Top SBA Lenders in Michigan

Michigan, a state renowned for its industrial prowess, is a thriving ground for businesses seeking financial support for growth. SBA loans serve as vital tools for local enterprises, and understanding the top lenders in the state is crucial. Here’s an overview of the leading SBA lenders in Michigan, each bringing unique strengths and opportunities for local businesses:

Michigan Preferred SBA Lenders

RankBankBank HQ# of Loans Avg Loan Avg Interest
1The Huntington National BankColumbus, OH1005 $161,935 6.9%
2The State BankFenton, MI71 $526,649 6.0%
3Comerica BankDallas, TX54 $675,996 5.9%
4Live OakWilmington, NC38 $1,396,868 6.6%
5United Midwest Savings BankDe Graff, OH34 $174,971 6.9%
6First Internet Bank of IndianaFishers, IN33 $1,400,879 7.4%
7Fifth Third BankCincinnati, OH32 $740,428 6.7%
8Newtek Small Business FinanceLake Success, NY25 $538,912 7.4%
9Oxford BankOxford, MI25 $460,476 7.5%
10BayFirst National BankSaint Petersburg, FL23 $177,609 8.7%
11CDC Small Business FinanceSan Diego, CA21 $116,262 8.7%
12KeyBankCleveland, OH21 $372,957 7.2%
13PNC BankWilmington, DE17 $243,653 6.4%
14West Shore BankLudington, MI17 $648,641 6.3%
15Celtic BankSalt Lake City, UT14 $1,130,529 7.5%
16Readycap Lending, LLCBerkeley Heights, NJ14 $469,293 7.9%
17Community Choice CUFarmington Hills, MI13 $45,000 6.8%
18JPMorgan Chase BankColumbus, OH13 $507,354 6.8%
19BancorpSouth BankTupelo, MS12 $228,658 7.9%
20Citizens BankProvidence, RI12 $716,583 7.3%
21Credit Union OneFerndale, MI12 $279,825 5.7%
22Old National BankEvansville, IN12 $1,113,192 6.6%
23Byline BankChicago, IL11 $760,864 7.0%
24ChoiceOne BankSparta, MI11 $736,100 6.1%
251st Source BankSouth Bend, IN10 $262,040 6.4%
26Citizens BankElizabethton, TN10 $862,660 7.2%
27Horizon BankMichigan City, IN10 $1,140,530 6.4%
28Flagstar BankHicksville, NY9 $349,111 5.5%
29Independent BankGrand Rapids, MI9 $714,278 5.4%
30Nicolet National BankGreen Bay, WI9 $578,656 5.7%
311st State BankSaginaw, MI8 $248,363 6.8%
32Bank of AmericaCharlotte, NC8 $438,088 3.1%
33First National Bank of MichiganKalamazoo, MI8 $822,088 6.5%
34Citizens National Bank of CheboyganCheboygan, MI7 $447,100 4.8%
35Highpoint Community BankHastings, MI7 $414,429 6.3%
36Teachers CUSouth Bend, IN7 $1,038,914 7.5%
37Grasshopper BankNew York City, NY6 $902,917 7.9%
38The Dart BankMason, MI6 $600,517 5.7%
39U.S. BankCincinnati, OH6 $106,633 8.1%
40Bank Five NineOconomowoc, WI5 $1,142,200 5.1%

1. The Huntington National Bank

With a focus on regional growth, The Huntington National Bank, based in Columbus, OH, takes the lead in Michigan with 1,005 SBA loans. Offering a balance between accessibility and substantial funding, the bank caters to businesses with varying financial needs at a competitive interest rate of 6.9%.

2. The State Bank

The State Bank, based in Fenton, MI, is a local player making a significant impact with 71 SBA loans. Specializing in moderate-sized loans, it provides accessibility to businesses at a competitive average interest rate of 6.0%.

3. Comerica Bank

A national player with headquarters in Dallas, TX, Comerica Bank actively participates in Michigan’s SBA lending landscape with 54 loans. Catering to businesses with substantial financing needs, it offers loans at a competitive interest rate of 5.9%.

4. Live Oak

Live Oak, headquartered in Wilmington, NC, provides substantial financing to Michigan businesses with 38 SBA loans. With a focus on high-value loans (averaging $1,396,868), Live Oak caters to businesses with significant funding needs at a competitive interest rate of 6.6%.

5. United Midwest Savings Bank

United Midwest Savings Bank, based in De Graff, OH, extends its services to Michigan with 34 loans averaging $174,971. Striking a balance between accessibility and loan size, it provides a reliable option for businesses seeking moderate financing at a competitive interest rate of 6.9%.

6. First Internet Bank of Indiana

Hailing from Fishers, IN, First Internet Bank of Indiana actively engages in Michigan’s SBA lending market with 33 loans. Specializing in substantial financing, it caters to businesses with significant funding needs at a competitive interest rate of 7.4%.

7. Fifth Third Bank

Cincinnati, OH-based Fifth Third Bank plays a crucial role in Michigan’s SBA lending landscape with 32 loans. Striking a balance between loan quantity and size, it caters to businesses with varying financial needs at a competitive interest rate of 6.7%.

8. Newtek Small Business Finance

Newtek Small Business Finance, headquartered in Lake Success, NY, actively participates in Michigan’s business community. With 25 loans averaging $538,912, it provides a reliable option for businesses with substantial financing needs at a competitive interest rate of 7.4%.

9. Oxford Bank

Oxford Bank, based in Oxford, MI, actively contributes to Michigan’s SBA lending landscape with 25 loans averaging $460,476. Striking a balance between accessibility and substantial funding, it caters to businesses with varying financial needs at a competitive interest rate of 7.5%.

10. BayFirst National Bank

BayFirst National Bank, though based in Saint Petersburg, FL, is a reliable option for Michigan businesses. Offering 23 loans, it provides accessible financing with a focus on smaller-sized loans at a moderate interest rate of 8.7%.

In conclusion, Michigan businesses have a diverse array of SBA lending options, ranging from local institutions to nationally recognized banks. Entrepreneurs should carefully consider factors such as the lender’s regional focus, loan quantity, average loan amount, and interest rates to make informed decisions that align with their business objectives. Whether seeking smaller, more accessible loans or substantial financial support, these top SBA lenders offer valuable resources to navigate the dynamic business environment in the Great Lakes State.

Top Industries for SBA loans in Michigan

RankIndustry# of Loans Avg Loan Avg Interest
1General Freight Trucking, Long Distance, Truckload170 $107,479 7.1%
2Full-Service Restaurants75 $310,547 6.8%
3Limited-Service Restaurants65 $585,975 6.8%
4Plumbing, Heating, and Air-Conditioning Contractors43 $439,460 6.6%
5General Freight Trucking, Local42 $213,657 7.0%
6Residential Remodelers42 $81,064 7.2%
7All Other Specialty Trade Contractors37 $385,665 6.7%
8General Automotive Repair36 $273,769 6.6%
9Beauty Salons33 $193,709 6.5%
10Landscaping Services32 $236,644 6.6%
11Electrical Contractors30 $367,333 6.5%
12Insurance Agencies and Brokerages26 $457,577 6.9%
13Fitness and Recreational Sports Centers24 $296,463 7.1%
14Offices of Chiropractors21 $157,619 6.6%
15All Other Personal Services20 $337,710 6.7%
16Home Health Care Services20 $398,145 6.1%
17Janitorial Services19 $366,421 6.7%
18Child Day Care Services19 $397,032 6.1%
19Hotels (except Casino Hotels) and Motels18 $2,066,394 6.0%
20Other Personal Care Services17 $270,535 6.4%
21Offices of Dentists16 $957,200 6.4%
22Snack and Nonalcoholic Beverage Bars15 $304,720 6.7%
23Supermarkets and Other Grocery (except Convenience) Stores15 $1,419,987 6.3%
24Offices of Lawyers14 $241,579 6.8%
25Poured Concrete Foundation and Structure Contractors13 $136,000 6.7%
26All Other Professional, Scientific, and Technical Services12 $418,200 7.3%
27Lessors of Miniwarehouses and Self-Storage Units11 $1,564,145 5.3%
28Mobile Food Services11 $62,636 6.9%
29Specialized Freight (except Used Goods) Trucking, Local11 $88,964 7.5%
30Car Washes10 $1,208,800 6.3%
31Drinking Places (Alcoholic Beverages)10 $352,000 7.5%
32Specialized Freight (except Used Goods) Trucking, Long-Distance9 $46,567 7.1%
33Site Preparation Contractors9 $110,356 7.0%
34Painting and Wall Covering Contractors9 $39,578 7.3%
35Engineering Services9 $117,300 7.5%
36Flooring Contractors9 $131,144 7.0%
37Custom Computer Programming Services9 $679,844 7.2%
38Machine Shops9 $547,900 7.1%
39General Freight Trucking, Long-Distance, Less Than Truckload8 $93,925 7.4%
40Administrative Management and General Management Consulting Services8 $168,300 8.3%

