leads the way in Massachusetts with the highest loan volume, funding over $26.98 million across 219 loans. This positions Eastern Bank as a strong choice for businesses looking for substantial financing in Massachusetts.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Eastern Bank also takes the lead with 219 loans totaling over $26.98 million. This makes Eastern Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Massachusetts
Citizens Bank, National Association and Rockland Trust Company are also significant players in the Massachusetts SBA lending market. Citizens Bank funded 15 loans totaling $4.11 million, while Rockland Trust Company funded 82 loans with a loan volume of $26.12 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Cambridge Savings Bank, UniBank, and South Shore Bank provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Massachusetts?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Massachusetts. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Massachusetts Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Massachusetts’ diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Massachusetts?
If you’re ready to find the best SBA lenders in Massachusetts, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
