SBA Lenders in Michigan
Top lenders ranked by real SBA lending data. See who's most active in Michigan across deal count, loan size, and pricing.
What Borrowers Should Know
Michigan's median 7(a) spread of P+2.20% is 55 basis points lower than the national median of P+2.75%. This means borrowers here pay less interest on SBA loans—potentially saving thousands over the loan term. The tight spread likely reflects heavy competition: Huntington National Bank alone has closed 3,090 deals (53% of all Michigan SBA volume), creating pricing pressure that benefits you.
Michigan has 252 active SBA lenders competing for $1.38B in annual volume, but the market is highly concentrated. Your top 5 lenders control approximately 3,788 deals—over 65% of the market. If you're a smaller borrower or have unique circumstances, you may face limited options outside these dominant players. Smaller regional lenders like ChoiceOne (125 deals) exist but have significantly less deal volume.
Michigan's average deal size of $238,019 sits well below the SBA 7(a) loan cap of $5M, suggesting strong participation from small-to-mid-sized businesses. The state's high deal count relative to volume indicates lenders are actively funding smaller growth-stage companies. If your loan request is in the $150K–$500K range, you're targeting the core market where Michigan lenders have the most experience and streamlined processes.
Total SBA Loans
5,801
Active Lenders
200
Avg Deal Size
$238K
Total Volume
$1.4B
Top 10 Lenders in Michigan
Ranked by total deal count across all SBA programs.
| # | Lender | Type | Deals | Avg Size | Spread | |
|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Bank | 3,111 | $124K | P + 2.22%GOOD | |
| 2 | JPMorgan Chase Bank, National Association | Bank | 245 | $158K | P + 2.54%AVERAGE | |
| 3 | Comerica Bank | Bank | 217 | $405K | P + 1.50%COMPETITIVE | |
| 4 | Michigan Certified Development | CDC/504 | 148 | $522K | P + 3.25%ABOVE AVG | |
| 5 | ChoiceOne Bank | Bank | 140 | $419K | P + 1.50%COMPETITIVE | |
| 6 | Fifth Third Bank | Bank | 114 | $175K | P + 1.48%COMPETITIVE | |
| 7 | Citizens Bank, National Association | Bank | 90 | $168K | P + 2.50%AVERAGE | |
| 8 | Great Lakes Commercial Finance | CDC/504 | 88 | $553K | — | |
| 9 | Horizon Bank | Bank | 78 | $236K | P + 1.75%GOOD | |
| 10 | First Merchants Bank | Bank | 77 | $366K | P + 2.25%GOOD |
Top Industries in Michigan
SBA lending activity by industry segment.