Top SBA Loan Franchises in Michigan

RankFranchiseName# of Loans Avg Loan Avg Interest
1Biggby Coffee5 $268,960 7.0%
2Biggby Coffee4 $305,250 6.6%
3Wing Snob4 $284,725 7.1%
4JDog Junk Removal & Hauling4 $150,000 7.5%
5Econo Lodge3 $2,054,667 6.1%
6Oxi Fresh Carpet Cleaning3 $89,200 6.9%
7Little Caesars3 $753,000 6.9%
8Quality Inn3 $3,784,667 6.1%
9The UPS Store3 $102,967 8.4%
10Firehouse Subs2 $287,200 7.9%
11Jersey Mike’s2 $407,700 7.5%
12Dairy Queen Operating Agreemen2 $1,788,750 5.5%
13College Hunks Hauling Junk2 $150,000 6.0%
14Chrysler – Sales and Service A2 $1,740,500 5.9%
15Medi-Weightloss2 $112,500 9.8%
16Property Management Inc.2 $150,000 6.3%
17House Doctors2 $100,000 6.8%
18Nothing Bundt Cakes2 $726,950 6.3%
19Crumbl2 $492,500 6.6%
20Beyond Juicery + Eatery2 $423,600 7.1%
21Sam the Concrete Man2 $150,000 6.0%
22Mosquito Shield2 $150,000 6.0%
23The Grounds Guys2 $150,000 6.3%
24Fundraising University2 $150,000 6.3%
25The Joint…The Chiropractic P2 $242,500 6.4%
26Mosquito Joe2 $150,000 9.8%
27X-Golf2 $949,500 7.4%
28PickUp USA Fitness2 $255,500 8.3%
29Black-eyed Pea – Intellectual2 $142,500 8.3%
30Cloverleaf Pizza2 $151,000 6.0%
31I Heart Mac & Cheese2 $190,000 6.0%
32UNITS2 $1,616,500 4.9%
33BrightStar Care2 $1,625,850 5.5%
34ComForCare Home Care2 $130,000 6.3%
35Comfort Keepers2 $216,000 4.9%
36Comfort Suites2 $3,306,000 7.0%
37Super 82 $1,457,000 6.8%
38Detroit Wing Company2 $383,200 6.9%
39Window Genie2 $150,000 8.3%
40iCode2 $175,000 7.5%

