SBA data · Michigan
SBA lending in Michigan
39,327 loans worth $14.16B have been approved for Michigan projects since FY2010 - the #11 state by SBA dollars, 2.8% of the national total.
State rank
#11
by dollars approved
Approved
$14.16B
FY2010 onward
Loans
39,327
Median loan
$125,000
-31% vs national
Median 7(a) rate
6.25%
Jobs supported
385,430
Lender-reported
Source: U.S. Small Business Administration, SBA 7(a) and 504 FOIA data, as of 2026-06-30. Approvals from FY2010 onward. How we calculate this.
Who lends here
The most active SBA lenders in Michigan
Ranked by dollars approved for projects in this state. Ranking is computed from federal data and cannot be purchased.
| # | Lender | Approved in MI | Loans | Avg loan | Share |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | $3.36B | 18,568 | $181,093 | |
| 2 | Michigan Certified Development Corporation | $1.17B | 1,766 | $664,193 | |
| 3 | Fifth Third Bank | $850.3M | 1,812 | $469,259 | |
| 4 | Great Lakes Commercial Finance | $611.5M | 981 | $623,393 | |
| 5 | Live Oak Banking Company | $586.2M | 451 | $1,299,795 | |
| 6 | ChoiceOne Bank | $414.1M | 757 | $547,090 | |
| 7 | Old National Bank | $308.5M | 399 | $773,263 | |
| 8 | JPMorgan Chase Bank | $308.2M | 1,627 | $189,423 | |
| 9 | Byline Bank | $224.1M | 208 | $1,077,536 | |
| 10 | First Internet Bank of Indiana | $215.7M | 160 | $1,347,991 | |
| 11 | First Merchants Bank | $207.4M | 409 | $507,205 | |
| 12 | Oakland County Business Finance Corporation | $197.5M | 329 | $600,216 |
By sector in Michigan
- Restaurants & Hotels4,812 · $2.39B
- Retail3,529 · $1.52B
- Health Care3,321 · $1.34B
- Other Services3,282 · $1.07B
- Construction4,276 · $957.2M
- Professional Services2,795 · $886.6M
- Wholesale1,418 · $633.4M
- Arts & Recreation1,225 · $599.9M
- Transportation5,030 · $590.1M
- Administrative & Waste1,786 · $532.8M
- Real Estate813 · $448.8M
- Manufacturing728 · $287.5M
Most-financed industries
Approvals by fiscal year
Gross approval dollars in Michigan. The final bar is a partial fiscal year.
Loan sizes in Michigan
- Under $50K24%
- $50K - $150K28%
- $150K - $350K20%
- $350K - $1M18%
- $1M - $2M6%
- Over $2M3%
SBA lending in Michigan: common questions
- How many SBA loans are approved in Michigan?
- 39,327 SBA 7(a) and 504 loans totalling $14,162,156,000 have been approved for projects in Michigan since fiscal year 2010, ranking it #11 among states and territories by dollars approved - 2.8% of all SBA lending nationally.
- Which lenders make the most SBA loans in Michigan?
- By dollars approved in Michigan, the most active lenders are The Huntington National Bank, Michigan Certified Development Corporation, Fifth Third Bank, Great Lakes Commercial Finance, Live Oak Banking Company. Volume is not a recommendation - a lender's fit depends on your industry, loan size, and credit profile.
- What is the typical SBA loan size in Michigan?
- The median gross approval in Michigan is $125,000, 31% below the national median of $180,000. Half of all loans in the state fall between $25,000 and $930,000.
- Do I need to use a lender based in Michigan?
- No. SBA lenders can and routinely do lend across state lines, and several of the largest national 7(a) lenders have no branch presence at all. The lenders listed on this page are those with the most approved dollars for projects located in Michigan, wherever they are headquartered.
Source: U.S. Small Business Administration, SBA 7(a) and 504 FOIA data, as of 2026-06-30. Approvals from FY2010 onward. How we calculate this.
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