SBA Ledger

States › Michigan

State3.7% of US approvals261 lenders active

SBA loans in Michigan

7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.

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 Michigan received 12,809 SBA loan approvals worth $5.32bn in FY2021 to FY2025, 11,955 of them 7(a) loans and 854 504 loans.

That is 55.8 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 3.7% of all approvals in the country (6th of 54 states and territories).

In FY2025 there were 2,625 approvals totalling $1.12bn, down 8% on FY2024. The median 7(a) approval over the five years was $125K and the median 504 approval $540K.

261 lenders had at least one approval in the state; by number of 7(a) approvals the most active were The Huntington National Bank (6,184), Fifth Third Bank (494) and ChoiceOne Bank (384).

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 4.7% as charged off, against 6.6% nationally.

2,625approvals, FY202512,809 in FY2021–FY2025
$1.12bnapproved, FY2025$5.32bn in FY2021–FY2025
55.8approvals per 1,000 establishments, FY2021–FY2025US: 41.0
$125Kmedian 7(a) approvalUS: $190K
4.7%7(a) loans approved FY2010–FY2021 charged offUS: 6.6%

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.

Most active 7(a) lenders in Michigan

Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.

#LenderApprovals in MI, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1The Huntington National BankColumbus, OH6,184$1.03bn51.7%$92K5.7%
2Fifth Third BankCincinnati, OH494$292M4.1%$200K5.5%
3ChoiceOne BankSparta, MI384$248M3.2%$350K0.5%
4Northeast BankLewiston, ME228$31.1M1.9%$106K12.8%
5Newtek Bank, National AssociationMiami, FL227$111M1.9%$225K—
6Live Oak Banking CompanyWilmington, NC198$278M1.7%$850K2.2%
7JPMorgan Chase Bank, National AssociationColumbus, OH181$62.3M1.5%$200K7.4%
8Readycap Lending, LLCBerkeley Heights, NJ178$55.4M1.5%$138K4.3%
9BayFirst National BankSaint Petersburg, FL161$25.7M1.3%$150K19.2%
10Oxford BankOxford, MI148$68.4M1.2%$315K0.0%
11Horizon BankMichigan City, IN148$65.4M1.2%$248K4.5%
12First Internet Bank of IndianaFishers, IN146$198M1.2%$895K5.3%
13PNC Bank, National AssociationWilmington, DE118$28.2M1.0%$50K8.1%
14Old National BankEvansville, IN117$126M1.0%$500K4.7%
15KeyBank National AssociationCleveland, OH117$45.7M1.0%$75K4.3%
16United Midwest Savings Bank National AssociationDe Graff, OH116$31.8M1.0%$150K15.9%
17Newtek Small Business Finance, Inc.Lake Success, NY112$78.7M0.9%$300K6.8%
18Celtic Bank CorporationSalt Lake City, UT111$67.2M0.9%$150K17.0%
19Independent BankGrand Rapids, MI90$62.5M0.8%$350K1.5%
20First Merchants BankIndianapolis, IN87$32.2M0.7%$350K5.0%
214Front Credit UnionTraverse City, MI82$24.3M0.7%$200K5.1%
22Byline BankChicago, IL79$96.8M0.7%$806K9.5%
23Bank MichiganBrooklyn, MI62$44.8M0.5%$326K6.8%
24Bank of America, National AssociationCharlotte, NC61$30.8M0.5%$300K2.6%
25CDC Small Business Finance Corp.San Diego, CA58$6.5M0.5%$150K17.9%
26West Shore BankLudington, MI57$40.8M0.5%$386K0.0%
27Citizens Bank, National AssociationProvidence, RI54$30.8M0.5%$350K4.0%
28Nicolet National BankGreen Bay, WI52$40.4M0.4%$312K2.8%
291st State BankSaginaw, MI51$18.6M0.4%$250K2.9%
301st Source BankSouth Bend, IN51$9.8M0.4%$90K2.6%
31Community Choice CUFarmington Hills, MI50$23.6M0.4%$301K2.5%
32Bank of Ann ArborAnn Arbor, MI45$40.4M0.4%$534K3.9%
33Highpoint Community BankHastings, MI41$16.6M0.3%$200K0.0%
34Flagstar Bank National AssociationHicksville, NY37$10.8M0.3%$267K0.0%
35Shoreham BankWarwick, RI35$82.7M0.3%$1.4M2.2%
36First National Bank of MichiganKalamazoo, MI35$26.0M0.3%$495K6.1%
37United FCUSaint Joseph, MI34$26.9M0.3%$774K4.0%
38Chelsea State BankChelsea, MI34$18.3M0.3%$250K7.1%
39Lake Michigan CUGrand Rapids, MI33$29.0M0.3%$516K3.0%
40Kellogg Community CUBattle Creek, MI33$18.6M0.3%$165K8.6%