Top Michigan SBA Loan Borrowers by Jobs Supported

RankBusinessLocationIndustry Loan Size Interest Rate Jobs
1GREEN GARDEN CHILD DEVELOPMENTMadison Heights, MIChild Day Care Services $250K – $500K 5.4%194
2COTOPAXI LLCWest Branch, MIGeneral Freight Trucking, Local $250K – $500K 5.0%179
3FOMCORE LLCMuskegon, MIReupholstery and Furniture Repair $250K – $500K 6.3%149
4ELEVATED TECHNOLOGIES INC.Grand Rapids, MIOther Building Equipment Contractors $2.5M – $5M 7.3%149
5TMP OPCO LLCWestland, MIPlumbing, Heating, and Air-Conditioning Contractors $1M – $2.5M 6.0%136
6VHM ENTERPRISES INC.Southfield, MIJanitorial Services $1M – $2.5M 8.5%132
7OPTIMAL HOME HEALTH LLCPlymouth, MIHome Health Care Services $250K or less 4.9%120
8PIERCE POWERLINE CO LLCSaginaw, MIPower and Communication Line and Related Structures Construction $1M – $2.5M 6.6%112
92AM LLCLinwood, MICookie and Cracker Manufacturing $250K or less 6.0%106
10DAVIS AND BROTHERS TRUCKING LLPerry, MIUsed Household and Office Goods Moving $250K or less 6.0%102
11CULVER’S OF WASHINGTON TOWNSHIWashington, MILimited-Service Restaurants $500K – $1M 5.5%101
12MONACO FAMILY ENTERPRISES INCFerndale, MIElectrical Apparatus and Equipment, Wiring Supplies, and Related Equip $250K or less 6.0%100
13MILLER HOME CARE SERVICES INCBrighton, MIHome Health Care Services $1M – $2.5M 5.5%100
14MOSS AUDIO CORPORATIONGrand Rapids, MIAll Other Professional, Scientific, and Technical Services $2.5M – $5M 6.3%100
15MULTI DRYWALL & PARTITION LLCFarmington Hills, MIDrywall and Insulation Contractors $1M – $2.5M 7.3%98
16TAG-WA LLCSouthfield, MIOther Motor Vehicle Parts Manufacturing $500K – $1M 6.0%92
17BLUESTONE CHILDREN’S CENTER LLLivonia, MIOffices of Mental Health Practitioners (except Physicians) $2.5M – $5M 8.3%92
18ELITE TECHNOLOGY GROUP LLCKalamazoo, MICustom Computer Programming Services $500K – $1M 6.9%90
19AEMM FAMILY HOLDINGS INC.Birmingham, MILimited-Service Restaurants $2.5M – $5M 5.5%87
20CAROLE CAMPBELL LLCWestland, MILimited-Service Restaurants $2.5M – $5M 6.3%85
21PENTANGLE TECH SERVICES LLCFarmington Hiils, MIOther Management Consulting Services $250K – $500K 7.5%80
22MILLER HOME CARE SERVICES INCEast Lansing, MIHome Health Care Services $1M – $2.5M 5.5%80
23RM TRUCKING INC.Zeeland, MIGeneral Freight Trucking, Long Distance, Truckload $2.5M – $5M 6.5%75
24PRIMETIME PROPERTIES – MILHAMPortage, MIBeauty Salons $250K – $500K 8.0%74
25STATE ELECTRIC COMPANY INC.Holly, MIElectrical Contractors $1M – $2.5M 6.3%70
26CLEARWAVES INC.Traverse City, MILimited-Service Restaurants $500K – $1M 4.8%68
27BOTANY BAY ENTERPRISES LLCWaterford, MIHome Health Care Services $1M – $2.5M 5.0%68
28GRACZYK HOLDINGS LLCChesterfield, MIBoat Building $1M – $2.5M 5.3%67
29TAG-WA LLCWixom, MIOther Motor Vehicle Parts Manufacturing $500K – $1M 6.8%66
30KNICKERBOCKER 365 INC.Madison Heights, MIFood Service Contractors $2.5M – $5M 6.0%66
31THE TAVERN KITCHEN & BAR LLCFenton, MIFull-Service Restaurants $500K – $1M 7.0%65
32SABO COOKIES AND CREAM LLCLinden, MISnack and Nonalcoholic Beverage Bars $250K – $500K 4.8%62
33DM MICHIGAN LLCMadison Heights, MICommercial Gravure Printing $1M – $2.5M 8.0%62
