FY20231 Oct 2022 – 30 Sep 2023
SBA loans in Michigan, FY2023
That fiscal year's approvals by lender and by county.
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.
In FY2023 (1 October 2022 to 30 September 2023) SBA approved 2,628 loans in Michigan: 2,498 under 7(a) and 130 under 504, worth $924M.
That is up 13% on FY2022, when there were 2,327 approvals worth $981M.
Michigan accounted for 4.2% of the 63,286 approvals nationwide that year. 145 lenders had at least one approval in the state; The Huntington National Bank had the most, 1,410.
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.
Approvals by lender
The 40 lenders with the most approvals to Michigan businesses in FY2023, of 145 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 7(a) | 1,410 | $213M | 53.7% | 1,169 | +241 |
| 2 | Fifth Third Bank | 7(a) | 120 | $62.2M | 4.6% | 111 | +9 |
| 3 | ChoiceOne Bank | 7(a) | 88 | $47.6M | 3.3% | 83 | +5 |
| 4 | Michigan Certified Development Corporation | 504 | 67 | $66.1M | 2.5% | 118 | -51 |
| 5 | BayFirst National Bank | 7(a) | 52 | $8.2M | 2.0% | 11 | +41 |
| 6 | Great Lakes Commercial Finance | 504 | 47 | $42.2M | 1.8% | 72 | -25 |
| 7 | JPMorgan Chase Bank, National Association | 7(a) | 40 | $13.4M | 1.5% | 21 | +19 |
| 8 | Newtek Bank, National Association | 7(a) | 39 | $13.8M | 1.5% | 0 | new |
| 9 | Old National Bank | 7(a) | 36 | $39.5M | 1.4% | 12 | +24 |
| 10 | KeyBank National Association | 7(a) | 32 | $8.3M | 1.2% | 24 | +8 |
| 11 | PNC Bank, National Association | 7(a) | 32 | $6.8M | 1.2% | 20 | +12 |
| 12 | Oxford Bank | 7(a) | 31 | $12.6M | 1.2% | 28 | +3 |
| 13 | First Internet Bank of Indiana | 7(a) | 30 | $47.9M | 1.1% | 29 | +1 |
| 14 | Newtek Small Business Finance, Inc. | 7(a) | 30 | $19.7M | 1.1% | 41 | -11 |
| 15 | Live Oak Banking Company | 7(a) | 28 | $34.8M | 1.1% | 41 | -13 |
| 16 | First Merchants Bank | 7(a) | 24 | $9.2M | 0.9% | 6 | +18 |
| 17 | Byline Bank | 7(a) | 19 | $21.1M | 0.7% | 17 | +2 |
| 18 | Horizon Bank | 7(a) | 18 | $8.7M | 0.7% | 9 | +9 |
| 19 | Readycap Lending, LLC | 7(a) | 17 | $12.1M | 0.6% | 11 | +6 |
| 20 | United Midwest Savings Bank National Association | 7(a) | 17 | $2.5M | 0.6% | 22 | -5 |
| 21 | Celtic Bank Corporation | 7(a) | 16 | $8.4M | 0.6% | 13 | +3 |
| 22 | 4Front Credit Union | 7(a) | 14 | $6.1M | 0.5% | 7 | +7 |
| 23 | Northeast Bank | 7(a) | 14 | $587K | 0.5% | 1 | +13 |
| 24 | CDC Small Business Finance Corp. | 7(a) | 13 | $1.9M | 0.5% | 19 | -6 |
| 25 | Oakland County Business Finance Corporation | 504 | 11 | $8.6M | 0.4% | 18 | -7 |
| 26 | Bank of America, National Association | 7(a) | 11 | $3.8M | 0.4% | 11 | 0 |
| 27 | West Shore Bank | 7(a) | 11 | $3.6M | 0.4% | 14 | -3 |
| 28 | 1st State Bank | 7(a) | 11 | $2.2M | 0.4% | 7 | +4 |
| 29 | 1st Source Bank | 7(a) | 11 | $1.2M | 0.4% | 15 | -4 |
| 30 | Community Choice CU | 7(a) | 11 | $762K | 0.4% | 11 | 0 |
| 31 | Citizens Bank, National Association | 7(a) | 10 | $2.8M | 0.4% | 14 | -4 |
| 32 | The Dart Bank | 7(a) | 9 | $3.8M | 0.3% | 3 | +6 |
| 33 | Michigan Schools and Government Credit Union | 7(a) | 9 | $2.9M | 0.3% | 0 | new |
| 34 | Kellogg Community CU | 7(a) | 9 | $2.6M | 0.3% | 5 | +4 |
| 35 | First National Bank & Trust Co | 7(a) | 9 | $1.2M | 0.3% | 2 | +7 |
| 36 | Bank Michigan | 7(a) | 8 | $5.5M | 0.3% | 15 | -7 |
| 37 | First National Bank of Michigan | 7(a) | 8 | $3.4M | 0.3% | 9 | -1 |
| 38 | United Community Bank | 7(a) | 7 | $2.9M | 0.3% | 0 | new |
