11,647 SBA loans worth $4.8B went to Michigan businesses between October 2021 and June 2026, from 256 lenders. Huntington National Bank made the most 7(a) loans, 5,437 or 50% of the state's total, and the ten most active lenders made 70%. The median 7(a) loan was $127,500, below the national median of $158,000. Construction was the most financed industry, at 15% of loans. Annual loan count fell 0% from fiscal 2023 to fiscal 2025.
| # | Lender | Loans | Approved | Median loan | To startups | Most common borrower |
|---|---|---|---|---|---|---|
| 1 | Huntington National Bank Bank · Columbus, OH | 5,437 | $872.0M | $53,000 | 27% | Construction |
| 2 | Fifth Third Bank Bank · Cincinnati, OH | 483 | $289.6M | $231,500 | 19% | Retail |
| 3 | Newtek Bank Bank · Miami, FL | 308 | $130.1M | $199,000 | 15% | Professional and technical services |
| 4 | ChoiceOne Bank Bank · Sparta, MI | 304 | $173.3M | $326,100 | 32% | Health care and social assistance |
| 5 | Northeast Bank Bank · Portland, ME | 288 | $42.6M | $100,000 | 7% | Professional and technical services |
| 6 | Live Oak Banking Bank · Wilmington, NC | 204 | $256.2M | $775,000 | 21% | Health care and social assistance |
| 7 | Readycap Lending Non-bank lender · Berkeley Heights, NJ | 190 | $55.6M | $102,000 | 13% | Professional and technical services |
| 8 | JPMorgan Chase Bank Bank · Columbus, OH | 185 | $59.9M | $200,000 | 14% | Construction |
| 9 | BayFirst National Bank Bank · St. Petersburg, FL | 154 | $23.2M | $150,000 | 6% | Professional and technical services |
| 10 | Horizon Bank Bank · Michigan City, IN | 152 | $67.4M | $251,000 | 37% | Restaurants and hotels |
| 11 | First Internet Bank of Indiana Bank · Fishers, IN | 134 | $180.2M | $1,198,500 | 56% | Retail |
| 12 | Oxford Bank Bank · Oxford, MI | 128 | $56.8M | $315,000 | 47% | Restaurants and hotels |
| 13 | Independent Bank Bank · Grand Rapids, MI | 117 | $84.8M | $350,000 | 30% | Retail |
| 14 | Celtic Bank Bank · Salt Lake City, UT | 115 | $62.0M | $150,000 | 18% | Retail |
| 15 | Old National Bank Bank · Evansville, IN | 110 | $115.5M | $462,400 | 26% | Manufacturing |
| 16 | PNC Bank Bank · Wilmington, DE | 110 | $23.9M | $50,000 | 41% | Construction |
| 17 | KeyBank Bank · Cleveland, OH | 109 | $41.5M | $50,000 | 67% | Restaurants and hotels |
| 18 | United Midwest Savings Bank Bank · Degraff, OH | 102 | $27.8M | $150,000 | 85% | Construction |
| 19 | First Merchants Bank Bank · Muncie, IN | 80 | $31.3M | $50,000 | 12% | Retail |
| 20 | Newtek Small Business Finance Non-bank lender · Lake Success, NY | 71 | $43.0M | $252,000 | 17% | Other services (repair, personal care) |
| 21 | Byline Bank Bank · Chicago, IL | 68 | $82.0M | $910,000 | 34% | Retail |
| 22 | 4Front Credit Union Credit union · Traverse City, MI | 64 | $19.0M | $155,000 | 39% | Retail |
| 23 | Bank of America Bank · Charlotte, NC | 61 | $27.6M | $306,100 | 31% | Health care and social assistance |
| 24 | Community Choice CU Credit union · Farmington Hills, MI | 60 | $35.9M | $345,000 | 40% | Restaurants and hotels |
| 25 | Bank Michigan Bank · Brooklyn, MI | 58 | $50.3M | $350,000 | 22% | Other services (repair, personal care) |
| # | Certified development company | Loans | SBA portion approved | Median |
|---|---|---|---|---|
| 1 | Michigan Certified Development East Lansing, MI | 370 | $355.1M | $598,500 |
| 2 | Great Lakes Commercial Finance Grandville, MI | 251 | $231.6M | $588,000 |
| 3 | Oakland County Business Finance Waterford, MI | 54 | $42.0M | $486,500 |
| 4 | Business Development Corporation (BDC) South Bend, IN | 14 | $4.9M | $280,500 |
| 5 | Small Business Growth Springfield, IL | 3 | $4.2M | $616,000 |
| 6 | WBD Madison, WI | 2 | $1.2M | $591,000 |
| 7 | Alloy Development Co. Cincinnati, OH | 1 | $1.7M | $1,653,000 |
| 8 | Northwest Ohio Development Assistance Toledo, OH | 1 | $1.1M | $1,105,000 |
| 9 | Mortgage Capital Development Oakland, CA | 1 | $1.4M | $1,395,000 |
| 10 | Racine County Economic Development Sturtevant, WI | 1 | $220K | $220,000 |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Construction | 1,702 | $100,000 | Huntington National Bank | |
| Restaurants and hotels | 1,430 | $249,250 | Huntington National Bank | |
| Retail | 1,384 | $200,000 | Huntington National Bank | |
| Other services (repair, personal care) | 1,143 | $120,000 | Huntington National Bank | |
| Transportation and warehousing | 1,065 | $55,000 | Huntington National Bank | |
| Health care and social assistance | 979 | $200,000 | Huntington National Bank | |
| Professional and technical services | 833 | $150,000 | Huntington National Bank | |
| Manufacturing | 818 | $209,500 | Huntington National Bank | |
| Administrative and support services | 676 | $107,000 | Huntington National Bank | |
| Arts, entertainment and recreation | 415 | $188,500 | Huntington National Bank | |
| Wholesale trade | 405 | $200,000 | Huntington National Bank | |
| Real estate and rental | 237 | $169,000 | Huntington National Bank |
| City | Loans | Approved | Median loan | Most active lender |
|---|---|---|---|---|
| Grand Rapids | 729 | $309.6M | $110,000 | Huntington National Bank |
| Detroit | 477 | $236.6M | $150,000 | Huntington National Bank |
| Troy | 219 | $111.8M | $180,000 | Huntington National Bank |
| Ann Arbor | 203 | $101.0M | $189,000 | Huntington National Bank |
| Dearborn | 196 | $53.1M | $89,000 | Huntington National Bank |
| Sterling Heights | 188 | $51.7M | $90,000 | Huntington National Bank |
| Traverse City | 174 | $82.1M | $205,500 | Huntington National Bank |
| Lansing | 173 | $69.0M | $150,000 | Huntington National Bank |
| Farmington | 171 | $58.0M | $150,000 | Huntington National Bank |
| Canton | 166 | $54.5M | $90,450 | Huntington National Bank |
| Livonia | 165 | $83.6M | $200,000 | Huntington National Bank |
| Southfield | 158 | $63.5M | $140,000 | Huntington National Bank |
| Holland | 158 | $87.4M | $166,500 | Huntington National Bank |
| Rochester | 154 | $70.7M | $200,000 | Huntington National Bank |
| Utica | 151 | $51.7M | $150,000 | Huntington National Bank |
105 Michigan cities and suburbs with at least 25 SBA loans since October 2021. Search any zip code at the top of the page.