Lenders › ChoiceOne Bank
7(a) lenderSparta, MichiganFDIC-insured bank97th of 2,184 by approvals
ChoiceOne Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
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.
ChoiceOne Bank (Sparta, Michigan) is an FDIC-insured bank in the SBA 7(a) program, 97th of 2,184 by approvals in FY2021 to FY2025: 392 loans worth $254M.
In FY2025, the latest complete fiscal year, it had 34 approvals totalling $20.6M, down 53% on FY2024 (72). FY2026 to 30 Jun 2026 adds 27 more.
The median approval was $350K, against $190K for the 7(a) program as a whole; 26.5% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 2 states and territories and 30 counties, led by Michigan (98.0%) and Ohio (2.0%). The largest industry group was health care and social assistance at 16.1% of approvals, and 4.6% of approvals were to franchise businesses.
Of 401 disbursed loans approved in FY2010 to FY2021, SBA records 2 as charged off (0.5%), 287 as paid in full and 112 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
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. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 27 | $18.2M | $400K | $673K | 467 |
| FY2025 | 34 | $20.6M | $425K | $605K | 809 |
| FY2024 | 72 | $45.5M | $300K | $631K | 1,517 |
| FY2023 | 89 | $48.0M | $315K | $539K | 1,293 |
| FY2022 | 89 | $45.9M | $300K | $515K | 1,626 |
| FY2021 | 108 | $93.7M | $500K | $867K | 2,578 |
| FY2020 | 51 | $27.0M | $310K | $529K | 912 |
| FY2019 | 56 | $19.4M | $145K | $346K | 743 |
| FY2018 | 56 | $25.8M | $191K | $460K | 993 |
| FY2017 | 36 | $15.6M | $143K | $435K | 532 |
| FY2016 | 33 | $13.5M | $173K | $410K | 262 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 232 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Michigan | 7(a) program |
|---|---|---|---|
| Approvals in these years | 455 | 25,129 | 639,905 |
| Cancelled or never disbursed | 54 | 3,087 | 79,313 |
| Disbursed loans | 401 | 22,042 | 560,592 |
| Paid in full | 287 | 17,774 | 435,813 |
| Charged off | 2 | 1,035 | 36,891 |
| Still outstanding (status exempt from disclosure) | 112 | 3,233 | 87,888 |
| Charged off, share of disbursed loans | 0.5% | 4.7% | 6.6% |
| Dollars charged off, share of disbursed dollars | 0.1% | 2.0% | 2.5% |
| Dollars charged off | $165K | $136M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 82 | 38 | 0 | 0.0% | 2.8% |
| FY2020 | 46 | 26 | 0 | 0.0% | 4.0% |
| FY2019 | 53 | 35 | 0 | 0.0% | 6.7% |
| FY2018 | 49 | 35 | 0 | 0.0% | 7.9% |
| FY2017 | 34 | 28 | 1 | 2.9% | 7.7% |
| FY2016 | 33 | 28 | 0 | 0.0% | 7.2% |
| FY2015 | 22 | 18 | 0 | — | 6.9% |
| FY2014 | 36 | 34 | 0 | 0.0% | 6.4% |
| FY2013 | 20 | 19 | 1 | — | 6.0% |
| FY2012 | 14 | 14 | 0 | — | 6.3% |
| FY2011 | 6 | 6 | 0 | — | 6.9% |
| FY2010 | 6 | 6 | 0 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $350K | $190K |
| Average approval | $647K | $518K |
| Approvals of $150,000 or less | 26.5% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 32.9% | 34.3% |
| Approvals to franchise businesses | 4.6% | 11.5% |
| Jobs supported per approval, as reported | 20.0 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 0.5% | 6.6% |
States served
| # | State of the business (2 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Michigan | 384 | $248M | 98.0% | |
| 2 | Ohio | 8 | $5.7M | 2.0% |
In Michigan the lender accounts for 3.2% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (30 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Genesee County, MI | 87 | $43.8M | 22.2% | |
| 2 | Oakland County, MI | 67 | $53.4M | 17.1% | |
| 3 | Saginaw County, MI | 45 | $21.7M | 11.5% | |
| 4 | Wayne County, MI | 41 | $43.3M | 10.5% | |