504 certified development companies

#LenderApprovals in MI, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1Michigan Certified Development CorporationEast Lansing, MI · 504 CDC465$420M54.4%$583K0.8%
2Great Lakes Commercial FinanceGrandville, MI · 504 CDC303$255M35.5%$515K1.4%
3Oakland County Business Finance CorporationWaterford, MI · 504 CDC63$48.8M7.4%$507K0.9%
4Business Development Corporation (BDC)South Bend, IN · 504 CDC12$4.3M1.4%$410K1.3%
5Small Business Growth CorporationSpringfield, IL · 504 CDC3$4.2M0.4%$609K1.4%
6West Central Partnership, Inc.Perrysburg, OH · 504 CDC3$3.9M0.4%$709K1.1%
7Alloy Development Co., Inc.Cincinnati, OH · 504 CDC1—0.1%$672K1.1%
8Mortgage Capital Development CorporationOakland, CA · 504 CDC1—0.1%$913K0.3%
9Northwest Ohio Development Assistance CorporationToledo, OH · 504 CDC1—0.1%$386K3.4%
10WBD, Inc.Madison, WI · 504 CDC1—0.1%$616K1.2%
11Racine County Economic Development CorporationSturtevant, WI · 504 CDC1—0.1%$560K0.0%

Fiscal-year ledger

Fiscal year7(a) approvals7(a) dollarsMedian 7(a)504 approvals504 dollarsAll approvalsJobs supported, as reported
FY2026*1,139$575M$207K90$87.5M1,22911,169
FY20252,481$982M$150K144$135M2,62524,749
FY20242,715$971M$100K123$134M2,83826,954
FY20232,498$804M$100K130$121M2,62822,727
FY20222,115$814M$121K212$167M2,32721,611
FY20212,146$1.01bn$150K245$184M2,39124,606
FY20201,708$620M$100K182$106M1,89015,880
FY20192,107$675M$100K159$109M2,26619,531
FY20182,551$709M$75K170$105M2,72121,633
FY20172,498$772M$100K202$140M2,70025,820
FY20162,447$681M$100K184$116M2,63125,797

7(a) approvals504 approvals

919293949596979899000102030405060708091011121314151617181920212223242526
SBA approvals in Michigan by fiscal year, FY1991 to FY2026.

Counties

Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.