| 39 | Flagstar Bank National Association | 7(a) | 7 | $1.9M | 0.3% | 9 | -2 |
| 40 | Independent Bank | 7(a) | 7 | $1.5M | 0.3% | 9 | -2 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|
| 1 | Oakland County | 494 | $198M | 18.8% | 375 | +119 |
| 2 | Wayne County | 425 | $157M | 16.2% | 338 | +87 |
| 3 | Kent County | 269 | $83.9M | 10.2% | 236 | +33 |
| 4 | Macomb County | 244 | $82.9M | 9.3% | 252 | -8 |
| 5 | Genesee County | 113 | $31.0M | 4.3% | 100 | +13 |
| 6 | Ottawa County | 86 | $49.3M | 3.3% | 92 | -6 |
| 7 | Washtenaw County | 84 | $45.6M | 3.2% | 68 | +16 |
| 8 | Ingham County | 59 | $20.0M | 2.2% | 49 | +10 |
| 9 | Livingston County | 55 | $27.3M | 2.1% | 53 | +2 |
| 10 | Saginaw County | 54 | $14.0M | 2.1% | 53 | +1 |
| 11 | Kalamazoo County | 50 | $13.5M | 1.9% | 58 | -8 |
| 12 | Grand Traverse County | 44 | $17.6M | 1.7% | 41 | +3 |
| 13 | Muskegon County | 41 | $11.6M | 1.6% | 41 | 0 |
| 14 | St. Clair County | 36 | $11.5M | 1.4% | 31 | +5 |
| 15 | Allegan County | 36 | $6.2M | 1.4% | 23 | +13 |
| 16 | Monroe County | 34 | $7.9M | 1.3% | 26 | +8 |
| 17 | Jackson County | 30 | $4.9M | 1.1% | 22 | +8 |
| 18 | Bay County | 24 | $3.5M | 0.9% | 20 | +4 |
| 19 | Lapeer County | 23 | $6.5M | 0.9% | 15 | +8 |
| 20 | Eaton County | 22 | $11.4M | 0.8% | 18 | +4 |
| 21 | Van Buren County | 22 | $8.2M | 0.8% | 12 | +10 |
| 22 | Berrien County | 19 | $5.1M | 0.7% | 23 | -4 |
| 23 | Emmet County | 18 | $8.9M | 0.7% | 8 | +10 |
| 24 | Montcalm County | 17 | $3.2M | 0.6% | 15 | +2 |
| 25 | Calhoun County | 16 | $11.8M | 0.6% | 25 | -9 |
| 26 | Shiawassee County | 15 | $3.0M | 0.6% | 16 | -1 |
| 27 | Clinton County | 15 | $6.4M | 0.6% | 21 | -6 |
| 28 | Roscommon County | 14 | $1.8M | 0.5% | 8 | +6 |
| 29 | Charlevoix County | 13 | $2.8M | 0.5% | 13 | 0 |
| 30 | Midland County | 12 | $2.2M | 0.5% | 18 | -6 |
| 31 | Clare County | 12 | $1.7M | 0.5% | 8 | +4 |
| 32 | Lenawee County | 11 | $1.0M | 0.4% | 17 | -6 |
| 33 | Ionia County | 10 | $1.4M | 0.4% | 5 | +5 |
| 34 | Newaygo County | 9 | $1.9M | 0.3% | 8 | +1 |
| 35 | Chippewa County | 9 | $5.4M | 0.3% | 7 | +2 |
| 36 | Oceana County | 8 | $557K | 0.3% | 5 | +3 |
| 37 | Tuscola County | 8 | $1.0M | 0.3% | 7 | +1 |
| 38 | Otsego County | 8 | $2.5M | 0.3% | 6 | +2 |
| 39 | Alpena County | 8 | $2.2M | 0.3% | 4 | +4 |
| 40 | Gladwin County | 8 | $729K | 0.3% | 3 | +5 |
The 40 counties with the most approvals; every county is on the Michigan page.
FY2023 against FY2022
| Michigan | FY2023 | FY2022 |
|---|---|---|
| 7(a) approvals | 2,498 | 2,115 |
| 7(a) dollars | $804M | $814M |
| Median 7(a) approval | $100K | $121K |
| 504 approvals | 130 | 212 |
| 504 dollars | $121M | $167M |
| Jobs supported, as reported | 22,727 | 21,611 |
Questions and answers
Which lenders made the most SBA loans in Michigan in FY2023?
The Huntington National Bank (1,410), Fifth Third Bank (120), ChoiceOne Bank (88), Michigan Certified Development Corporation (67), BayFirst National Bank (52). 145 lenders had at least one approval.
How many SBA loans were approved in Michigan in FY2023?
2,628: 2,498 under 7(a) worth $804M and 130 under 504 worth $121M.
Which Michigan counties had the most SBA approvals in FY2023?
Oakland County (494), Wayne County (425), Kent County (269), Macomb County (244), Genesee County (113).
When does FY2023 start and end?
The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.
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