SBA loan data
SBA loans in Michigan: FY2020–FY2025 data
Michigan ranked #6 of 50 states and DC by number of SBA 7(a) and 504 loans approved in FY2020–FY2025. Below: volume by year, loan sizes, industries, and the lenders and CDCs that made the most loans, all from SBA's public loan-level data.
Data as of (SBA 7(a) & 504 FOIA release). Headline figures cover fiscal years 2020 through 2025 (October 1, 2019 to September 30, 2025). Methodology and sources.
Headline numbers, FY2020–FY2025
13,048 SBA 7(a) and 504 loans totaling $5.37 billion were approved in Michigan in FY2020–FY2025 (12,142 7(a) and 906 504), excluding loans later cancelled.
- 13,048SBA loans approved (7(a) + 504)
- $5.37 billionTotal approved amount
- $120,800Median 7(a) loan (12,142 loans)
- $505,500Median 504 amount (906 loans)
- 119,018Jobs supported, as reported on the loans
- 9.8%Loans to franchise businesses
What this means for a borrower
- Half of the 7(a) loans approved in Michigan were between $50,000 and $350,000, and the median was $120,800, 39% below the national median of $198,300. A request well above $350,000 would be larger than three in four 7(a) loans recorded here.
- 53.1% of 7(a) loans here were under $150,000 (national: 40.6%).
- 504 loans were 6.9% of the loans counted here (national: 11.7%), with a median 504 amount of $505,500.
- 259 lenders (counted by name as recorded in the data) approved at least one 7(a) loan here. The 10 most active by count made 70.2% of 7(a) loans, so 7(a) lending here is concentrated among a small group of lenders.
- 7(a) approvals went from 1,481 in FY2020 to 2,117 in FY2025, up 43%.
- The sector with the most loans was Construction (13.9% of loans), followed by Retail Trade (12.3%).
These are counts of approved loans. The data does not show applications that were declined or withdrawn, so it says nothing about approval odds, and past volume is not a forecast for any individual request.
Loans by fiscal year
| Fiscal year | 7(a) loans | 7(a) amount | 504 loans | 504 amount |
|---|---|---|---|---|
| FY2020 | 1,481 | $542.4 million | 156 | $87.0 million |
| FY2021 | 1,861 | $858.1 million | 195 | $142.2 million |
| FY2022 | 1,869 | $742.7 million | 175 | $137.0 million |
| FY2023 | 2,310 | $734.8 million | 120 | $114.1 million |
| FY2024 | 2,504 | $888.6 million | 120 | $128.6 million |
| FY2025 | 2,117 | $872.2 million | 140 | $123.9 million |
| FY2026 (to 06/30, partial) | 1,006 | $535.1 million | 89 | $85.8 million |
FY2026 covers only part of the year and is not included in any other figure on this page. Recent years can still change as loans are cancelled after approval.
Loan sizes
| Measure | 7(a) | 504 |
|---|---|---|
| Loans | 12,142 | 906 |
| 25th percentile | $50,000 | $281,500 |
| Median | $120,800 | $505,500 |
| 75th percentile | $350,000 | $998,000 |
| Average | $382,049 | $808,820 |
| Loan amount | 7(a) loans | 7(a) share | 504 loans | 504 share |
|---|---|---|---|---|
| Under $150,000 | 6,449 | 53.1% | 70 | 7.7% |
| $150,000 to $349,999 | 2,467 | 20.3% | 245 | 27.0% |
| $350,000 to $999,999 | 2,005 | 16.5% | 365 | 40.3% |
| $1 million to $1,999,999 | 732 | 6.0% | 153 | 16.9% |
| $2 million to $4,999,999 | 445 | 3.7% | 67 | 7.4% |
| $5 million or more | 44 | 0.4% | fewer than 10 | fewer than 10 |
504 amounts are the CDC portion recorded in SBA's data (the "GrossApproval" field); the separate first-lien lender loan in a 504 project is not included, so 504 and 7(a) amounts are not directly comparable.
