Last annual update:
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:
Top SBA lenders in Michigan
| MI Rank | Michigan Bank | Bank HQs | # of Loans | Avg Interest | Avg MI Loan |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Columbus, OH | 856 | 6.6% | $170,502 |
| 2 | The State Bank | Fenton, MI | 54 | 5.5% | $547,502 |
| 3 | Comerica Bank | Dallas, TX | 41 | 5.6% | $398,385 |
| 4 | United Midwest Savings Bank | De Graff, OH | 32 | 6.7% | $178,406 |
| 5 | Live Oak | Wilmington, NC | 29 | 6.2% | $1,401,069 |
| 6 | Fifth Third Bank | Cincinnati, OH | 28 | 6.5% | $580,393 |
| 7 | First Internet Bank of Indiana | Fishers, IN | 26 | 7.1% | $1,422,731 |
| 8 | Newtek Small Business Finance | Lake Success, NY | 24 | 7.4% | $536,367 |
| 9 | BayFirst National Bank | Saint Petersburg, FL | 20 | 8.5% | $181,750 |
| 10 | CDC Small Business Finance | San Diego, CA | 18 | 8.3% | $115,894 |
| 11 | KeyBank | Cleveland, OH | 16 | 6.7% | $362,500 |
| 12 | Oxford Bank | Oxford, MI | 16 | 6.9% | $506,419 |
| 13 | Readycap Lending, LLC | Berkeley Heights, NJ | 14 | 7.9% | $469,293 |
| 14 | PNC Bank | Wilmington, DE | 13 | 6.3% | $248,623 |
| 15 | West Shore Bank | Ludington, MI | 13 | 5.6% | $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.