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50 active SBA 7(a) lenders in Michigan, ranked by loan volume.
Lenders
in Michigan
Total Volume
Median Rate
Median Loan Size
| # | Lender | Loans | Volume | Rate | Default Rate |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 45 | $51.5M | P+2.25% | 1.5% |
| 2 | Horizon Bank | 31 | $15.3M | P+0.75% | 0.0% |
| 3 | United FCU | 23 | $23.0M | P+2.50% | 0.0% |
| 4 | Live Oak Bank | 14 | $34.8M | P+1.50% | 0.8% |
| 5 | First Internet Bank of Indiana | 11 | $13.2M | P+2.75% | 1.7% |
| 6 | Comerica Bank | 11 | $18.2M | P+0.00% | 0.0% |
| 7 | DFCU Financial | 8 | $9.8M | P+2.50% | 7.8% |
| 8 | Centerstone SBA Lending, Inc. | 7 | $6.7M | P+2.00% | 0.9% |
| 9 | ChoiceOne Bank | 7 | $2.3M | P+1.25% | 0.0% |
| 10 | Celtic Bank Corporation | 6 | $10.5M | P+2.50% | 1.7% |
| 11 | 1st State Bank | 6 | $991K | P+1.50% | 0.0% |
| 12 | The Bancorp Bank National Association | 6 | $3.3M | P+1.00% | 0.7% |
| 13 | Baybank | 6 | $5.4M | P+0.00% | 0.0% |
| 14 | Fifth Third Bank | 6 | $14.1M | P+0.25% | 0.5% |
| 15 | Northern Great Lakes Initiatives | 5 | $965K | P+0.00% | 0.0% |
| 16 | Old National Bank | 5 | $11.2M | P+0.30% | 1.9% |
| 17 | United Midwest Savings Bank, National Association | 4 | $2.8M | P+2.75% | 0.5% |
| 18 | Milestone Bank | 4 | $5.5M | P+2.75% | 0.0% |
| 19 | Michigan Certified Development Corporation | 4 | $929K | P+3.50% | 0.0% |
| 20 | Oxford Bank | 4 | $2.5M | P+2.25% | 0.0% |
| 21 | Dogwood State Bank | 4 | $7.7M | P+2.75% | 1.3% |
| 22 | Omni Community CU | 3 | $2.0M | P+1.50% | 0.0% |
| 23 | Shoreham Bank | 3 | $8.9M | P+1.00% | 0.0% |
| 24 | GBank | 3 | $10.6M | P+1.00% | 0.6% |
| 25 | Bank of Ann Arbor | 3 | $1.9M | P+1.50% | 0.0% |
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Customize your search →Michigan has 50 active SBA 7(a) acquisition lenders that have originated a combined 265 loans totaling $314.2M in volume. The median acquisition loan size in Michigan is $917K, with a median interest rate of Prime + 2.00% (Prime + spread).
When evaluating SBA lenders in Michigan, consider loan volume (a proxy for experience), interest rates, and historical default rates. Lenders designated as PLP (Preferred Lender Program) have delegated authority from the SBA to approve loans, which typically results in faster processing times.
There are currently 50 active SBA 7(a) lenders in Michigan based on FOIA lending data. These lenders have originated 265 acquisition loans.
The median SBA 7(a) acquisition loan rate in Michigan is Prime + 2.00% (current Prime rate: 6.75%). Rates are typically expressed as Prime plus a spread, with the SBA capping the spread at 3.0% for loans over $250,000.
A PLP (Preferred Lender Program) lender has been granted delegated authority by the SBA to make credit decisions without prior SBA review. This typically means faster loan processing and approval timelines.
Data source: SBA 7(a) FOIA lending data. Rankings are based on loan count within the selected dimension. Rates shown are median interest rates expressed as Prime + spread. Default rates represent 10-year cumulative default rates. Data is refreshed periodically and may not reflect the most recent lending activity.