Michigan SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Michigan
Since FY2020, 280 lenders have funded 14,143 SBA loans worth $6.0B for businesses in Michigan. Borrowers reported 129,219 jobs supported by those loans. Below is who actually writes them, how big they run, and which Michigan businesses get funded.
Most active SBA lenders in Michigan
Ranked by loans funded for Michigan projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Michigan beats a local name that rarely writes SBA loans.
| Lender | Program | MI loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| The Huntington National Bank | 7(a) | 6,793 | 1,288 | $50K | 9.25% |
| Fifth Third Bank | 7(a) | 564 | 138 | $210K | 8.04% |
| Michigan Certified Development Corporation | 504 (CDC) | 552 | 120 | $538K | n/a |
| ChoiceOne Bank | 7(a) | 406 | 57 | $350K | 7% |
| Great Lakes Commercial Finance | 504 (CDC) | 358 | 93 | $475K | n/a |
| Live Oak Banking Company | 7(a) | 260 | 84 | $900K | 8% |
| JPMorgan Chase Bank, National Association | 7(a) | 222 | 56 | $200K | 9.75% |
| Newtek Bank, National Association | 7(a) | 208 | 115 | $175K | 11.25% |
| Readycap Lending, LLC | 7(a) | 170 | 78 | $111K | 11.25% |
| Oxford Bank | 7(a) | 165 | 36 | $309K | 8.25% |
| Horizon Bank | 7(a) | 159 | 68 | $252K | 8.25% |
| BayFirst National Bank | 7(a) | 158 | 30 | $150K | 12.25% |
| Northeast Bank | 7(a) | 149 | 90 | $100K | 10.75% |
| First Internet Bank of Indiana | 7(a) | 146 | 38 | $1.2M | 9.75% |
| United Midwest Savings Bank National Association | 7(a) | 144 | 37 | $150K | 8.88% |
| PNC Bank, National Association | 7(a) | 140 | 21 | $50K | 8.62% |
| Celtic Bank Corporation | 7(a) | 130 | 61 | $150K | 10.25% |
| Old National Bank | 7(a) | 127 | 30 | $500K | 7.79% |
| KeyBank National Association | 7(a) | 122 | 27 | $263K | 9.5% |
| Independent Bank | 7(a) | 102 | 66 | $365K | 8.62% |
| 4Front Credit Union | 7(a) | 95 | 29 | $175K | 7.75% |
| First Merchants Bank | 7(a) | 95 | 21 | $100K | 11.25% |
| Byline Bank | 7(a) | 84 | 17 | $995K | 9.12% |
| Nicolet National Bank | 7(a) | 77 | 2 | $469K | 5.25% |
| Oakland County Business Finance Corporation | 504 (CDC) | 74 | 18 | $466K | n/a |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big Michigan SBA loans run
Share of Michigan 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | MI | US |
|---|---|---|
| Under $150K | 51.8% | 40.4% |
| $150K to $500K | 28.2% | 31.9% |
| $500K to $1M | 9.5% | 12.9% |
| $1M and up | 10.4% | 14.9% |
Who gets funded in Michigan
Business age on Michigan 7(a) loans. 9.7% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | MI | US |
|---|---|---|
| Established, more than 2 years | 62% | 55.2% |
| New, 2 years or less | 11.5% | 16.9% |
| Startup, loan opens the business | 16.8% | 16.8% |
| Change of ownership (buying a business) | 9.7% | 11.1% |
Industries Michigan SBA lenders fund most
Share of all Michigan SBA loans by industry, and how that compares with the national mix.
| Industry | MI loans | Share | Compared with US |
|---|---|---|---|
| Construction | 1,971 | 13.9% | in line with national |
| Retail | 1,743 | 12.3% | in line with national |
| Restaurants and hotels | 1,719 | 12.2% | in line with national |
| Transportation and trucking | 1,534 | 10.8% | 2.0x the national share |
| Personal and repair services | 1,324 | 9.4% | in line with national |
| Healthcare | 1,154 | 8.2% | 0.8x the national share |
| Manufacturing | 1,068 | 7.6% | in line with national |
| Professional services | 961 | 6.8% | 0.7x the national share |
The most common specific business types funded in Michigan: general freight trucking, long-distance, truckload (850), full-service restaurants (635), limited-service restaurants (482), general freight trucking, local (386), residential remodelers (318), landscaping services (304).
Where in Michigan the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Oakland | 2,448 | 17% |
| Wayne | 2,060 | 15% |
| Kent | 1,460 | 10% |
| Macomb | 1,408 | 10% |
| Genesee | 576 | 4% |
| Ottawa | 559 | 4% |
| Washtenaw | 441 | 3% |
| Ingham | 334 | 2% |
7(a) or 504 in Michigan
7% of Michigan SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $513K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Michigan:
- Michigan Certified Development Corporation: 535 504 loans, median $549K
- Great Lakes Commercial Finance: 358 504 loans, median $475K
- Oakland County Business Finance Corporation: 74 504 loans, median $466K
- Business Development Corporation (BDC): 14 504 loans, median $317K
Michigan SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 1,481 | 156 | $629M |
| FY2021 | 1,861 | 195 | $1.0B |
| FY2022 | 1,869 | 175 | $880M |
| FY2023 | 2,310 | 120 | $849M |
| FY2024 | 2,504 | 120 | $1.0B |
| FY2025 | 2,117 | 140 | $996M |
| FY2026 (through June 30, 2026) | 1,006 | 89 | $621M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Michigan?
By funded loans since FY2020, The Huntington National Bank leads Michigan with 6,793 loans.
How big is a typical SBA loan in Michigan?
The median 7(a) loan in Michigan is $130K, and the middle half runs from $50K to $350K. The median 504 loan is $513K. Nationally the 7(a) median is $200K.
What interest rate do Michigan SBA borrowers get?
The median starting rate on Michigan 7(a) loans since FY2020 is 8.75%, against 9.25% nationally. 88% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Michigan?
Yes. 28% of Michigan 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Michigan. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.