34DOLLINS CONSTRUCTION INC.Clinton, MINew Multifamily Housing Construction (except Operative Builders) $2.5M – $5M 6.2%61
35MAKPAR FOODS INC.Kalamazoo, MISupermarkets and Other Grocery (except Convenience) Stores $500K – $1M 4.8%60
36BILDERBECK FOODS LLCHolland, MILimited-Service Restaurants $1M – $2.5M 6.3%60
37THE VILLAGE CHILDCARE CENTER LKalamazoo, MIChild Day Care Services $250K or less 8.3%59
38FIRST DAY HOMECARE LLCFlint, MIHome Health Care Services $250K – $500K 5.3%58
39TWI ACQUISITION LLCGreenville, MIFull-Service Restaurants $250K or less 9.0%56
40WING & SHOT LLCGoodrich, MISupport Activities for Animal Production $250K or less 6.8%56
41AMI CONTRACTING INC.Flint, MIComputer Systems Design Services $500K – $1M 7.5%56
42PINK BOX LLCCanton, MILimited-Service Restaurants $500K – $1M 9.0%55
43BIG LAKES-51540 ROMEO PLANK LLMacomb, MILandscaping Services $500K – $1M 4.5%55
44TGR LAND HOLDINGS LLCAuburn Hills, MILandscaping Services $1M – $2.5M 7.5%55
45A-RAY-A LLCDetroit, MILimited-Service Restaurants $2.5M – $5M 4.5%55
46MURRAYS ASPHALT MAINTENANCE LLWoodland, MIAll Other Specialty Trade Contractors $250K or less 7.5%54
47GCMR OPERATING LLCGlen Arbor, MIMarinas $500K – $1M 5.5%54
48COUNTY LINE POWER LLCHope, MIElectrical Contractors $250K – $500K 6.3%52
49PLYMOUTH SENIOR SERVICES LLCPlymouth, MIServices for the Elderly and Persons with Disabilities $500K – $1M 8.3%52
50LGRTC 1 LLCBloomfield Hills, MISnack and Nonalcoholic Beverage Bars $500K – $1M 6.0%51
51PEAK PERFORMANCE SKINCARE LLCAnn Arbor, MIOther Personal Care Services $1M – $2.5M 7.3%51
52EJKJ LOGISTICS INC.Troy, MIGeneral Freight Trucking, Local $250K or less 7.0%50
53FAIRLANE DENTAL LABORATORY INLivonia, MIDental Laboratories $500K – $1M 8.3%50
54CREGGER MECHANICAL SYSTEMS INCFerndale, MIPlumbing, Heating, and Air-Conditioning Contractors $1M – $2.5M 7.5%50
55TAPLIN HOLDINGS LLCKalamazoo, MIRemediation Services $2.5M – $5M 5.7%50
56NATURALICIOUS INCLivonia, MIAll Other Personal Services $250K or less 5.8%48
57CLOVERLEAF PIZZA OF CLAWSON LClawson, MIFull-Service Restaurants $250K or less 6.0%48
58RCM GRILL INC.Beverly Hills, MIFull-Service Restaurants $250K – $500K 8.3%48
59CERTUS MEDICAL LLCEast Lansing, MIMedical, Dental, and Hospital Equipment and Supplies Merchant Wholesal $500K – $1M 5.2%46
60BIG LAKES LAWNCARE LLCMacomb, MILandscaping Services $250K or less 4.8%45
61THE GODDARD SCHOOL – BEVERLY HBeverly Hills, MIChild Day Care Services $250K – $500K 5.0%45
62CEREAL CITY AUTO PARTS INC.Battle Creek, MIMotor Vehicle Supplies and New Parts Merchant Wholesalers $2.5M – $5M 4.7%45
63VAN ATTA HOLDINGS INC.Haslett, MI $2.5M – $5M 4.0%45
64HOME CARE WELLNESS LLCLincoln Park, MIHome Health Care Services $250K or less 7.5%44
65A&G CORPORATE HOLDINGS LLCLivonia, MIConstruction Machinery Manufacturing $250K or less 6.3%42
66WABISABI300 LLCFrankfort, MIFull-Service Restaurants $250K – $500K 5.8%42
67THE ONE IN THE MIDDLE LLCEast Lansing, MIFull-Service Restaurants $1M – $2.5M 4.3%42
68HEAVY DUTY CLEANING LLCFenton, MIOther Services to Buildings and Dwellings $250K or less 6.3%41
69FOSTER FAMILY SERVICES LLCBelleville, MIHome Health Care Services $250K or less 6.5%41
