Lenders › Lake Michigan CU
7(a) lenderGrand Rapids, Michigancredit union146th of 2,184 by approvals
Lake Michigan CU
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.
Lake Michigan CU (Grand Rapids, Michigan) is a credit union in the SBA 7(a) program, 146th of 2,184 by approvals in FY2021 to FY2025: 257 loans worth $244M.
In FY2025, the latest complete fiscal year, it had 16 approvals totalling $8.7M, down 61% on FY2024 (41). FY2026 to 30 Jun 2026 adds 25 more.
The median approval was $516K, against $190K for the 7(a) program as a whole; 8.2% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 7 states and territories and 43 counties, led by Florida (85.2%), Michigan (12.8%) and New York (0.4%). The largest industry group was accommodation and food services at 15.6% of approvals, and 14.0% of approvals were to franchise businesses.
Of 168 disbursed loans approved in FY2010 to FY2021, SBA records 5 as charged off (3.0%), 99 as paid in full and 64 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* | 25 | $26.2M | $575K | $1.0M | 274 |
| FY2025 | 16 | $8.7M | $294K | $546K | 139 |
| FY2024 | 41 | $31.9M | $420K | $777K | 706 |
| FY2023 | 59 | $55.7M | $463K | $944K | 887 |
| FY2022 | 38 | $37.8M | $654K | $995K | 671 |
| FY2021 | 103 | $110M | $599K | $1.1M | 2,046 |
| FY2020 | 41 | $55.6M | $834K | $1.4M | 683 |
| FY2019 | 23 | $26.1M | $838K | $1.1M | 344 |
| FY2018 | 4 | $1.9M | $408K | $463K | 10 |
| FY2017 | 0 | — | — | — | 0 |
| FY2016 | 1 | — | — | — | 2 |
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 69 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 | Florida | 7(a) program |
|---|---|---|---|
| Approvals in these years | 189 | 31,863 | 639,905 |
| Cancelled or never disbursed | 21 | 3,596 | 79,313 |
| Disbursed loans | 168 | 28,267 | 560,592 |
| Paid in full | 99 | 20,064 | 435,813 |
| Charged off | 5 | 2,783 | 36,891 |
| Still outstanding (status exempt from disclosure) | 64 | 5,420 | 87,888 |
| Charged off, share of disbursed loans | 3.0% | 9.8% | 6.6% |
| Dollars charged off, share of disbursed dollars | 4.0% | 3.1% | 2.5% |
| Dollars charged off | $7.1M | $442M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 88 | 51 | 2 | 2.3% | 2.8% |
| FY2020 | 40 | 19 | 1 | 2.5% | 4.0% |
| FY2019 | 23 | 13 | 1 | — | 6.7% |
| FY2018 | 4 | 4 | 0 | — | 7.9% |
| FY2017 | 0 | 0 | 0 | — | 7.7% |
| FY2016 | 1 | 0 | 1 | — | 7.2% |
| FY2015 | 0 | 0 | 0 | — | 6.9% |
| FY2014 | 4 | 4 | 0 | — | 6.4% |
| FY2013 | 1 | 1 | 0 | — | 6.0% |
| FY2012 | 3 | 3 | 0 | — | 6.3% |
| FY2011 | 3 | 3 | 0 | — | 6.9% |
| FY2010 | 1 | 1 | 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 | $516K | $190K |
| Average approval | $950K | $518K |
| Approvals of $150,000 or less | 8.2% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 35.8% | 34.3% |
| Approvals to franchise businesses | 14.0% | 11.5% |
| Jobs supported per approval, as reported | 17.3 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.0% | 6.6% |
States served
| # | State of the business (7 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Florida | 219 | $207M | 85.2% | |
| 2 | Michigan | 33 | $29.0M | 12.8% | |
| 3 | New York | 1 | — | 0.4% | |
| 4 | Georgia | 1 | — | 0.4% | |
| 5 | Ohio | 1 | — | 0.4% | |
| 6 | Virginia | 1 | — | 0.4% | |
| 7 | Illinois | 1 | — | 0.4% |
In Florida the lender accounts for 0.9% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (43 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Miami-Dade County, FL | 49 | $66.0M | 19.1% | |
| 2 | Hillsborough County, FL | 46 | $27.6M | 17.9% | |
| 3 | Pinellas County, FL | 33 | $27.4M | 12.8% | |
| 4 | Broward County, FL | 16 | $20.2M | 6.2% | |
| 5 | Kent County, MI | 16 | $12.0M | 6.2% | |
| 6 | Palm Beach County, FL | 13 | $12.8M | 5.1% | |
