In fiscal year 2025, lenders approved 2,481 SBA 7(a) loans worth $981.9 million to businesses in Michigan. Here is where that money went, which institutions approved it, and how big a loan a business like yours actually gets — straight from the SBA's own published records.
The median approval was $150,000, $16,850 below the national median of $166,850. That number matters more than the headline total: it is the size of deal lenders in this state are comfortable writing, and asking for something far outside it is the quiet reason many files stall.
| Loan size | 7(a) loans | Share |
|---|---|---|
| Under $50K | 418 | 16.8% |
| $50K-$150K | 760 | 30.6% |
| $150K-$350K | 607 | 24.5% |
| $350K-$1M | 451 | 18.2% |
| $1M+ | 245 | 9.9% |
27.2% of Michigan approvals went to new businesses (startups or under two years old), against 29.8% nationally.
Ranked by number of FY2025 approvals to Michigan businesses. The single most active 7(a) lender in the state was The Huntington National Bank with 1,080 approvals at a median of $60,750 — which tells you exactly the size of deal it wants.
| Lender | Loans in Michigan | Median size | Total approved |
|---|---|---|---|
| The Huntington National Bank | 1,080 | $60,750 | $206.7 million |
| Northeast Bank | 154 | $100,000 | $23.6 million |
| Newtek Bank, National Association | 103 | $200,000 | $42.2 million |
| Fifth Third Bank | 85 | $210,600 | $44.4 million |
| Readycap Lending, LLC | 74 | $150,000 | $21.5 million |
| Horizon Bank | 59 | $276,200 | $27.5 million |
| Independent Bank | 50 | $325,000 | $36.1 million |
| Live Oak Banking Company | 48 | $950,000 | $70.5 million |
| Celtic Bank Corporation | 48 | $150,000 | $16.2 million |
| JPMorgan Chase Bank, National Association | 39 | $200,000 | $12.6 million |
| ChoiceOne Bank | 34 | $425,000 | $20.6 million |
| BayFirst National Bank | 31 | $150,000 | $4.9 million |
Lenders are listed because the SBA publishes them. Inclusion is not a recommendation, an endorsement, or a statement that any of them will approve your file — and Goldspur Capital is not affiliated with any lender named.
The median initial rate recorded at approval was 10.0%, with most loans between 8.0% and 11.25%, and 90.4% written on a variable rate. Historic rates at approval across the year — not a quote, and not what you would be offered today.
| Industry | Loans | Median loan |
|---|---|---|
| Full-Service Restaurants | 107 | $185,000 |
| Limited-Service Restaurants | 93 | $281,000 |
| General Freight Trucking, Long-Distance, Truckload | 91 | $50,000 |
| All Other Specialty Trade Contractors | 71 | $125,000 |
| Landscaping Services | 69 | $80,000 |
| Residential Remodelers | 65 | $81,000 |
| Beer, Wine, and Liquor Retailers | 50 | $813,000 |
| General Freight Trucking, Local | 44 | $50,000 |
| Beauty Salons | 44 | $52,500 |
| Plumbing, Heating, and Air-Conditioning Contractors | 41 | $200,000 |
| County | Loans | Median loan |
|---|---|---|
| Oakland | 483 | $170,000 |
| Wayne | 409 | $150,000 |
| Macomb | 235 | $150,000 |
| Kent | 222 | $100,000 |
| Ottawa | 87 | $150,000 |
| Genesee | 86 | $102,000 |
| Washtenaw | 86 | $185,500 |
| Ingham | 69 | $155,000 |
A 504 loan is not made by one lender. Roughly half comes from a bank, about 40% from a Certified Development Company — a nonprofit certified by the SBA to deliver the 504 debenture — and about 10% from you. Which means that in Michigan, choosing a 504 lender is really choosing a CDC first, and the CDC then brings or accepts the bank.
Michigan saw 144 504 approvals worth $134.9 million in FY2025, median $541,000. These are the CDCs that actually approved them, ranked by FY2025 volume:
| Certified Development Company | 504 loans | Median size | Total approved |
|---|---|---|---|
| Michigan Certified Development Corporation | 65 | $515,000 | $58.9 million |
| Great Lakes Commercial Finance | 58 | $593,000 | $61.5 million |
| Oakland County Business Finance Corporation | 15 | $637,000 | $12.7 million |
| Business Development Corporation (BDC) | 5 | $249,000 | $1.3 million |
Read the median column before you call anyone: a CDC writing a median $515,000 project is set up for that size of deal. A CDC does not have to be headquartered in Michigan to lend here — many are certified across several states — and appearing above is not an endorsement or any indication it would approve your project. How the structure, the fixed rate and the eligible-use rules work is set out on our 504 rates and terms page, and the 7(a) or 504 comparison covers which one fits a building.
| Fiscal year | 7(a) loans approved | Total approved | Median |
|---|---|---|---|
| FY2023 | 2,498 | $803.7 million | $100,000 |
| FY2024 | 2,715 | $971.1 million | $100,000 |
| FY2025 | 2,481 | $981.9 million | $150,000 |
| FY2026 (partial) | 1,139 | $575.4 million | $207,000 |
Three practical readings. First, size your ask to the state's median band — a request that sits where lenders are already active is a materially easier file than one that does not. Second, a decline is a matching problem far more often than a credit problem: the tables above show institutions with completely different appetites operating in the same state in the same year. Third, if your industry is not in the list above, it does not mean no, it means fewer lenders — and that is exactly the situation where going through a partner who knows which desk to call is worth more than another application.
Source: U.S. Small Business Administration, 7(a) and 504 FOIA loan data (data.sba.gov), files as of 30 June 2026, read on 1 September 2026. Figures cover loan APPROVALS, not disbursements, and the files contain no declined applications — so no approval rate can be calculated from them. Fiscal year 2026 is partial (1 October 2025 to 30 June 2026). Aggregated by Goldspur Capital; borrower-level records are not published. State figures are aggregated on the project state of each loan. Program guidelines shown are our lending partners' published minimums as of September 2026 and can change. They are qualification floors, not an offer.
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