State lending data
SBA lending in Michigan
7,937 SBA 7(a) loans went to businesses in Michigan recently, at a median of $130,000. The lenders that made them, what they charged, and how the state is trending.
7,937 SBA 7(a) loans went to businesses in Michigan in the most recent fiscal years, at a median of $130,000. The most active lender in the state was The Huntington National Bank, with 3,963 loans. Approvals are down 35.9% on the year.
SBA lending in Michigan, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Michigan, not advertised ranges.
| Measure | Michigan | National |
|---|---|---|
| Loans approved | 7,937 | 214,102 |
| Total approved | $3.0 billion | $104.1 billion |
| Median loan | $130,000 | $150,000 |
| 25th – 75th percentile | $50,000 – $350,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.00% | 10.25% |
| Share to startups | 29.3% | 33.6% |
| Charge-off rate, FY2010–19 | 5.2% | 7.1% |
| Jobs supported | 72,203 | 2,142,602 |
| Counties with recorded lending | 80 | — |
| Lenders active in the state | 213 | — |
Is SBA lending in Michigan growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Michigan went from 1,333 to 855 loans, down 35.9% — while the dollars approved went from $517.7 million to $468.9 million, down 9.4%. The average approval rose from $388,343 to $548,437, so the change is weighted toward larger loans.
Michigan is falling harder than most of the country: 48th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Michigan | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 2,310 | 51,747 | 4.5% |
| FY2024 | 2,504 | 62,618 | 4.0% |
| FY2025 | 2,117 | 64,096 | 3.3% |
| FY2026 (part year) | 1,006 | 35,641 | 2.8% |
Which lenders actually fund businesses in Michigan
Ranked by loans approved inside Michigan. The median, startup share and rate columns describe each lender's own Michigan loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 3,963 | $50,200 | 28% | 10.25% |
| Fifth Third Bank | 355 | $250,000 | 20% | 9.50% |
| Newtek Bank | 208 | $175,000 | 15% | 11.25% |
| ChoiceOne Bank | 205 | $350,000 | 31% | 9.00% |
| JPMorgan Chase Bank | 159 | $200,000 | 11% | 11.05% |
| Readycap Lending, LLC | 151 | $100,000 | 13% | 13.25% |
| Live Oak Banking Company | 151 | $725,000 | 24% | 9.25% |
| Northeast Bank | 148 | $100,000 | 4% | 10.75% |
| Horizon Bank | 131 | $252,000 | 35% | 8.50% |
| BayFirst National Bank | 129 | $150,000 | 6% | 12.25% |
| First Internet Bank of Indiana | 97 | $1,204,000 | 56% | 10.50% |
| Celtic Bank Corporation | 96 | $150,000 | 14% | 10.25% |
What stands out about Michigan
Reading the state's own figures against the national picture:
- Loans here run smaller than average. The median of $130,000 is 13% below the $150,000 national median. Smaller loans usually price higher under the SBA spread caps, though that has not happened here: the median rate in this market is 10.00% against 10.25% nationally.
- Startup share is close to average, at 29.3% against 33.6% nationally.
Who borrows in Michigan
The industry mix of SBA borrowers here, led by construction.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Construction | 1,248 | 15.7% | $100,000 | 16% |
| Retail | 1,006 | 12.7% | $182,500 | 32% |
| Restaurants and Hotels | 943 | 11.9% | $204,700 | 48% |
| Personal Services | 769 | 9.7% | $100,000 | 32% |
| Healthcare | 647 | 8.2% | $160,700 | 34% |
| Trucking | 639 | 8.1% | $50,300 | 21% |
| Professional Services | 596 | 7.5% | $150,000 | 18% |
| Manufacturing | 549 | 6.9% | $178,000 | 29% |
| Admin Services | 472 | 5.9% | $100,000 | 31% |
| Arts and Recreation | 305 | 3.8% | $175,000 | 52% |
| Wholesale | 243 | 3.1% | $175,000 | 14% |
| Real Estate | 135 | 1.7% | $135,000 | 30% |
Where the money goes in Michigan
SBA lending is more concentrated than state totals suggest, and Oakland County alone accounts for 19% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Oakland County | 1,469 | $150,000 | $604.6 million |
| Wayne County | 1,266 | $150,000 | $531.2 million |
| Kent County | 776 | $100,000 | $258.3 million |
| Macomb County | 754 | $105,600 | $247.4 million |
| Genesee County | 310 | $120,000 | $105.6 million |
| Ottawa County | 287 | $121,800 | $125.0 million |
| Washtenaw County | 278 | $150,000 | $123.0 million |
| Ingham County | 195 | $200,000 | $76.0 million |
| Livingston County | 170 | $150,000 | $84.4 million |
| Saginaw County | 149 | $100,000 | $53.2 million |
| Kalamazoo County | 145 | $150,000 | $61.7 million |
| Grand Traverse County | 129 | $126,900 | $51.8 million |
SBA 504 in Michigan
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Michigan 504 | National 504 |
|---|---|---|
| Projects approved | 469 | 22,192 |
| Median CDC share | $605,000 | $730,000 |
| Median total project | $1,348,792 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Michigan
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Michigan is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Ohio, New Jersey, New York, Pennsylvania, Texas, Illinois, California, Florida
Questions people actually ask
How many SBA loans are approved in Michigan each year?
7,937 SBA 7(a) loans were approved to businesses in Michigan across fiscal years 2023 to 2026, using data released June 2026, worth $3.0 billion in total. Over the most recent comparable months the number of approvals ran down 35.9% year on year, while the dollars approved ran down 9.4%.
Which bank approves the most SBA loans in Michigan?
The Huntington National Bank, with 3,963 loans approved to businesses in the state and a median loan of $50,200. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Michigan?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.