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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
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Columbus, OH | 1020 | $129,353 | 6.9% |
| 2 | TCF National Bank | Sioux Falls, SD | 85 | $565,061 | 6.1% |
| 3 | Comerica Bank | Dallas, TX | 69 | $306,732 | 7.0% |
| 4 | JPMorgan Chase Bank | Columbus, OH | 59 | $334,212 | 8.2% |
| 5 | Citizens Bank | Providence, RI | 45 | $384,240 | 7.5% |
| 6 | The State Bank | Fenton, MI | 40 | $509,038 | 6.0% |
| 7 | United Midwest Savings Bank | De Graff, OH | 40 | $331,850 | 8.1% |
| 8 | First Home Bank | Saint Petersburg, FL | 39 | $236,333 | 8.1% |
| 9 | Newtek Small Business Finance | Lake Success, NY | 35 | $672,078 | 8.1% |
| 10 | Fifth Third Bank | Cincinnati, OH | 35 | $320,323 | 8.4% |
| 11 | PNC Bank | Wilmington, DE | 33 | $202,452 | 7.7% |
| 12 | Byline Bank | Chicago, IL | 32 | $931,506 | 8.1% |
| 13 | Live Oak | Wilmington, NC | 23 | $1,311,304 | 6.9% |
| 14 | Oxford Bank | Oxford, MI | 21 | $738,429 | 7.5% |
| 15 | Celtic Bank | Salt Lake City, UT | 21 | $607,529 | 7.8% |
| 16 | KeyBank | Cleveland, OH | 21 | $557,495 | 7.6% |
| 17 | Independence Bank | East Greenwich, RI | 19 | $144,737 | 6.0% |
| 18 | mBank | Manistique, MI | 18 | $813,256 | 7.1% |
| 19 | ChoiceOne Bank | Sparta, MI | 18 | $167,600 | 7.0% |
| 20 | Stearns Bank | Saint Cloud, MN | 17 | $302,000 | 8.1% |
Find me a Lender
Top Michigan PPP lenders (loans <$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | JPMorgan Chase Bank | 8,873 |
| 2 | The Huntington National Bank | 8,098 |
| 3 | TCF National Bank | 7,594 |
| 4 | Comerica Bank | 5,228 |
| 5 | Fifth Third Bank | 5,168 |
| 6 | Bank of America | 4,817 |
| 7 | PNC Bank | 4,622 |
| 8 | Citizens Bank | 3,952 |
| 9 | Kabbage | 3,821 |
| 10 | Cross River Bank | 3,598 |
Top Michigan PPP lenders (loans >$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | The Huntington National Bank | 1,967 |
| 2 | TCF National Bank | 1,777 |
| 3 | JPMorgan Chase Bank | 1,712 |
| 4 | Comerica Bank | 1,439 |
| 5 | PNC Bank | 1,288 |
| 6 | Fifth Third Bank | 1,048 |
| 7 | Bank of America | 619 |
| 8 | Mercantile Bank of Michigan | 615 |
| 9 | Level One Bank | 527 |
| 10 | Macatawa Bank | 396 |
Note: Michigan PPP loan activity data from the CARES Act from March – August and does not include Heals/Heroes Act PPP loans.