Eastern Bank
SBA 7(a) and Express loans up to $5M (median $67,600), median 8.99% start rate. Boston-based SBA Preferred Lender for MA, NH and RI. Best for small loans and buyers.
Rates & Cost
What the financing costs, normalized so lenders can be compared.
Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
Company Verification
Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.
Best for: Massachusetts, New Hampshire or Rhode Island owners, including newer businesses and buyers, who want a small SBA 7(a) or Express loan.
Not for: Borrowers outside New England, anyone needing a posted rate, or owners who cannot personally guarantee the loan.
Lender List verdict: Eastern Bank made 347 SBA 7(a) approvals worth $44.9M in the 12 months to June 30, 2026, at a median 8.99% starting rate. Since FY2020, most have been SBA Express loans to Massachusetts firms; rates come only from a banker.
Eastern Bank at a glance
| Eastern Bank | |
|---|---|
| Lender type | FDIC-insured bank (parent Eastern Bankshares, Inc.); SBA Preferred Lender |
| Founded / HQ | 1818 / Boston, Massachusetts |
| Amounts | SBA 7(a) up to $5M; 504 $50K to $5M |
| Cost (headline) | Median 8.99% starting rate, last 12 months |
| Term | Median 60 months |
| Status | Active; last SBA approval June 29, 2026 |
What is Eastern Bank?
Eastern Bank is a $31.1 billion Boston bank founded in 1818 and owned by Eastern Bankshares; by its own count it has been Massachusetts' top SBA lender for 17 straight years.
How an Eastern Bank SBA loan works
An Eastern Bank SBA loan is usually a small SBA Express or 7(a) loan: the median since FY2020 is $67,600, with loans from $10,000 to $5M approved in-house.
- Programs: 7(a) with an Express option, plus 504 for real estate and equipment
- Volume: FY2025, 380 loans averaging $177,811; FY2026 through June 30, 241 averaging $104,370
- Mix: 86% SBA Express; 31.4% variable rate
Eastern Bank rates and fees: what it really costs
Eastern Bank's SBA 7(a) loans carried a median 8.99% starting rate in the 12 months to June 30, 2026, roughly 1.5 to 2.2 points over Prime at the time; Eastern does not publish its spread. SBA caps Express loans at Prime + 6.5% up to $50K and Prime + 4.5% above. The SBA guaranty fee is 3% of the guaranteed share on loans of $150,001 to $700K.
Worked example: $350,000 over 10 years at 8.99% costs $4,431.76 a month. Add a $7,875 guaranty fee (3% of a standard 75% 7(a) guarantee) and total cost is $189,685.97, about 9.5% APR.
Eastern Bank requirements
Eastern Bank applies SBA rules.
| Requirement | Eastern Bank minimum |
|---|---|
| Business size | Within the SBA size standard |
| Equity injection | 10% for startups, buyouts and 504 projects |
| Personal guarantee | Owners of 20% or more |
| Credit score / time in business | Lender does not publish |
Frequently asked questions about Eastern Bank
How Long Does Eastern Bank Take to Close an SBA Loan? Eastern Bank does not publish a timeline. As an SBA Preferred Lender it approves 7(a) loans in-house, which skips 5 to 10 business days of SBA review; standard 7(a) loans often take 60 to 90 days overall. Its SBA loans run from $10,000 to $5M.
Does Eastern Bank Lend to Startups? Yes. Eastern Bank pitches SBA loans to new businesses and those without an established credit history. Startups and business buyers must inject at least 10% of the project cost, and every owner of 20% or more must personally guarantee the loan.
Where Is Eastern Bank Located? Eastern Bank is headquartered in Boston, with 129 offices across eastern Massachusetts, Rhode Island and the southern New Hampshire coast. About 87% of its SBA loans since FY2020 went to Massachusetts borrowers. Call business service at 1-800-333-8000 or the general line, 1-800-EASTERN.
Is Eastern Bank an SBA Preferred Lender? Yes. Eastern Bank is an SBA Preferred Lender and made 2,363 SBA 7(a) loans worth $356.8M from FY2020 through June 30, 2026. It is a $31.1 billion FDIC-insured bank (June 30, 2026), has operated since 1818, and last approved an SBA loan on June 29, 2026.
