Lenders approved 5,914 SBA 7(a) loans worth $2.54B for Michigan businesses in fiscal years 2024 through 2026, net of cancellations. That ranks 9th of 52 by number of loans and 13th by dollars. The median loan was $150K at a median starting rate of 10.25%. In FY2026 alone, lenders approved 1,486 Michigan loans for $846M before cancellations.
What stands out in Michigan
One lender dominates
The Huntington National Bank approved 2,678 of Michigan's 5,914 SBA 7(a) loans in FY2024 to FY2026, a 45.3% share. The top three lenders together made 52.7%. Nationally, the same bank holds 10.3% of all 7(a) loans. In practice, a Michigan business shopping for an SBA loan is likely to meet this bank first, so comparing at least one other lender's terms matters more here than in most states.
A steeper FY2026 drop than the country
Michigan approvals went from 2,481 in FY2025 to 1,486 in FY2026 (−40.1%), against −28.1% nationally. Dollar volume moved from $982M to $846M, so the fall was concentrated in smaller loans: the median Michigan loan was $250K in FY2026 against $100K in FY2024.
Transportation and trucking stands out
Transportation and trucking accounted for 6.8% of Michigan's 7(a) loans (403 loans), 1.5 times its 4.6% national share. The median transportation and trucking loan in Michigan was $53K at a median rate of 10.50%.
Lower charge-offs on older loans
Of the 3,335 Michigan 7(a) loans approved in FY2020 and FY2021, 2.4% had been charged off by September 2026, against 3.7% nationally. Measured in dollars, 0.9% of the amount approved was charged off (1.0% nationally).
Top SBA 7(a) lenders in Michigan
| Lender | Loans | Share of state |
|---|---|---|
| 1. The Huntington National Bank | 2,678 | 45.3% |
| 2. Fifth Third Bank | 249 | 4.2% |
| 3. Newtek Bank, National Association | 188 | 3.2% |
| 4. Live Oak Banking Company | 148 | 2.5% |
| 5. Readycap Lending, LLC | 139 | 2.4% |
| 6. ChoiceOne Bank | 135 | 2.3% |
| 7. Northeast Bank | 132 | 2.2% |
| 8. JPMorgan Chase Bank, National Association | 125 | 2.1% |
| 9. Horizon Bank | 123 | 2.1% |
| 10. Independent Bank | 97 | 1.6% |
Michigan SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 2,715 | 2,481 | 1,486 |
| Dollars approved | $971M | $982M | $846M |
| Loans not cancelled | 2,503 | 2,107 | 1,304 |
| Median loan | $100K | $150K | $250K |
| Median rate | 10.50% | 9.77% | 9.25% |
| Loans of $150K or less | 62.7% | 54.2% | 38.7% |
| SBA Express share | 43.9% | 34.0% | 33.1% |
FY2026 approvals in Michigan changed by −40.1% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Michigan SBA loan looks like
| FY2024-FY2026, not cancelled | Michigan | United States |
|---|---|---|
| Median loan | $150K | $175K |
| Average loan | $430K | $508K |
| Median starting rate | 10.25% | 10.25% |
| Variable-rate loans | 90.9% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 54.4% | 49.0% |
| Loans of $500K or less | 80.7% | 76.9% |
| Loans of $1M or more | 11.6% | 13.6% |
| Startups (loan opens the business) | 17.8% | 16.1% |
| Startups and businesses 2 years old or less | 28.2% | 32.0% |
| Change of ownership (buying a business) | 11.8% | 10.9% |
| Franchise businesses | 9.5% | 11.0% |
| SBA Express loans | 38.0% | 35.8% |
| Jobs supported (reported at approval) | 56,970 | 1,733,816 |
Most frequent franchise brands among Michigan 7(a) loans: Biggby Coffee (23), The UPS Store (11), The Back Nine (10).
Industries that borrow most in Michigan
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 936 | 15.8% | $110K | 10.50% |
| Retail | 737 | 12.5% | $200K | 10.00% |
| Restaurants and hotels | 732 | 12.4% | $250K | 10.00% |
| Other services (repair, personal care) | 582 | 9.8% | $117K | 10.12% |
| Health care | 514 | 8.7% | $175K | 9.75% |
| Professional services | 457 | 7.7% | $150K | 10.50% |
| Transportation and trucking | 403 | 6.8% | $53K | 10.50% |
| Manufacturing | 394 | 6.7% | $226K | 10.00% |
Where in Michigan the loans go
| County | Loans |
|---|---|
| Oakland | 1,077 |
| Wayne | 925 |
| Macomb | 568 |
| Kent | 560 |
| Ottawa | 230 |
| Genesee | 219 |
| Washtenaw | 213 |
| Ingham | 149 |
| City | Loans |
|---|---|
| Grand Rapids | 321 |
| Detroit | 259 |
| Troy | 118 |
| Ann Arbor | 117 |
| Dearborn | 101 |
| Sterling Heights | 97 |
| Holland | 85 |
| Traverse City | 81 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Michigan
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Michigan | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 383 | 18,076 |
| 504 dollars | $375M | $20.82B |
| Median 504 loan | $619K | $742K |
| Jobs supported (reported at approval) | 3,820 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Michigan Certified Development Corporation | 196 |
| Great Lakes Commercial Finance | 143 |
| Oakland County Business Finance Corporation | 27 |
| Business Development Corporation (bdc) | 11 |
How older loans performed
Of the 3,335 SBA 7(a) loans approved for Michigan businesses in FY2020 and FY2021 (not cancelled), 81 had been charged off by September 30, 2026: 2.4% by count and 0.9% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Michigan
Michigan loans are overseen by the SBA Michigan District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Michigan
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in Michigan.
Frequently asked questions
How many SBA loans were made in Michigan?
Lenders approved 2,715 SBA 7(a) loans for Michigan businesses in FY2024, 2,481 in FY2025 and 1,486 in FY2026, before cancellations. Net of cancelled loans, the three years total 5,914 loans worth $2.54B, plus 383 SBA 504 loans worth $375M.
Which banks make the most SBA loans in Michigan?
In FY2024 to FY2026 the most active 7(a) lenders in Michigan were The Huntington National Bank (2,678 loans, 45.3%), Fifth Third Bank (249 loans, 4.2%), Newtek Bank, National Association (188 loans, 3.2%).
What is the typical SBA loan size and rate in Michigan?
The median 7(a) loan in Michigan was $150K and the average was $430K. The median starting interest rate was 10.25%, 90.9% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Michigan by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Pennsylvania, Illinois, Washington, Georgia, or see all states.