Lending data
Who actually lends to schools and training businesses in Michigan?
109 SBA 7(a) loans went to schools and training businesses in Michigan recently, at a median of $100,000. Here are the lenders that made them, ranked.
109 SBA 7(a) loans went to schools and training businesses in Michigan in the most recent fiscal years. The median was $100,000 over 10 years. The most active lender was The Huntington National Bank, with 50 loans.
What lending to schools and training businesses in Michigan actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Educational services, Michigan | All 7(a) borrowers |
|---|---|---|
| Loans approved | 109 | 214,102 |
| Median loan | $100,000 | $150,000 |
| 25th - 75th percentile | $50,000 - $301,750 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.92% | 10.25% |
| Share to startups | 45.0% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 8.6% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to schools and training businesses in Michigan. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 50 | $77,000 | 50% | 9.80% |
| Fifth Third Bank | 9 | $88,000 | 33% | 9.77% |
| First Merchants Bank | 6 | $50,000 | 0% | 12.00% |
| ChoiceOne Bank | 4 | $176,500 | 25% | 9.75% |
| Readycap Lending, LLC | 4 | $50,000 | 0% | 14.50% |
| Independent Bank | 3 | $240,000 | 100% | 9.50% |
| Live Oak Banking Company | 3 | $1,700,000 | 33% | 9.50% |
| Chelsea State Bank | 3 | $290,000 | 33% | 7.50% |
| Horizon Bank | 2 | $2,168,550 | 50% | 7.38% |
| United Midwest Savings Bank | 2 | $150,000 | 100% | 10.25% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run smaller than average. The median of $100,000 is 33% below the $150,000 national median. Smaller loans price higher under the SBA spread caps, so budget for a rate above the headline range.
- New businesses do well here. 45% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- One lender dominates. The Huntington National Bank alone made 46% of these loans, and the top three made 60%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
Which of them lend to new businesses
Of those loans, 45.0% went to businesses the SBA classes as startups — new, under two years old, or opening with the proceeds. These are the lenders in this market that actually wrote them.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 25 | $77,000 | 50% | 9.80% |
| Independent Bank | 3 | $240,000 | 100% | 9.50% |
| Fifth Third Bank | 3 | $88,000 | 33% | 9.77% |
| United Midwest Savings Bank | 2 | $150,000 | 100% | 10.25% |
| Laf Cu | 2 | $452,700 | 100% | 9.50% |
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year. See choosing an SBA lender.
- Check your coverage first with the affordability calculator so you ask for a number the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in Michigan: construction, retail, restaurants and hotels, personal services, healthcare, trucking
- Education in comparable states: Georgia, Pennsylvania, Maryland, Massachusetts, Washington, Virginia