Lending data
Who actually lends to healthcare practices in Michigan?
647 SBA 7(a) loans went to healthcare practices in Michigan recently, at a median of $160,700. Here are the lenders that made them, ranked.
647 SBA 7(a) loans went to healthcare practices in Michigan in the most recent fiscal years. The median was $160,700 over 10 years. The most active lender was The Huntington National Bank, with 264 loans.
What lending to healthcare practices 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 | Health care and social assistance, Michigan | All 7(a) borrowers |
|---|---|---|
| Loans approved | 647 | 214,102 |
| Median loan | $160,700 | $150,000 |
| 25th - 75th percentile | $61,500 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.75% | 10.25% |
| Share to startups | 33.7% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 3.8% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to healthcare practices 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 | 264 | $89,500 | 36% | 10.00% |
| Live Oak Banking Company | 38 | $775,000 | 24% | 9.25% |
| ChoiceOne Bank | 35 | $405,000 | 29% | 9.00% |
| Fifth Third Bank | 31 | $350,000 | 26% | 9.25% |
| Newtek Bank | 21 | $250,000 | 5% | 11.00% |
| JPMorgan Chase Bank | 19 | $200,000 | 16% | 11.50% |
| Celtic Bank Corporation | 16 | $150,000 | 25% | 10.25% |
| Bank of America | 14 | $458,000 | 86% | 6.42% |
| Northeast Bank | 14 | $92,050 | 0% | 10.38% |
| Readycap Lending, LLC | 11 | $50,000 | 9% | 14.50% |
What stands out in this market
Reading the figures above against the national picture:
- Loan sizes are typical. The median of $160,700 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- Startup share is about average, at 34% against 34% nationally.
- One lender dominates. The Huntington National Bank alone made 41% of these loans, and the top three made 52%. 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.
- Rates run lower here. The median initial rate of 9.75% is 0.50 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- This market has performed well. Its FY2010-2019 charge-off rate of 3.8% is below the 7.1% overall figure, which is part of why lenders compete for it.
Which of them lend to new businesses
Of those loans, 33.7% 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 | 96 | $89,500 | 36% | 10.00% |
| Bank of America | 12 | $458,000 | 86% | 6.42% |
| ChoiceOne Bank | 10 | $405,000 | 29% | 9.00% |
| Live Oak Banking Company | 9 | $775,000 | 24% | 9.25% |
| Fifth Third Bank | 8 | $350,000 | 26% | 9.25% |
| Community Choice CU | 5 | $1,308,950 | 62% | 9.25% |
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, trucking, professional services
- Healthcare in comparable states: Pennsylvania, New Jersey, Illinois, Georgia, Washington, Arizona