#CountyApprovalsDollarsEstablishmentsPer 1,000 establishmentsBy fiscal year
1Oakland County2,263$1.06bn39,79256.9
2Wayne County1,899$799M33,69956.4
3Kent County1,301$476M17,79973.1
4Macomb County1,274$428M19,59365.0
5Genesee County527$164M7,73368.1
6Ottawa County470$238M6,86568.5
7Washtenaw County399$191M8,32247.9
8Ingham County323$143M6,16052.4
9Livingston County273$136M4,49560.7
10Kalamazoo County255$120M5,70444.7
11Saginaw County251$84.2M4,09261.3
12Grand Traverse County245$116M3,54969.0
13Muskegon County196$91.8M3,14762.3
14Allegan County184$76.1M2,57171.6
15Monroe County164$64.5M2,39568.5
16St. Clair County162$42.8M3,08052.6
17Jackson County151$70.0M2,99150.5
18Berrien County137$72.0M3,56138.5
19Calhoun County124$81.3M2,48250.0
20Bay County112$40.4M2,04454.8
21Eaton County95$46.1M2,18243.5
22Van Buren County86$42.9M1,32764.8
23Shiawassee County85$27.6M1,20270.7
24Emmet County84$36.1M1,57753.3
25Midland County79$21.7M1,79544.0
26Lapeer County79$26.9M1,77144.6
27Montcalm County74$27.4M1,05869.9
28Lenawee County73$24.4M1,80840.4
29Clinton County72$33.0M1,40651.2
30Leelanau County60$36.3M79675.4
31Charlevoix County59$16.8M89166.2
32Newaygo County57$20.1M82968.8
33Barry County57$20.2M96559.1
34Ionia County48$8.7M90453.1
35Clare County48$11.2M60779.1
36Chippewa County47$21.4M77860.4
37St. Joseph County43$26.2M1,14937.4
38Roscommon County41$13.4M55174.4
39Oceana County39$9.5M46883.3
40Otsego County39$16.4M84646.1
41Cass County37$10.6M77747.6
42Marquette County35$19.4M1,65521.1
43Wexford County35$15.0M91038.5
44Osceola County35$13.1M44179.4
45Cheboygan County35$22.7M77045.5
46Crawford County34$9.4M320106.3
47Antrim County34$14.9M62554.4
48Isabella County32$12.9M1,42322.5
49Tuscola County31$13.6M84236.8
50Mason County31$16.4M73842.0
51Mecosta County28$9.9M72738.5
52Branch County28$13.5M83333.6
53Gratiot County27$6.8M72537.2
54Houghton County26$8.9M89129.2
55Alpena County26$10.3M82231.6
56Sanilac County25$5.3M84829.5
57Benzie County24$5.5M47450.6
58Iosco County24$7.9M62338.5
59Delta County21$18.5M99121.2
60Arenac County21$4.4M35559.2
61Dickinson County20$6.8M80624.8
62Ogemaw County20$2.8M56735.3
63Hillsdale County19$8.3M77624.5
64Gladwin County19$3.7M43343.9
65Kalkaska County18$9.0M35351.0
66Huron County17$1.7M93318.2
67Manistee County17$9.8M57429.6
68Missaukee County16$3.3M30851.9
69Oscoda County13$2.6M17673.9
70Menominee County13$7.4M43529.9
71Mackinac County10$12.8M45122.2
72Gogebic County9$1.4M36524.7
73Keweenaw County8$6.2M59135.6
74Baraga County8$7.1M17346.2
75Montmorency County8$961K20738.6
76Iron County7$1.7M35819.6
77Luce County5$3.4M15831.6
78Presque Isle County4$992K31712.6
79Alger County4$1.4M22018.2
80Lake County4$1.2M17622.7
81Ontonagon County3$863K16518.2
82Schoolcraft County2—2149.3
83Alcona County1—1825.5

Industries

#Industry group (NAICS 4-digit)ApprovalsDollarsShare
1Restaurants and Other Eating PlacesNAICS 72251,208$482M9.4%
2General Freight TruckingNAICS 48411,120$150M8.7%
3Services to Buildings and DwellingsNAICS 5617450$101M3.5%
4Automotive Repair and MaintenanceNAICS 8111437$217M3.4%
5Building Equipment ContractorsNAICS 2382388$128M3.0%
6Offices of Other Health PractitionersNAICS 6213369$108M2.9%
7Other Specialty Trade ContractorsNAICS 2389369$98.5M2.9%
8Residential Building ConstructionNAICS 2361363$62.0M2.8%
9Personal Care ServicesNAICS 8121358$73.7M2.8%
10Other Amusement and Recreation IndustriesNAICS 7139333$159M2.6%
11Building Finishing ContractorsNAICS 2383264$60.8M2.1%
12Foundation, Structure, and Building Exterior ContractorsNAICS 2381234$56.9M1.8%
13Beer, Wine, and Liquor StoresNAICS 4453217$166M1.7%
14Grocery StoresNAICS 4451194$139M1.5%
15Other Personal ServicesNAICS 8129181$63.4M1.4%