| 5 | Livingston County, MI | 25 | $15.2M | 6.4% | |
| 6 | Macomb County, MI | 21 | $18.6M | 5.4% | |
| 7 | Shiawassee County, MI | 15 | $4.3M | 3.8% | |
| 8 | Kent County, MI | 14 | $8.3M | 3.6% | |
| 9 | Bay County, MI | 10 | $3.3M | 2.6% | |
| 10 | Ingham County, MI | 10 | $3.2M | 2.6% | |
| 11 | Muskegon County, MI | 9 | $4.4M | 2.3% | |
| 12 | Ottawa County, MI | 5 | $6.9M | 1.3% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Health Care and Social Assistance | 63 | 16.1% | |
| 2 | Construction | 58 | 14.8% | |
| 3 | Retail Trade | 56 | 14.3% | |
| 4 | Manufacturing | 41 | 10.5% | |
| 5 | Accommodation and Food Services | 36 | 9.2% | |
| 6 | Other Services (except Public Administration) | 31 | 7.9% | |
| 7 | Transportation and Warehousing | 21 | 5.4% | |
| 8 | Real Estate and Rental and Leasing | 20 | 5.1% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 28 | 7.1% | |
| 2 | Building Equipment ContractorsNAICS 2382 | 27 | 6.9% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 19 | 4.8% | |
| 4 | Automotive Repair and MaintenanceNAICS 8111 | 16 | 4.1% | |
| 5 | General Freight TruckingNAICS 4841 | 14 | 3.6% | |
| 6 | Child Day Care ServicesNAICS 6244 | 14 | 3.6% | |
| 7 | Utility System ConstructionNAICS 2371 | 11 | 2.8% | |
| 8 | Services to Buildings and DwellingsNAICS 5617 | 11 | 2.8% | |
| 9 | Lessors of Real EstateNAICS 5311 | 10 | 2.6% | |
| 10 | Nursing Care Facilities (Skilled Nursing Facilities)NAICS 6231 | 9 | 2.3% |
Approval sizes
- $50,000 or less11.5%45
- $50,001 to $150,00015.1%59
- $150,001 to $350,00025.0%98
- $350,001 to $1 million32.1%126
- $1 million to $2 million9.7%38
- Over $2 million6.6%26
Loan terms
- 5 years or less5.4%21
- Over 5 to 10 years56.9%223
- Over 10 to 20 years8.9%35
- Over 20 years28.8%113
Age of the businesses
- Existing, more than 2 years old59.4%233
- New business, 2 years or less15.6%61
- Startup, loan funds will open the business17.3%68
- Change of ownership7.7%30
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 201 | 51.3% | |
| 2 | SBA Express Program | 137 | 34.9% | |
| 3 | 7a General | 29 | 7.4% | |
| 4 | Working Capital CAPLine | 24 | 6.1% | |
| 5 | Contract CAPLine | 1 | 0.3% |
Franchise share
18 of 392 approvals in FY2021–FY2025 (4.6%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Little Caesars | 5 | 1.3% | |
| 2 | The Learning Experience | 3 | 0.8% | |
| 3 | Servpro | 2 | 0.5% | |
| 4 | Ace Hardware | 2 | 0.5% | |
| 5 | Crumbl | 2 | 0.5% | |
| 6 | Beyond Juicery + Eatery | 2 | 0.5% | |
| 7 | Biggby Coffee | 1 | 0.3% | |
| 8 | Dairy Queen Operating Agreement | 1 | 0.3% |
Questions and answers
How many SBA loans does ChoiceOne Bank make?
SBA approved 34 7(a) loans through ChoiceOne Bank in FY2025, worth $20.6M, and 392 over FY2021 to FY2025. That ranks 97th of 2,184 active 7(a) lenders by number of approvals.
How large are ChoiceOne Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $350K and the average $647K. The program-wide median was $190K.
What is ChoiceOne Bank's charge-off rate?
Of 401 disbursed loans approved in FY2010 to FY2021, SBA records 2 as charged off (0.5%), 287 as paid in full and 112 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does ChoiceOne Bank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (28); building equipment contractors (27); offices of other health practitioners (19); automotive repair and maintenance (16).
Where does ChoiceOne Bank make SBA loans?
In 2 states and territories. Michigan 384, Ohio 8. In Michigan it accounts for 3.2% of all 7(a) approvals.
Is ChoiceOne Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 195, against 248 in the three before: falling (-21%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error