| 7 | Orange County, FL | 8 | $11.3M | 3.1% | |
| 8 | Polk County, FL | 8 | $3.0M | 3.1% | |
| 9 | Sarasota County, FL | 7 | $4.1M | 2.7% | |
| 10 | Collier County, FL | 5 | $8.5M | 1.9% | |
| 11 | Ottawa County, MI | 5 | $5.5M | 1.9% | |
| 12 | Lee County, FL | 5 | $2.9M | 1.9% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 40 | 15.6% | |
| 2 | Retail Trade | 27 | 10.5% | |
| 3 | Professional, Scientific, and Technical Services | 27 | 10.5% | |
| 4 | Construction | 25 | 9.7% | |
| 5 | Other Services (except Public Administration) | 24 | 9.3% | |
| 6 | Wholesale Trade | 23 | 8.9% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 23 | 8.9% | |
| 8 | Health Care and Social Assistance | 19 | 7.4% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 33 | 12.8% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 15 | 5.8% | |
| 3 | Automotive Repair and MaintenanceNAICS 8111 | 9 | 3.5% | |
| 4 | Architectural, Engineering, and Related ServicesNAICS 5413 | 8 | 3.1% | |
| 5 | Accounting, Tax Preparation, Bookkeeping, and Payroll ServicesNAICS 5412 | 8 | 3.1% | |
| 6 | Other Specialty Trade ContractorsNAICS 2389 | 7 | 2.7% | |
| 7 | Other Amusement and Recreation IndustriesNAICS 7139 | 6 | 2.3% | |
| 8 | Building Equipment ContractorsNAICS 2382 | 5 | 1.9% | |
| 9 | Offices of PhysiciansNAICS 6211 | 5 | 1.9% | |
| 10 | Child Day Care ServicesNAICS 6244 | 5 | 1.9% |
Approval sizes
- $50,000 or less0.8%2
- $50,001 to $150,0007.4%19
- $150,001 to $350,00028.8%74
- $350,001 to $1 million38.9%100
- $1 million to $2 million12.5%32
- Over $2 million11.7%30
Loan terms
- 5 years or less0.4%1
- Over 5 to 10 years68.5%176
- Over 10 to 20 years14.0%36
- Over 20 years17.1%44
Age of the businesses
- Existing, more than 2 years old52.5%135
- New business, 2 years or less25.7%66
- Startup, loan funds will open the business10.1%26
- Change of ownership11.7%30
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 187 | 72.8% | |
| 2 | 7a General | 35 | 13.6% | |
| 3 | International Trade Loans | 27 | 10.5% | |
| 4 | SBA Express Program | 5 | 1.9% | |
| 5 | Export Express | 3 | 1.2% |
Franchise share
36 of 257 approvals in FY2021–FY2025 (14.0%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Grain and Berry Cafe | 3 | 1.2% | |
| 2 | Carrot Express | 3 | 1.2% | |
| 3 | Meineke Car Care Center | 2 | 0.8% | |
| 4 | The UPS Store | 2 | 0.8% | |
| 5 | Hotworx | 2 | 0.8% | |
| 6 | Cold Stone Creamery | 2 | 0.8% | |
| 7 | Little Caesars | 1 | 0.4% | |
| 8 | Denny's | 1 | 0.4% |
Questions and answers
How many SBA loans does Lake Michigan CU make?
SBA approved 16 7(a) loans through Lake Michigan CU in FY2025, worth $8.7M, and 257 over FY2021 to FY2025. That ranks 146th of 2,184 active 7(a) lenders by number of approvals.
How large are Lake Michigan CU's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $516K and the average $950K. The program-wide median was $190K.
What is Lake Michigan CU's charge-off rate?
Of 168 disbursed loans approved in FY2010 to FY2021, SBA records 5 as charged off (3.0%), 99 as paid in full and 64 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 Lake Michigan CU lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (33); services to buildings and dwellings (15); automotive repair and maintenance (9); architectural, engineering, and related services (8).
Where does Lake Michigan CU make SBA loans?
In 7 states and territories. Florida 219, Michigan 33, New York 1, Georgia 1, Ohio 1. In Florida it accounts for 0.9% of all 7(a) approvals.
Is Lake Michigan CU's SBA lending rising?
Approvals in the three latest complete fiscal years total 116, against 182 in the three before: falling (-36%).
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