Lending data
Who actually lends to restaurants, bars, and hotels in Michigan?
943 SBA 7(a) loans went to restaurants, bars, and hotels in Michigan recently, at a median of $204,700. Here are the lenders that made them, ranked.
943 SBA 7(a) loans went to restaurants, bars, and hotels in Michigan in the most recent fiscal years. The median was $204,700 over 10 years. The most active lender was The Huntington National Bank, with 421 loans.
What lending to restaurants, bars, and hotels 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 | Restaurants, bars, and hotels, Michigan | All 7(a) borrowers |
|---|---|---|
| Loans approved | 943 | 214,102 |
| Median loan | $204,700 | $150,000 |
| 25th - 75th percentile | $50,000 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.00% | 10.25% |
| Share to startups | 48.3% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 4.0% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to restaurants, bars, and hotels 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 | 421 | $50,000 | 45% | 10.50% |
| Fifth Third Bank | 43 | $185,000 | 33% | 9.50% |
| Oxford Bank | 32 | $300,000 | 94% | 10.25% |
| ChoiceOne Bank | 21 | $400,000 | 62% | 8.50% |
| Newtek Bank | 19 | $150,000 | 21% | 11.00% |
| Horizon Bank | 16 | $320,450 | 38% | 8.50% |
| Shoreham Bank | 15 | $2,880,000 | 53% | 9.50% |
| KeyBank | 13 | $50,000 | 69% | 10.75% |
| Community Choice CU | 13 | $677,800 | 85% | 9.50% |
| First Internet Bank of Indiana | 12 | $1,321,500 | 50% | 10.38% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run larger than average. The median of $204,700 is 36% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- New businesses do well here. 48% 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 45% of these loans, and the top three made 53%. 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.
- This market has performed well. Its FY2010-2019 charge-off rate of 4.0% 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, 48.3% 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 | 191 | $50,000 | 45% | 10.50% |
| Oxford Bank | 30 | $300,000 | 94% | 10.25% |
| Fifth Third Bank | 14 | $185,000 | 33% | 9.50% |
| ChoiceOne Bank | 13 | $400,000 | 62% | 8.50% |
| Community Choice CU | 11 | $677,800 | 85% | 9.50% |
| KeyBank | 9 | $50,000 | 69% | 10.75% |
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, personal services, healthcare, trucking, professional services
- Restaurants and Hotels in comparable states: Washington, Pennsylvania, Illinois, New Jersey, Georgia, North Carolina