COVID-19 relief options and additional resources

Historic Year Highlights SBA and Lender Commitment to Small Businesses Across the Commonwealth

Paycheck Protection Program supported more than $14 billion and 118,384 approvals in Massachusetts; Microloan approvals increased by 18.3% and 19.5% in dollar amount
Release Date: 
Monday, November 9, 2020
Release Number: 
Contact:, 202-853-5792

BOSTON – The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act.

Nationally, loans guaranteed through traditional SBA-backed lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the Agency: In FY20, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL Advances worth $20 billion.

Massachusetts District Office Capital Programs Highlights

The historic CARES Act helped stabilize small business recovery throughout the Commonwealth.

  • The Paycheck Protection Program approved an unprecedented 118,384 loans totaling $14.31 Billion to keep employees connected with their employers. 
  • The Economic Injury Disaster Loan program made 59,915 approvals (as of 10/19) totaling $3.49 Billion to support working capital needs of businesses impacted by the Covid-19 disaster.

Even with difficult economic conditions created by the global pandemic, the Massachusetts District saw a healthy number of approvals for the 7(a) program – decreasing in volume by 28.7%.  (FY20 Lending Report) However, the 504 loan program increased by both approvals and dollar amount, with interest rates reaching all-time lows.   Microlending also continued gaining momentum, increasing by both approvals and dollar amount. 

Collectively, including 7(a), 504 and microloans, the SBA with the help of over 150 different lenders, supported capital to 1,561 small businesses for $680.39 million in Massachusetts,” said Robert H. Nelson, SBA Massachusetts District Director. “We thank all of our partners and friends for working with the SBA to ensure small businesses get the access to capital they need to start, grow, expand and recover.”

The flagship 7(a) Loan Guaranty Program approved 1,136 loans in Massachusetts for a total of more than $284 million supported by a network of 113 lenders.

  • Eastern Bank was the #1 SBA 7(a) lender in Massachusetts for the 12th year in a row with 426 loans totaling $41.23 million and the top third party 504 lender with 19 loans totaling $12.9 million.  Eastern Bank is also the #1 SBA lender in New England.
  • TD Bank ranked as the second highest producer of 7(a) loans with 83 approvals totaling $12.28 million; Webster Bank ranked third with 43 loans totaling over $13.98 million.

The 504 Loan Program approved 270 loans, supporting more than $161.53 million.

  • Bay Colony Development Corp. was SBA’s highest producer of 504 loans in Massachusetts with 95 loans totaling $45.26 million.
  • Granite State Economic Development Corp. ranked second in volume with 84 projects totaling $50.56 million.

The SBA Microloan Program, through ten microloan intermediaries, approved 155 loans totaling $2.79 million.  Massachusetts microloan approvals increased by 18.3% and 19.5% by dollar amount; once more, this was the largest growth area in the district.  

Microloans provide up to $50,000 to help small businesses start-up and expand; In Massachusetts, an average microloan was $17,997. 

  • Ascendus (Accion East) is the #1 microlender for volume of loans, approving 46 loans totaling $314,947.
  • Common Capital ranked second with 25 approvals for $574,247 and Dorchester Bay Economic Development Corp., ranked third with 19 approvals for $245,750.

The SBA Surety Bond Guarantee Program, through nine surety companies, approved 42 bonds totaling $23.44 million.  Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require bid, performance, and payment surety bonds, which are offered by surety companies.


SBA Massachusetts District Office will hold its’ Annual Meeting virtually this year to recognize lenders on Monday, December 7, 2020.  For more information, please visit:




About the 7(a) and 504 loan programs
The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses and offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital. The CDC/504 loan program helps small businesses acquire fixed assets to promote economic development in the form of long-term fixed rate financing for fixed assets on reasonable terms. Under this program, the SBA authorizes CDCs (Certified Development Companies) to provide financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is generally $5 million; however, certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each.


About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit