FY20241 Oct 2023 – 30 Sep 2024
SBA loans in Michigan, FY2024
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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 2,838 loans in Michigan: 2,715 under 7(a) and 123 under 504, worth $1.10bn.
That is up 8% on FY2023, when there were 2,628 approvals worth $924M.
Michigan accounted for 3.7% of the 76,235 approvals nationwide that year. 141 lenders had at least one approval in the state; The Huntington National Bank had the most, 1,398.
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 FY2024, of 141 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 7(a) | 1,398 | $196M | 49.3% | 1,410 | -12 |
| 2 | Fifth Third Bank | 7(a) | 108 | $86.8M | 3.8% | 120 | -12 |
| 3 | Newtek Bank, National Association | 7(a) | 85 | $54.5M | 3.0% | 39 | +46 |
| 4 | Michigan Certified Development Corporation | 504 | 74 | $85.2M | 2.6% | 67 | +7 |
| 5 | ChoiceOne Bank | 7(a) | 72 | $45.5M | 2.5% | 88 | -16 |
| 6 | Readycap Lending, LLC | 7(a) | 70 | $14.7M | 2.5% | 17 | +53 |
| 7 | JPMorgan Chase Bank, National Association | 7(a) | 66 | $20.9M | 2.3% | 40 | +26 |
| 8 | BayFirst National Bank | 7(a) | 60 | $7.9M | 2.1% | 52 | +8 |
| 9 | Northeast Bank | 7(a) | 59 | $6.9M | 2.1% | 14 | +45 |
| 10 | Horizon Bank | 7(a) | 51 | $20.3M | 1.8% | 18 | +33 |
| 11 | Live Oak Banking Company | 7(a) | 44 | $48.9M | 1.6% | 28 | +16 |
| 12 | Great Lakes Commercial Finance | 504 | 37 | $35.9M | 1.3% | 47 | -10 |
| 13 | First Internet Bank of Indiana | 7(a) | 36 | $44.1M | 1.3% | 30 | +6 |
| 14 | PNC Bank, National Association | 7(a) | 35 | $10.2M | 1.2% | 32 | +3 |
| 15 | Old National Bank | 7(a) | 30 | $30.0M | 1.1% | 36 | -6 |
| 16 | Oxford Bank | 7(a) | 27 | $12.0M | 1.0% | 31 | -4 |
| 17 | First Merchants Bank | 7(a) | 27 | $3.1M | 1.0% | 24 | +3 |
| 18 | Independent Bank | 7(a) | 24 | $18.4M | 0.8% | 7 | +17 |
| 19 | Celtic Bank Corporation | 7(a) | 23 | $12.6M | 0.8% | 16 | +7 |
| 20 | KeyBank National Association | 7(a) | 22 | $6.3M | 0.8% | 32 | -10 |
| 21 | United Midwest Savings Bank National Association | 7(a) | 21 | $6.6M | 0.7% | 17 | +4 |
| 22 | Bank Michigan | 7(a) | 19 | $15.6M | 0.7% | 8 | +11 |
| 23 | Colony Bank | 7(a) | 19 | $12.4M | 0.7% | 6 | +13 |
| 24 | Bank of America, National Association | 7(a) | 19 | $6.2M | 0.7% | 11 | +8 |
| 25 | Lake Michigan CU | 7(a) | 16 | $15.4M | 0.6% | 6 | +10 |
| 26 | Byline Bank | 7(a) | 15 | $24.9M | 0.5% | 19 | -4 |
| 27 | First Bank of the Lake | 7(a) | 14 | $3.9M | 0.5% | 5 | +9 |
| 28 | 4Front Credit Union | 7(a) | 14 | $2.5M | 0.5% | 14 | 0 |
| 29 | CDC Small Business Finance Corp. | 7(a) | 13 | $775K | 0.5% | 13 | 0 |
| 30 | TowneBank | 7(a) | 12 | $9.9M | 0.4% | 1 | +11 |
| 31 | Chelsea State Bank | 7(a) | 12 | $7.4M | 0.4% | 7 | +5 |
| 32 | West Shore Bank | 7(a) | 11 | $11.8M | 0.4% | 11 | 0 |
| 33 | Lendistry SBLC, LLC | 7(a) | 10 | $2.3M | 0.4% | 2 | +8 |
| 34 | CASE CU | 7(a) | 9 | $3.5M | 0.3% | 5 | +4 |
| 35 | The Dart Bank | 7(a) | 8 | $10.2M | 0.3% | 9 | -1 |
| 36 | DFCU Financial | 7(a) | 8 | $4.7M | 0.3% | 2 | +6 |
| 37 | Flagstar Bank National Association | 7(a) | 8 | $2.2M | 0.3% | 7 | +1 |
| 38 | Shoreham Bank | 7(a) | 7 | $16.3M | 0.2% | 6 | +1 |
| 39 | First National Bank of Michigan | 7(a) | 7 | $7.2M | 0.2% | 8 | -1 |
| 40 | Oakland County Business Finance Corporation | 504 | 7 | $7.0M | 0.2% | 11 | -4 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|