Compare more SBA 7(a) lenders and SBA Express lenders, or see Liberty Bank and Bankwell Bank.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: Massachusetts, New Hampshire or Rhode Island owners, including newer businesses and buyers, who want a small SBA 7(a) or Express loan.
Not for: Borrowers outside New England, anyone needing a posted rate, or owners who cannot personally guarantee the loan.
Lender List verdict: Eastern Bank made 347 SBA 7(a) approvals worth $44.9M in the 12 months to June 30, 2026, at a median 8.99% starting rate. Since FY2020, most have been SBA Express loans to Massachusetts firms; rates come only from a banker.
Eastern Bank at a glance
| Eastern Bank | |
|---|---|
| Lender type | FDIC-insured bank (parent Eastern Bankshares, Inc.); SBA Preferred Lender |
| Founded / HQ | 1818 / Boston, Massachusetts |
| Amounts | SBA 7(a) up to $5M; 504 $50K to $5M |
| Cost (headline) | Median 8.99% starting rate, last 12 months |
| Term | Median 60 months |
| Status | Active; last SBA approval June 29, 2026 |
What is Eastern Bank?
Eastern Bank is a $31.1 billion Boston bank founded in 1818 and owned by Eastern Bankshares; by its own count it has been Massachusetts' top SBA lender for 17 straight years.
How an Eastern Bank SBA loan works
An Eastern Bank SBA loan is usually a small SBA Express or 7(a) loan: the median since FY2020 is $67,600, with loans from $10,000 to $5M approved in-house.
- Programs: 7(a) with an Express option, plus 504 for real estate and equipment
- Volume: FY2025, 380 loans averaging $177,811; FY2026 through June 30, 241 averaging $104,370
- Mix: 86% SBA Express; 31.4% variable rate
Eastern Bank rates and fees: what it really costs
Eastern Bank's SBA 7(a) loans carried a median 8.99% starting rate in the 12 months to June 30, 2026, roughly 1.5 to 2.2 points over Prime at the time; Eastern does not publish its spread. SBA caps Express loans at Prime + 6.5% up to $50K and Prime + 4.5% above. The SBA guaranty fee is 3% of the guaranteed share on loans of $150,001 to $700K.
Worked example: $350,000 over 10 years at 8.99% costs $4,431.76 a month. Add a $7,875 guaranty fee (3% of a standard 75% 7(a) guarantee) and total cost is $189,685.97, about 9.5% APR.
Eastern Bank requirements
Eastern Bank applies SBA rules.
| Requirement | Eastern Bank minimum |
|---|---|
| Business size | Within the SBA size standard |
| Equity injection | 10% for startups, buyouts and 504 projects |
| Personal guarantee | Owners of 20% or more |
| Credit score / time in business | Lender does not publish |
Frequently asked questions about Eastern Bank
How Long Does Eastern Bank Take to Close an SBA Loan? Eastern Bank does not publish a timeline. As an SBA Preferred Lender it approves 7(a) loans in-house, which skips 5 to 10 business days of SBA review; standard 7(a) loans often take 60 to 90 days overall. Its SBA loans run from $10,000 to $5M.
Does Eastern Bank Lend to Startups? Yes. Eastern Bank pitches SBA loans to new businesses and those without an established credit history. Startups and business buyers must inject at least 10% of the project cost, and every owner of 20% or more must personally guarantee the loan.
Where Is Eastern Bank Located? Eastern Bank is headquartered in Boston, with 129 offices across eastern Massachusetts, Rhode Island and the southern New Hampshire coast. About 87% of its SBA loans since FY2020 went to Massachusetts borrowers. Call business service at 1-800-333-8000 or the general line, 1-800-EASTERN.
Is Eastern Bank an SBA Preferred Lender? Yes. Eastern Bank is an SBA Preferred Lender and made 2,363 SBA 7(a) loans worth $356.8M from FY2020 through June 30, 2026. It is a $31.1 billion FDIC-insured bank (June 30, 2026), has operated since 1818, and last approved an SBA loan on June 29, 2026.
Compare more SBA 7(a) lenders and SBA Express lenders, or see Liberty Bank and Bankwell Bank.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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