Industries
| Sector | Loans | Share | Amount |
|---|---|---|---|
| Construction (23) | 1,813 | 13.9% | $485.3 million |
| Retail Trade (44-45) | 1,603 | 12.3% | $823.9 million |
| Accommodation and Food Services (72) | 1,578 | 12.1% | $915.0 million |
| Transportation and Warehousing (48-49) | 1,489 | 11.4% | $236.8 million |
| Other Services (except Public Administration) (81) | 1,205 | 9.2% | $442.8 million |
| Health Care and Social Assistance (62) | 1,046 | 8.0% | $516.5 million |
| Manufacturing (31-33) | 991 | 7.6% | $583.7 million |
| Professional, Scientific, and Technical Services (54) | 887 | 6.8% | $319.8 million |
| Administrative and Support and Waste Management and Remediation Services (56) | 717 | 5.5% | $236.4 million |
| Wholesale Trade (42) | 433 | 3.3% | $220.8 million |
| Industry | Loans | Share |
|---|---|---|
| General Freight Trucking, Long-Distance, Truckload (484121) | 838 | 6.4% |
| Full-Service Restaurants (722511) | 596 | 4.6% |
| Limited-Service Restaurants (722513) | 434 | 3.3% |
| General Freight Trucking, Local (484110) | 368 | 2.8% |
| Residential Remodelers (236118) | 297 | 2.3% |
| Landscaping Services (561730) | 283 | 2.2% |
| All Other Specialty Trade Contractors (238990) | 275 | 2.1% |
| Plumbing, Heating, and Air-Conditioning Contractors (238220) | 233 | 1.8% |
| General Automotive Repair (811111) | 203 | 1.6% |
| Beauty Salons (812112) | 179 | 1.4% |
Shares are of all 7(a) and 504 loans for Michigan in FY2020–FY2025. Only industries with at least 10 loans are listed.
Most active lenders and CDCs
Ranked by number of loans approved for Michigan in FY2020–FY2025, then by amount. Names are shown exactly as recorded in SBA's data; the same institution can appear under more than one name, and we do not merge them. Lenders or CDCs with fewer than 10 loans here are not listed. This is a count of past activity, not a ranking of quality or a recommendation.
| # | Lender (as recorded) | Loans | Amount |
|---|---|---|---|
| 1 | The Huntington National Bank | 6,456 | $1.06 billion |
| 2 | Fifth Third Bank | 507 | $306.2 million |
| 3 | ChoiceOne Bank | 382 | $232.4 million |
| 4 | Live Oak Banking Company | 220 | $302.8 million |
| 5 | JPMorgan Chase Bank, National Association | 203 | $68.0 million |
| 6 | BayFirst National Bank | 158 | $26.0 million |
| 7 | Readycap Lending, LLC | 155 | $53.5 million |
| 8 | Newtek Bank, National Association | 154 | $75.0 million |
| 9 | Oxford Bank | 148 | $67.6 million |
| 10 | Horizon Bank | 146 | $64.6 million |
| # | CDC (as recorded) | Loans | Amount |
|---|---|---|---|
| 1 | Michigan Certified Development Corporation | 490 | $418.5 million |
| 2 | Great Lakes Commercial Finance | 321 | $245.3 million |
| 3 | Oakland County Business Finance Corporation | 71 | $50.0 million |
| 4 | Business Development Corporation (BDC) | 11 | $5.39 million |
259 lender names appear on at least one 7(a) loan for Michigan, and 12 CDC names on at least one 504 loan.
7(a) loans by processing method
| Processing method (as recorded) | Loans | Share of 7(a) |
|---|---|---|
| SBA Express Program | 6,058 | 49.9% |
| Preferred Lenders Program | 4,877 | 40.2% |
| 7a General | 1,047 | 8.6% |
| Community Advantage Initiative | 70 | 0.6% |
| Working Capital CAPLine | 53 | 0.4% |
| International Trade Loans | 12 | 0.1% |
Compare
See national SBA loan data and every state, or the Pennsylvania county breakdown. Industry pages show the same tables for the 25 industries with the most SBA loans nationally.
Questions this data answers
How many SBA loans were approved in Michigan from FY2020 to FY2025?
13,048 SBA 7(a) and 504 loans totaling $5.37 billion: 12,142 7(a) loans and 906 504 loans, according to SBA FOIA data as of June 30, 2026. Loans later cancelled are excluded.
What is the median SBA 7(a) loan size in Michigan?
$120,800 for loans approved in FY2020–FY2025. Half of the 7(a) loans were between $50,000 and $350,000; the average was $382,049, pulled up by a smaller number of large loans.
What is the typical SBA 504 loan amount in Michigan?
The median 504 amount was $505,500 across 906 loans. This is the CDC portion recorded in SBA's data; the separate first-lien lender loan in a 504 project is not included.
Which industries received the most SBA loans in Michigan?
By loan count: Construction (13.9%), Retail Trade (12.3%), Accommodation and Food Services (12.1%), based on the NAICS code recorded for each loan.
Related guides
Have a specific deal in mind?
The numbers above describe loans that were approved. They do not say what any lender would do with your request. Tell us what you are trying to finance and we will help you see how it lines up. No documents needed to start, and we do not pull your credit.
Figures are compiled by Precise SBA from the U.S. Small Business Administration's public 7(a) and 504 FOIA loan-level data and are shown as recorded, including lender names. They describe past approvals only: they are not rates, approval odds, a ranking or an endorsement of any lender, and not a prediction for any loan. Precise SBA is not a lender and is not affiliated with the U.S. Small Business Administration. We never charge you. If a loan closes, the lender may pay us a referral fee, disclosed on SBA Form 159 (how we get paid).