Eastern Bank
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by Eastern Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 888 | $215.5M | $243K | 5.1% |
| 561730 | Landscaping Services | 616 | $64.7M | $105K | 3.5% |
| 812112 | Beauty Salons | 528 | $49.2M | $93K | 3.0% |
| 541110 | Offices of Lawyers | 488 | $37.0M | $76K | 2.8% |
| 236115 | New Single-Family Housing Construction (except Operative Builders) | 408 | $52.9M | $130K | 2.3% |
| 541990 | All Other Professional, Scientific, and Technical Services | 400 | $34.3M | $86K | 2.3% |
| 561720 | Janitorial Services | 400 | $25.8M | $65K | 2.3% |
| 811111 | General Automotive Repair | 384 | $73.4M | $191K | 2.2% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 384 | $58.5M | $152K | 2.2% |
| 722513 | Limited-Service Restaurants | 368 | $59.6M | $162K | 2.1% |
Geographic Distribution
SBA lending activity for Eastern Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Massachusetts (MA) | 15,104 | $2.17B | 85.9% |
| Rhode Island (RI) | 1,032 | $310.1M | 5.9% |
| New Hampshire (NH) | 1,376 | $211.4M | 7.8% |
| Maine (ME) | 48 | $12.1M | 0.3% |
| Florida (FL) | 8 | $2.1M | 0.0% |
| Wyoming (WY) | 8 | $400K | 0.0% |
Why Choose Eastern Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 17,576 SBA loans approved, totaling $2.70B in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Landscaping Services, Beauty Salons
- ✓Competitive Terms: Average interest rate of 8.38% with flexible term lengths averaging 87 months
- ✓Loan Range: Loan sizes from $10K to $5.0M, with an average of $154K
- ✓Nationwide Reach: Active lending in 6 states, with strong presence in MA, NH, RI
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about Eastern Bank SBA lending
What types of businesses does Eastern Bank typically finance?
Eastern Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, landscaping services, beauty salons, offices of lawyers. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Eastern Bank's typical SBA loan terms?
Eastern Bank's SBA 7(a) loans typically feature an average interest rate of 8.38% and average term length of 87 months (approximately 7 years). Loan sizes range from $10K to $5.0M, with an average loan size of $154K.
Do I need a business valuation for a Eastern Bank SBA loan?
Yes, Eastern Bank typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does Eastern Bank compare to other SBA lenders?
Eastern Bank has originated 17,576 SBA loans totaling $2.70B since 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does Eastern Bank lend in?
Eastern Bank provides SBA 7(a) financing with particularly strong presence in MA, NH, RI, ME, FL. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Professional valuations are often required for SBA loans over $250,000.
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