States › Michigan › Monroe County
County15th of 83 in Michigan by approvalsFIPS 26115
SBA loans in Monroe County, Michigan
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Monroe County, Michigan, received 164 SBA loan approvals worth $64.5M in FY2021 to FY2025 (157 7(a), 7 504).
That is 68.5 approvals per 1,000 business establishments (2,395 establishments in 2023), above the Michigan figure of 55.8 and above the national 41.0.
It ranks 15th of 83 Michigan counties with approvals. In FY2025 there were 33, down 33% on FY2024.
37 lenders had approvals here; the most active were The Huntington National Bank (76), KeyBank National Association (12) and First Merchants Bank (12). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Monroe County
By number of approvals to businesses in the county, FY2021–FY2025; 37 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 76 | $18.1M | 46.3% | |
| 2 | KeyBank National AssociationCleveland, OH | 12 | $2.6M | 7.3% | |
| 3 | First Merchants BankIndianapolis, IN | 12 | $1.4M | 7.3% | |
| 4 | Live Oak Banking CompanyWilmington, NC | 5 | $5.5M | 3.0% | |
| 5 | Great Lakes Commercial FinanceGrandville, MI · CDC | 5 | $2.2M | 3.0% | |
| 6 | Celtic Bank CorporationSalt Lake City, UT | 4 | $4.1M | 2.4% | |
| 7 | Horizon BankMichigan City, IN | 4 | $2.6M | 2.4% | |
| 8 | Readycap Lending, LLCBerkeley Heights, NJ | 4 | $1.5M | 2.4% | |
| 9 | United Midwest Savings Bank National AssociationDe Graff, OH | 3 | $1.3M | 1.8% | |
| 10 | BayFirst National BankSaint Petersburg, FL | 3 | $312K | 1.8% | |
| 11 | PNC Bank, National AssociationWilmington, DE | 3 | $130K | 1.8% | |
| 12 | Byline BankChicago, IL | 2 | — | 1.2% | |
| 13 | United FCUSaint Joseph, MI | 2 | — | 1.2% | |
| 14 | Bank Five NineOconomowoc, WI | 2 | — | 1.2% | |
| 15 | Bank MichiganBrooklyn, MI | 2 | — | 1.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 23 | 14.0% | |
| 2 | General Freight TruckingNAICS 4841 | 11 | 6.7% | |
| 3 | Beer, Wine, and Liquor StoresNAICS 4453 | 10 | 6.1% | |
| 4 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 9 | 5.5% | |
| 5 | Other Specialty Trade ContractorsNAICS 2389 | 9 | 5.5% | |
| 6 | Building Equipment ContractorsNAICS 2382 | 8 | 4.9% | |
| 7 | Other Amusement and Recreation IndustriesNAICS 7139 | 7 | 4.3% | |
| 8 | Residential Building ConstructionNAICS 2361 | 7 | 4.3% | |
| 9 | Services to Buildings and DwellingsNAICS 5617 | 6 | 3.7% | |
| 10 | Other Animal ProductionNAICS 1129 | 4 | 2.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 37 | 22.6% | |
| 2 | Accommodation and Food Services | 24 | 14.6% | |
| 3 | Retail Trade | 21 | 12.8% | |
| 4 | Transportation and Warehousing | 15 | 9.1% | |
| 5 | Manufacturing | 10 | 6.1% | |
| 6 | Arts, Entertainment, and Recreation | 10 | 6.1% | |
| 7 | Professional, Scientific, and Technical Services | 10 | 6.1% | |
| 8 | Health Care and Social Assistance | 9 | 5.5% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 17 | $15.1M | $350K | 0 | — | 17 | 111 |
| FY2025 | 33 | $13.2M | $200K | 0 | — | 33 | 371 |
| FY2024 | 48 | $17.7M | $101K | 1 | — | 49 | 414 |
| FY2023 | 31 | $6.2M | $72K | 3 | $1.7M | 34 | 234 |
| FY2022 | 26 | $12.7M | $194K | 0 | — | 26 | 140 |
| FY2021 | 19 | $8.7M | $250K | 3 | $4.1M | 22 | 323 |
| FY2020 | 24 | $11.0M | $121K | 1 | — | 25 | 134 |
| FY2019 | 23 | $10.4M | $90K | 0 | — | 23 | 197 |
| FY2018 | 31 | $10.9M | $75K | 0 | — | 31 | 259 |
| FY2017 | 31 | $3.2M | $50K | 0 | — | 31 | 174 |
| FY2016 | 32 | $7.8M | $90K | 3 | $809K | 35 | 258 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 145 approvals.
Against Michigan and the country
| FY2021–FY2025 | Monroe County | Michigan | United States |
|---|---|---|---|
| Approvals | 164 | 12,809 | 342,825 |
| Approvals per 1,000 establishments | 68.5 | 55.8 | 41.0 |
| Median 7(a) approval | $129K | $125K | $190K |
| Median 504 approval | $491K | $540K | $657K |
| Average approval | $393K | $415K | $573K |
| 504 share of approvals | 4.3% | 6.7% | 11.0% |
| Jobs supported per approval, as reported | 9.0 | 9.4 | 10.5 |
| Share of state approvals | 1.3% | 100.0% | — |
Approval sizes
- $50,000 or less31.7%52
- $50,001 to $150,00023.2%38
- $150,001 to $350,00014.6%24
- $350,001 to $1 million17.7%29
- $1 million to $2 million9.8%16
- Over $2 million3.0%5
Age of the businesses
- Existing, more than 2 years old55.5%91
- New business, 2 years or less14.6%24
- Startup, loan funds will open the business20.7%34
- Change of ownership7.9%13
- Not answered1.2%2
Questions and answers
Which lenders make the most SBA loans in Monroe County?
By approvals in FY2021 to FY2025: The Huntington National Bank (76), KeyBank National Association (12), First Merchants Bank (12), Live Oak Banking Company (5), Great Lakes Commercial Finance (5). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Monroe County?
The median 7(a) approval was $129K and the median 504 approval $491K; the Michigan 7(a) median was $125K.
Which industries get the most SBA loans in Monroe County?
Restaurants and Other Eating Places (23); General Freight Trucking (11); Beer, Wine, and Liquor Stores (10); Foundation, Structure, and Building Exterior Contractors (9); Other Specialty Trade Contractors (9).
Is SBA lending in Monroe County rising?
Approvals in the three latest complete fiscal years total 116, against 73 in the three before: rising (+59%).
How does Monroe County compare with the rest of Michigan?
68.5 approvals per 1,000 establishments against 55.8 statewide, and 164 of the state's 12,809 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error