Top SBA Lenders – SBA Loans Michigan

Last annual update: Jan 23, 2023

 

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Nationwide banks were among the largest lenders to “The Great Lakes State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Michigan:

Most active SBA lenders in Michigan

MI RankMichigan BankBank HQs# of LoansAvg InterestAvg MI Loan
1The Huntington National BankColumbus, OH8566.6%$170,502
2The State BankFenton, MI545.5%$547,502
3Comerica BankDallas, TX415.6%$398,385
4United Midwest Savings BankDe Graff, OH326.7%$178,406
5Live OakWilmington, NC296.2%$1,401,069
6Fifth Third BankCincinnati, OH286.5%$580,393
7First Internet Bank of IndianaFishers, IN267.1%$1,422,731
8Newtek Small Business FinanceLake Success, NY247.4%$536,367
9BayFirst National BankSaint Petersburg, FL208.5%$181,750
10CDC Small Business FinanceSan Diego, CA188.3%$115,894
11KeyBankCleveland, OH166.7%$362,500
12Oxford BankOxford, MI166.9%$506,419
13Readycap Lending, LLCBerkeley Heights, NJ147.9%$469,293
14PNC BankWilmington, DE136.3%$248,623
15West Shore BankLudington, MI135.6%$800,715

 

SBA loans – Michigan

A note about these Michigan SBA lenders – People frequently ask us if one of the banks above is 1) on the Michigan preferred lender list 2) an approved lender in Michigan, or 3) participating in the Michigan SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Michigan and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Michigan and in Detroit.

We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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