Best Michigan SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Michigan
SBA Loans in Michigan
Michigan businesses received $981.9M in SBA 7(a) loan approvals across 2,481 businesses in 2025, supporting 23,212 jobs. With 149 active SBA lenders competing for business in Michigan, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Michigan is $396K at 9.85%, which is 0.47% below the national average of 10.32%. The top lender in Michigan is The Huntington National Bank, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in Michigan by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Michigan, here’s how SBA lending breaks down:
Startups represent 17% of Michigan SBA loans (425 loans totaling $168.7M). Business acquisitions (change of ownership) account for 25% (270 loans, $248.6M). Existing businesses make up the largest share at 44% (1532 loans). If you’re buying a business in Michigan, acquisitions are a well-established use case for SBA 7(a) loans.
Michigan vs. National Average
How does Michigan’s SBA lending market compare to the national average in 2025?
Michigan9.85%
National Avg10.32%
✅ Michigan’s avg rate is 0.47% lower than the national average
Michigan$396K
National Avg$478K
Michigan’s avg loan is 0.8x the national average
A rate lower than the national average of 10.32% is significant context for Michigan borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Michigan (2025 Data)
The table below ranks every SBA 7(a) lender active in Michigan in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | The Huntington National Bank | $202.4M | 1067 | 9.69% |
| 2 | Live Oak Banking Company | $70.5M | 48 | 9% |
| 3 | Newtek Bank, National Association | $42.2M | 103 | 11% |
| 4 | Comerica Bank | $38.4M | 65 | 8.9% |
| 5 | First Internet Bank of Indiana | $36.3M | 29 | 10.19% |
| 6 | Independent Bank | $36.1M | 50 | 8.85% |
| 7 | Horizon Bank | $27.5M | 59 | 8.3% |
| 8 | Northeast Bank | $23.6M | 154 | 10.85% |
| 9 | GBank | $21.9M | 6 | 8.79% |
| 10 | Readycap Lending, LLC | $21.5M | 74 | 12.26% |
| 11 | ChoiceOne Bank | $20.6M | 34 | 8.65% |
| 12 | Old National Bank | $20.3M | 18 | 8.3% |
| 13 | United FCU | $17.3M | 22 | 10.01% |
| 14 | Community Choice CU | $17.2M | 19 | 9.72% |
| 15 | Celtic Bank Corporation | $16.2M | 48 | 10.57% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Michigan have funded the most deals locally, meaning their loan officers understand Michigan’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Michigan-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Michigan
One 5-minute application. 149 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Michigan
SBA lending in Michigan reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Michigan in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 22 | $55.8M |
| Full-Service Restaurants | 107 | $45.7M |
| Limited-Service Restaurants | 93 | $42.8M |
| Offices of Dentists | 24 | $23.0M |
| Supermarkets and Other Grocery (except Convenience) Stores | 14 | $19.5M |
| All Other Specialty Trade Contractors | 71 | $16.9M |
| Offices of Physicians (except Mental Health Specialists) | 28 | $15.4M |
| Landscaping Services | 69 | $15.1M |
| Pet Care (except Veterinary) Services | 24 | $14.4M |
| General Automotive Repair | 34 | $14.4M |
| General Freight Trucking, Long Distance, Truckload | 91 | $14.0M |
| Snack and Nonalcoholic Beverage Bars | 35 | $13.9M |
| Residential Remodelers | 65 | $13.1M |
| Child Day Care Services | 21 | $12.6M |
| Fitness and Recreational Sports Centers | 34 | $12.5M |
If your business operates in one of Michigan’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Michigan
SBA lending activity within Michigan is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Michigan the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Grand Rapids | 130 | $59.6M |
| Detroit | 110 | $51.8M |
| Livonia | 38 | $22.9M |
| Troy | 48 | $21.6M |
| Madison Heights | 14 | $18.0M |
| Jackson | 28 | $18.0M |
| Warren | 27 | $14.3M |
| Novi | 28 | $14.1M |
| Farmington Hills | 26 | $13.8M |
| Ann Arbor | 42 | $13.4M |
How to Get an SBA Loan in Michigan
Option 1: Apply directly to one of the top Michigan lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Michigan-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Michigan in 2025?
What is the average SBA loan interest rate in Michigan?
Can I get an SBA loan to start a business in Michigan?
Who is the top SBA lender in Michigan?
What industries get the most SBA loans in Michigan?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
