Top SBA Acquisition Lenders in Michigan
51 active SBA 7(a) lenders in Michigan, ranked by acquisition loan count.
Lenders
in Michigan
Total Volume
Median Rate
Median Loan Size
Top Lenders in Michigan
Lending by Industry in Michigan
Covers the 188 of 270 Michigan loans that the FOIA dataset reports at the state and industry level.
Top 25 Lenders in Michigan
| # | 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 | Comerica Bank | 11 | $18.2M | P+0.00% | 0.0% |
| 6 | First Internet Bank of Indiana | 10 | $14.2M | P+2.75% | 1.7% |
| 7 | DFCU Financial | 8 | $9.8M | P+2.50% | 7.8% |
| 8 | Fifth Third Bank | 8 | $15.2M | P+0.00% | 0.5% |
| 9 | ChoiceOne Bank | 7 | $2.3M | P+1.25% | 0.0% |
| 10 | Centerstone SBA Lending, Inc. | 7 | $6.7M | P+2.00% | 0.9% |
| 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 | Celtic Bank Corporation | 6 | $10.5M | P+2.50% | 1.7% |
| 14 | Baybank | 6 | $5.4M | P+0.00% | 0.0% |
| 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 | Oxford Bank | 4 | $2.5M | P+2.25% | 0.0% |
| 18 | Michigan Certified Development Corporation | 4 | $929K | P+3.50% | 0.0% |
| 19 | Dogwood State Bank | 4 | $7.7M | P+2.75% | 1.3% |
| 20 | United Midwest Savings Bank, National Association | 4 | $2.8M | P+2.75% | 0.5% |
| 21 | Milestone Bank | 4 | $5.5M | P+2.75% | 0.0% |
| 22 | Omni Community CU | 3 | $2.0M | P+1.50% | 0.0% |
| 23 | TowneBank | 3 | $4.4M | P+2.75% | 0.4% |
| 24 | GBank | 3 | $10.6M | P+1.00% | 0.6% |
| 25 | Merchants Bank of Indiana | 3 | $12.5M | P+2.00% | 0.0% |
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Customize your search →SBA 7(a) Lending in Michigan
Michigan has 51 active SBA 7(a) acquisition lenders that have originated a combined 270 loans totaling $318.6M in volume. The median acquisition loan size in Michigan is $895K, 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.
Frequently Asked Questions
How many SBA 7(a) lenders are active in Michigan?
There are currently 51 active SBA 7(a) lenders in Michigan based on FOIA lending data. These lenders have originated 270 acquisition loans.
What is the typical SBA loan rate in Michigan?
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.
What is a PLP lender?
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.
Figures shown here are historical SBA 7(a) lending data presented for general information only. They are not an offer of credit, a prediction of the terms you will receive, or financial advice. VerSquare is not a licensed broker, lender, or financial advisor. Consult a licensed professional before making a financing decision.