70MJH & COMPANY LLCSaginaw, MI $250K or less 9.0%41
71CLK TRANSPORT INCBuckley, MICouriers $500K – $1M 7.3%41
72W DESIGN AND DEVELOPMENT L.L.CCanton, MIAll Other Miscellaneous Schools and Instruction $250K or less 7.5%40
73PRH RESTAURANT GROUP LLCSaginaw, MIFull-Service Restaurants $250K or less 6.0%40
74PITA WAY BLOOMFIELD LLCBloomfield Hills, MILimited-Service Restaurants $250K or less 8.3%40
75PITA WAY HOWELL LLCHowell, MILimited-Service Restaurants $250K or less 8.3%40
76RKR WILLIAMS LLCNiles, MILimited-Service Restaurants $250K – $500K 7.9%40
77DESIGN STUDIO EAST LLCMarshall, MIBeauty Salons $250K – $500K 6.5%40
78PITA WAY BERKLEY LLCBerkley, MILimited-Service Restaurants $250K – $500K 8.3%40
79PITA WAY PORTAGE LLCPortage, MILimited-Service Restaurants $250K – $500K 8.3%40
80LIFESTYLE BRANDS INC.Rochester Hills, MIOther Personal Care Services $250K – $500K 8.8%40
81PITA WAY LAPEER LLCLapeer, MILimited-Service Restaurants $250K – $500K 8.3%40
82GANZAK ENTERPRISES LLCBig Rapids, MILimited-Service Restaurants $250K – $500K 8.8%40
83TAP-IN’S LLCHowell, MIAll Other Amusement and Recreation Industries $500K – $1M 6.5%40
84MATTHYSSE KUIPER DEGRAAF FUNERHudsonville, MIFuneral Homes and Funeral Services $500K – $1M 6.0%40
85MCINERNEY NAGLE INVESTMENT CORAlpena, MINew Car Dealers $500K – $1M 4.5%40
86NERDS XPRESS LLCSouthfield, MICustom Computer Programming Services $1M – $2.5M 6.8%40
87EHLERS SERVICE NETWORK LLCLivonia, MIPlumbing, Heating, and Air-Conditioning Contractors $1M – $2.5M 6.4%40
88RADFACTOR LLCWalker, MINonupholstered Wood Household Furniture Manufacturing $1M – $2.5M 4.9%40
89SCOPO HOSPITALITY L.L.C.Ada, MIFull-Service Restaurants $1M – $2.5M 8.3%40
90CBK CONSTRUCTION LLCHolland, MICommercial and Institutional Building Construction $1M – $2.5M 6.0%40
91BOYER’S MEAT CUSTOM PROCESSINGWayne, MIAnimal (except Poultry) Slaughtering $2.5M – $5M 6.0%40
92GRAND TRAVERSE JANITORIAL LLCTraverse City, MIJanitorial Services $1M – $2.5M 5.5%39
93BEARDS BREWERY LLCPetoskey, MIFull-Service Restaurants $250K or less 4.3%38
94MROUEH HOLDING LLCGarden City, MIChild Day Care Services $500K – $1M 3.0%38
95DRAKE COMPANY INCORPORATEDWyoming, MIPlumbing, Heating, and Air-Conditioning Contractors $500K – $1M 4.9%38
96HILLSDALE CLASSICAL L.L.CHillsdale, MIElementary and Secondary Schools $250K – $500K 5.3%37
97ZANDO GROUP INC.Brighton, MIDrinking Places (Alcoholic Beverages) $1M – $2.5M 6.0%37
98CHARLES AND LLOYD ENTERPRISESBirmingham, MIBeauty Salons $250K or less 8.3%36
99J & L RESTORATION AND CLEANINGLansing, MIResidential Remodelers $250K – $500K 5.9%36
100LUBECON USA LLCWhite Cloud, MIPetroleum and Petroleum Products Merchant Wholesalers (except Bulk Sta $1M – $2.5M 6.3%36

Note about SBA lenders near me in Michigan

When it comes to top Michigan SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the Michigan preferred lender list, 2) approved lenders in Michigan, or 3) active participants in the Michigan SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in Michigan swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in Michigan, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.

It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.