Top SBA Lenders in Michigan
The 25 most active SBA 7(a) lenders in Michigan, ranked by total loan volume. Data comes directly from SBA FOIA records covering every approved 7(a) loan from 2021 through 2026.
Explore the full dataset →Why your SBA lender matters
Not every SBA lender will work your deal. Lenders specialize by industry, deal size, and loan purpose, and their approval, funding, and default patterns vary significantly from institution to institution. Matching your deal to a lender with the right historical activity in your market gives you a better shot at a clean, predictable close.
| # | Lender | Loans | Total Volume | Avg Loan | Funded % | Default % |
|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 6,486 | $1.1B | $168K | 82.5% | 1.9% |
| 2 | Fifth Third Bank | 537 | $321.5M | $599K | 79.5% | 0.0% |
| 3 | ChoiceOne Bank | 403 | $261.6M | $649K | 85.1% | 0.0% |
| 4 | Newtek Bank, National Association | 266 | $117.7M | $442K | 63.9% | 8.8% |
| 4 | Northeast Bank | 266 | $37.8M | $142K | 47.7% | 3.9% |
| 6 | Live Oak Banking Company | 224 | $294.2M | $1.3M | 85.3% | 0.5% |
| 7 | JPMorgan Chase Bank, National Association | 197 | $67.7M | $344K | 80.7% | 3.8% |
| 8 | Readycap Lending, LLC | 188 | $57.7M | $307K | 82.4% | 9.7% |
| 9 | BayFirst National Bank | 161 | $25.7M | $160K | 91.3% | 21.8% |
| 10 | Oxford Bank | 159 | $72.0M | $453K | 78.6% | 0.0% |
| 11 | Horizon Bank | 156 | $67.4M | $432K | 85.9% | 0.0% |
| 12 | First Internet Bank of Indiana | 154 | $209.4M | $1.4M | 89.6% | 10.1% |
| 13 | Old National Bank | 127 | $134.8M | $1.1M | 81.1% | 0.0% |
| 14 | United Midwest Savings Bank National Association | 126 | $34.0M | $270K | 90.5% | 4.4% |
| 15 | KeyBank National Association | 124 | $51.7M | $417K | 79.0% | 3.1% |
| 16 | PNC Bank, National Association | 122 | $28.8M | $236K | 82.8% | 4.0% |
| 17 | Celtic Bank Corporation | 121 | $75.4M | $623K | 92.6% | 5.4% |
| 18 | Newtek Small Business Finance, Inc. | 112 | $78.7M | $702K | 57.1% | 26.6% |
| 19 | Independent Bank | 104 | $76.5M | $736K | 73.1% | 0.0% |
| 20 | First Merchants Bank | 90 | $37.1M | $412K | 85.6% | 2.6% |
| 21 | 4Front Credit Union | 89 | $26.6M | $299K | 85.4% | 1.3% |
| 22 | Byline Bank | 83 | $104.2M | $1.3M | 84.3% | 8.6% |
| 23 | Bank Michigan | 66 | $46.9M | $711K | 90.9% | 0.0% |
| 24 | Bank of America, National Association | 64 | $32.1M | $501K | 79.7% | 0.0% |
| 25 | CDC Small Business Finance Corp. | 60 | $6.9M | $115K | 95.0% | 26.3% |
Source: SBA FOIA 7(a) loan-level data, FY2021–FY2026. Lenders with fewer than 3 approved loans in Michigan during this period are excluded. Funded % = approved loans that were funded. Default % = SBA-purchased loans divided by funded loans. Rankings are by total loan count.
How to read this table
Funded % is the share of approved loans that actually closed. A lender with a high approval rate but low funded rate may be approving deals they later back out of — a sign of a disorganized process or shifting appetite.
Default % is the share of funded loans that the SBA had to purchase (the borrower stopped paying). A high default rate isn't automatically disqualifying (some lenders specialize in riskier deals), but it affects how cautious their underwriting is likely to be.
Loan count vs. total volume tell different stories. A lender at the top by loan count may specialize in smaller deals; a lender with fewer but larger loans may only work with mid-market acquisitions. Match your deal size to their typical range.
Volume rankings show who's historically active in Michigan. They don't tell you who's actively lending right now or who has the right appetite for your specific industry and deal structure. That's where we come in.
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