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Michigan · Finance & Insurance
SBA loans for finance & insurance in Michigan
595 loans worth $238.8M approved since FY2010 for finance and insurance projects located in Michigan.
Loans
595
Approved
$238.8M
Median loan
$180,000
-10% vs sector nationally
Median rate
6.50%
Jobs supported
3,692
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.
Lenders
Who lends to finance & insurance in Michigan
| Lender | Loans | Approved | Share |
|---|---|---|---|
| Live Oak Banking Company | 59 | $64.1M | |
| The Huntington National Bank | 160 | $29.0M | |
| Michigan Certified Development Corporation | 37 | $14.6M | |
| Fifth Third Bank | 43 | $13.6M | |
| Byline Bank | 12 | $11.1M | |
| Newtek Bank | 6 | $8.5M | |
| Great Lakes Commercial Finance | 21 | $8.2M | |
| United Midwest Savings Bank | 3 | $6.1M |
Detail
Which industries inside the sector
An SBA 7(a) lender for loans this size
The median SBA loan approved for finance & insurance in Michigan since FY2010 was $180,000. SmartBiz makes SBA 7(a) loans up to $500,000. It is shown here as a separate, labelled option, outside the data rankings on this page. You apply on their site - we do not take applications and never see your information.
Check options with SmartBizWe may be paid if you apply through this link. It does not change what we publish, and no lender can buy a place in our rankings. Details.
All SBA lending in Michigan
39,327 loans across every sector.
Finance & Insurance nationally
18,357 loans across all states.
How SBA 7(a) works
Eligibility, caps, fees, and the timeline.
Common questions
- How many SBA loans go to finance & insurance businesses in Michigan?
- 595 SBA loans totalling $238,802,000 have been approved for finance and insurance projects in Michigan since FY2010.
- Which lenders finance finance & insurance in Michigan?
- The most active by dollars approved are Live Oak Banking Company, The Huntington National Bank, Michigan Certified Development Corporation, Fifth Third Bank. Several are national lenders with no local branch - SBA lending crosses state lines freely.
- What is a typical loan size for finance & insurance in Michigan?
- The median approval is $180,000, 10% below the national median for this sector ($200,000).
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