| 1 | Oakland County | 488 | $197M | 17.2% | 494 | -6 |
| 2 | Wayne County | 432 | $194M | 15.2% | 425 | +7 |
| 3 | Kent County | 293 | $100M | 10.3% | 269 | +24 |
| 4 | Macomb County | 282 | $85.9M | 9.9% | 244 | +38 |
| 5 | Genesee County | 113 | $31.1M | 4.0% | 113 | 0 |
| 6 | Washtenaw County | 109 | $37.6M | 3.8% | 84 | +25 |
| 7 | Ottawa County | 108 | $57.2M | 3.8% | 86 | +22 |
| 8 | Ingham County | 79 | $26.0M | 2.8% | 59 | +20 |
| 9 | Saginaw County | 62 | $19.7M | 2.2% | 54 | +8 |
| 10 | Livingston County | 60 | $27.5M | 2.1% | 55 | +5 |
| 11 | Monroe County | 49 | $17.9M | 1.7% | 34 | +15 |
| 12 | Kalamazoo County | 48 | $22.1M | 1.7% | 50 | -2 |
| 13 | Grand Traverse County | 45 | $28.2M | 1.6% | 44 | +1 |
| 14 | St. Clair County | 40 | $8.3M | 1.4% | 36 | +4 |
| 15 | Allegan County | 39 | $17.5M | 1.4% | 36 | +3 |
| 16 | Muskegon County | 36 | $15.1M | 1.3% | 41 | -5 |
| 17 | Berrien County | 29 | $9.7M | 1.0% | 19 | +10 |
| 18 | Calhoun County | 26 | $9.6M | 0.9% | 16 | +10 |
| 19 | Bay County | 25 | $7.9M | 0.9% | 24 | +1 |
| 20 | Jackson County | 24 | $18.8M | 0.8% | 30 | -6 |
| 21 | Eaton County | 23 | $10.0M | 0.8% | 22 | +1 |
| 22 | Shiawassee County | 23 | $5.4M | 0.8% | 15 | +8 |
| 23 | Emmet County | 20 | $11.5M | 0.7% | 18 | +2 |
| 24 | Lapeer County | 18 | $4.9M | 0.6% | 23 | -5 |
| 25 | Midland County | 17 | $5.4M | 0.6% | 12 | +5 |
| 26 | Newaygo County | 16 | $4.6M | 0.6% | 9 | +7 |
| 27 | Clare County | 16 | $2.4M | 0.6% | 12 | +4 |
| 28 | Van Buren County | 16 | $13.4M | 0.6% | 22 | -6 |
| 29 | Leelanau County | 15 | $8.1M | 0.5% | 7 | +8 |
| 30 | Lenawee County | 15 | $3.0M | 0.5% | 11 | +4 |
| 31 | Charlevoix County | 15 | $5.5M | 0.5% | 13 | +2 |
| 32 | Oceana County | 14 | $5.3M | 0.5% | 8 | +6 |
| 33 | Montcalm County | 12 | $869K | 0.4% | 17 | -5 |
| 34 | Ionia County | 11 | $1.1M | 0.4% | 10 | +1 |
| 35 | Barry County | 11 | $5.7M | 0.4% | 6 | +5 |
| 36 | Osceola County | 11 | $6.0M | 0.4% | 4 | +7 |
| 37 | Iosco County | 11 | $3.7M | 0.4% | 5 | +6 |
| 38 | Isabella County | 10 | $5.3M | 0.4% | 3 | +7 |
| 39 | Gratiot County | 10 | $2.8M | 0.4% | 7 | +3 |
| 40 | St. Joseph County | 10 | $2.3M | 0.4% | 5 | +5 |
The 40 counties with the most approvals; every county is on the Michigan page.
FY2024 against FY2023
| Michigan | FY2024 | FY2023 |
|---|---|---|
| 7(a) approvals | 2,715 | 2,498 |
| 7(a) dollars | $971M | $804M |
| Median 7(a) approval | $100K | $100K |
| 504 approvals | 123 | 130 |
| 504 dollars | $134M | $121M |
| Jobs supported, as reported | 26,954 | 22,727 |
Questions and answers
Which lenders made the most SBA loans in Michigan in FY2024?
The Huntington National Bank (1,398), Fifth Third Bank (108), Newtek Bank, National Association (85), Michigan Certified Development Corporation (74), ChoiceOne Bank (72). 141 lenders had at least one approval.
How many SBA loans were approved in Michigan in FY2024?
2,838: 2,715 under 7(a) worth $971M and 123 under 504 worth $134M.
Which Michigan counties had the most SBA approvals in FY2024?
Oakland County (488), Wayne County (432), Kent County (293), Macomb County (282), Genesee County (113).
When does FY2024 start and end?
The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.
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