Limited-Service Restaurants acquisitions in Massachusetts: SBA loan data
Since FY2018, SBA lenders have approved 37 7(a) loans to buy an existing business classified as Limited-Service Restaurants in Massachusetts, totaling $20M. The median loan was $440,000. That is 3.8% of the 963 acquisition loans in Massachusetts.
- Loans, FY2018-FY2026
- 37
- Median loan
- $440,000 (middle half $175,000 to $599,500)
- Top lender
- TruNorth Bank (11%, 4 loans)
- Charge-off, FY2018-FY2021 loans
- 0.0% (all-acquisition: 3.5%)
- FY2026 loans (latest complete year)
- 2
SBA lenders approved 37 7(a) loans to buy a business classified as Limited-Service Restaurants in Massachusetts from FY2018-FY2026, with a median of $440,000 and a middle half of $175,000 to $599,500. TruNorth Bank made 11% of them. None of 22 seasoned loans were charged off, against the 3.5% all-acquisition rate.
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How Limited-Service Restaurants in Massachusetts compares
| Measure | Limited-Service Restaurants in... | Massachusetts, all industries | Limited-Service Restaurants, nationwide | All acquisitions |
|---|---|---|---|---|
| Median loan | $440,000 | $410,000 | $350,000 | $645,250 |
| Middle half of loans | $175,000 to $599,500 | $175,000 to $1,041,000 | $202,500 to $693,375 | $283,000 to $1,465,000 |
| Average initial rate | 6.97% | 7.34% | 7.83% | 7.76% |
| Median term | 10 years | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 0.0% | 3.2% | 5.3% | 3.5% |
| Loans in sample | 37 | 963 | 2,222 | 48,902 |
The median for loans to buy fast-food restaurants in Massachusetts is $440,000, slightly above the $410,000 median for all Massachusetts acquisitions, above the $350,000 median for Limited-Service Restaurants acquisitions nationwide and below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $175,000 to $599,500, against $283,000 to $1,465,000 nationally; the median term is 10 years, the same as the national median; the average initial rate is 6.97%, below the 7.76% national average.
None of the seasoned loans were charged off, against 3.2% for all Massachusetts acquisitions, 5.3% for Limited-Service Restaurants acquisitions nationwide and 3.5% for all acquisition loans.
Loan size distribution
| Loan size | Limited-Service Restaurants in... | All acquisitions |
|---|---|---|
| Under $350K | 49% | 30% |
| $350K to under $1M | 35% | 33% |
| $1M to under $2M | 14% | 19% |
| $2M and over | 3% | 17% |
Most loans to buy fast-food restaurants in Massachusetts (84%) were under $1M, and the largest single band is Under $350K at 49%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
TruNorth Bank made 11% of loans to buy fast-food restaurants in Massachusetts, and the top three lenders together made 24%. 2 of the 27 lenders involved made three or more. Only 2 lenders have repeat experience here. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 10 loans to buy fast-food restaurants in Massachusetts were approved. Fewer than 10 loans were approved in FY2023 and FY2024, so no change is computed. The median was $480,500, slightly above the $440,000 median across all years.
Limited-Service Restaurants acquisition loans in Massachusetts by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 2 | $245K | $122,500 | |
| FY2019 | 7 | $3.5M | $330,000 | |
| FY2020 | 7 | $1.7M | $211,100 | |
| FY2021 | 6 | $5.2M | $741,000 | |
| FY2022 | 3 | $1.3M | $599,500 | |
| FY2023 | 1 | $718K | $717,500 | |
| FY2024 | 1 | $440K | $440,000 | |
| FY2025 | 8 | $4.7M | $380,500 | |
| FY2026 | 2 | $2.2M | $1,075,650 |
How often do these acquisition loans fail?
Of the 22 Limited-Service Restaurants in Massachusetts acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 13 have already been paid in full.
For comparison, Limited-Service Restaurants in Massachusetts has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Seller note standby terms and third-party consents are reviewed before closing.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | TruNorth Bank | 4 | 10.8% | $2M | |
| 2 | Eastern Bank | 3 | 8.1% | $1.3M | |
| 3 | Northern Bank and Trust Company | 2 | 5.4% | $2.5M | |
| 4 | Northwest Bank | 2 | 5.4% | $1.7M | |
| 5 | Rockland Trust Company | 2 | 5.4% | $740K |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Honey Dew Donuts | 4 | 10.8% | $1.4M | |
| 2 | Domino's Pizza | 2 | 5.4% | $2.5M | |
| 3 | Little Caesars | 1 | 2.7% | $1.6M | |
| 4 | Subway | 1 | 2.7% | $145K |
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Questions buyers ask
How much do SBA loans for Limited-Service Restaurants acquisitions in Massachusetts run?
The median SBA 7(a) loan was $440,000 across 37 loans (FY2018 to FY2026), with the middle half between $175,000 and $599,500. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Limited-Service Restaurants acquisitions in Massachusetts?
TruNorth Bank (4), Eastern Bank (3), Northern Bank and Trust Company (2), Northwest Bank (2), Rockland Trust Company (2). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Limited-Service Restaurants acquisition loans fail in Massachusetts?
Of 22 seasoned loans (FY2018 to FY2021), none were charged off, against the 3.5% rate for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Limited-Service Restaurants acquisitions in Massachusetts?
8 of the 37 loans (22%) involved a franchise brand, most often Honey Dew Donuts (4).
How much do you need down for an SBA loan to buy a fast-food restaurant in Massachusetts?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for loans to buy fast-food restaurants in Massachusetts was $440,000, and the middle half ran $175,000 to $599,500.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 10 loans to buy fast-food restaurants in Massachusetts in FY2025 and FY2026.
Which banks make SBA loans for a fast-food restaurant in Massachusetts?
By loan count, FY2018 to FY2026: TruNorth Bank (4), Eastern Bank (3), Northern Bank and Trust Company (2), Northwest Bank (2), Rockland Trust Company (2). TruNorth Bank made 11% of loans to buy fast-food restaurants in Massachusetts. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
Terms signed in the LOI shape the purchase agreement that follows.
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Related
- All Massachusetts acquisitions
- Financing one? How to get an SBA loan to buy a fast food restaurant
- Limited-Service Restaurants nationally
- Limited-Service Restaurants in California
- Limited-Service Restaurants in Washington
- Limited-Service Restaurants in Texas
- Limited-Service Restaurants in Georgia
- Limited-Service Restaurants in Pennsylvania
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- Limited-Service Restaurants in Illinois
- Limited-Service Restaurants in Florida
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Small samples move a lot: each loan in this combination is 3% of the count. Industry is the NAICS code the lender recorded. See the methodology.
Cite this data
SBA Acquisition Data, "Limited-Service Restaurants in Massachusetts: SBA acquisition loan data", https://sbaacquisitiondata.com/state/ma/limited-service-restaurants-722513 (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/state/ma/limited-service-restaurants-722513.json.