Sectors

#NAICS sectorApprovalsShare
1Construction1,79014.0%
2Accommodation and Food Services1,56512.2%
3Retail Trade1,55312.1%
4Transportation and Warehousing1,37010.7%
5Other Services (except Public Administration)1,2049.4%
6Health Care and Social Assistance1,0728.4%
7Manufacturing9477.4%
8Professional, Scientific, and Technical Services9007.0%
9Administrative and Support and Waste Management and Remediation Services7025.5%
10Wholesale Trade4473.5%

Franchise brands

#BrandApprovalsShare
1Biggby Coffee660.5%
2Little Caesars210.2%
3Culver's ButterBurgers & Frozen Custard190.1%
4The UPS Store180.1%
5Ace Hardware150.1%
6X-Golf150.1%
7Wing Snob150.1%
8Subway120.1%
9Jimmy John's90.1%
10Jet's Pizza90.1%

How earlier loans turned out

Michigan, 7(a)4.7%
United States, 7(a)6.6%
Michigan, 5041.0%
United States, 5041.2%
Share of disbursed loans approved FY2010–FY2021 that SBA records as charged off, by program.
Loans approved FY2010–FY2021MI 7(a)US 7(a)MI 504US 504
Approvals in these years25,129639,9052,55185,591
Cancelled or never disbursed3,08779,31337912,514
Disbursed loans22,042560,5922,17273,077
Paid in full17,774435,8131,11835,491
Charged off1,03536,89121905
Still outstanding (status exempt from disclosure)3,23387,8881,03336,681
Charged off, share of disbursed loans4.7%6.6%1.0%1.2%
Dollars charged off, share of disbursed dollars2.0%2.5%0.7%0.9%
Dollars charged off$136M$5.70bn$8.3M$499M

Approval sizes

Age of the businesses

Against the country

FY2021–FY2025MichiganUnited States
Approvals per 1,000 establishments55.841.0
Median 7(a) approval$125K$190K
Median 504 approval$540K$657K
504 share of approvals6.7%11.0%
Jobs supported per approval, as reported9.410.5
Approvals, change on FY2016–FY20205%10%

Questions and answers

Which lenders make the most SBA loans in Michigan?

By 7(a) approvals in FY2021 to FY2025: The Huntington National Bank (6,184), Fifth Third Bank (494), ChoiceOne Bank (384), Northeast Bank (228), Newtek Bank, National Association (227). For 504 loans: Michigan Certified Development Corporation (465), Great Lakes Commercial Finance (303), Oakland County Business Finance Corporation (63). Volume says how active a lender is, nothing about terms or service.

How large are typical SBA loans in Michigan?

The median 7(a) approval was $125K and the median 504 approval $540K; the average across both programs was $415K.

Which industries get the most SBA loans in Michigan?

Restaurants and Other Eating Places (1,208); General Freight Trucking (1,120); Services to Buildings and Dwellings (450); Automotive Repair and Maintenance (437); Building Equipment Contractors (388).

Which Michigan counties receive the most SBA loans?

Oakland County (2,263), Wayne County (1,899), Kent County (1,301), Macomb County (1,274), Genesee County (527), by approvals in FY2021 to FY2025.

Is SBA lending in Michigan rising?

Approvals in the three latest complete fiscal years total 8,091, against 6,608 in the three before: rising (+22%).

What share of SBA loans in Michigan are charged off?

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 4.7% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.0% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.

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