SBA acquisition lenders in Michigan
747 SBA 7(a) change-of-ownership loans in Michigan, FY2024–FY2026. Lender rankings, typical loan size, rates and the industries changing hands.
- Acquisitions financed
- 747
- Total approved
- $746.4M
- Median loan
- $611K
- Middle half of loans
- $205K to $1.4M
- Median starting rate
- 9.25%
- Median term
- 10 yrs
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Lenders financing the most acquisitions in Michigan
| # | Lender | Loans | Share | Median loan | Total approved |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 200 | 27% | $267K | $123.4M |
| 2 | Live Oak Banking Company | 50 | 7% | $910K | $69.0M |
| 3 | Old National Bank | 42 | 6% | $500K | $48.9M |
| 4 | Fifth Third Bank | 40 | 5% | $1.1M | $67.6M |
| 5 | Horizon Bank | 30 | 4% | $500K | $21.8M |
| 6 | United FCU | 29 | 4% | $825K | $27.6M |
| 7 | First Internet Bank of Indiana | 27 | 4% | $852K | $31.2M |
| 8 | ChoiceOne Bank | 18 | 2% | $423K | $11.5M |
| 9 | Shoreham Bank | 13 | 2% | $2.0M | $30.4M |
| 10 | Byline Bank | 13 | 2% | $1.8M | $24.0M |
| 11 | Bank Michigan | 13 | 2% | $418K | $8.7M |
| 12 | Newtek Bank, National Association | 13 | 2% | $200K | $7.8M |
| 13 | TowneBank | 12 | 2% | $560K | $9.5M |
| 14 | DFCU Financial | 11 | 1% | $531K | $8.5M |
| 15 | GBank | 10 | 1% | $4.5M | $36.2M |
What is being bought in Michigan
| # | Industry | Loans | Share | Median loan | Total approved |
|---|---|---|---|---|---|
| 1 | Beer, Wine, and Liquor Retailers | 49 | 7% | $1.0M | $55.0M |
| 2 | Full-Service Restaurants | 49 | 7% | $457K | $34.5M |
| 3 | Limited-Service Restaurants | 44 | 6% | $400K | $33.5M |
| 4 | Hotels (except Casino Hotels) and Motels | 31 | 4% | $2.2M | $85.2M |
| 5 | General Automotive Repair | 19 | 3% | $660K | $15.8M |
| 6 | Landscaping Services | 19 | 3% | $323K | $9.7M |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 17 | 2% | $830K | $20.4M |
| 8 | All Other Specialty Trade Contractors | 16 | 2% | $616K | $14.9M |
| 9 | Offices of Chiropractors | 15 | 2% | $216K | $4.1M |
| 10 | Automotive Body, Paint, and Interior Repair and Maintenance | 13 | 2% | $150K | $9.0M |
| 11 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 12 | 2% | $908K | $16.3M |
| 12 | Other Accounting Services | 12 | 2% | $434K | $7.4M |
| 13 | Fitness and Recreational Sports Centers | 12 | 2% | $180K | $2.6M |
| 14 | Drinking Places (Alcoholic Beverages) | 10 | 1% | $218K | $2.7M |
| 15 | Engineering Services | 9 | 1% | $637K | $10.2M |
Michigan by industry
- Beer, Wine, and Liquor Retailers 49
- Full-Service Restaurants 49
- Limited-Service Restaurants 44
- Hotels (except Casino Hotels) and Motels 31
- General Automotive Repair 19
- Landscaping Services 19
- Plumbing, Heating, and Air-Conditioning Contractors 17
- All Other Specialty Trade Contractors 16
- Offices of Chiropractors 15
- Automotive Body, Paint, and Interior Repair and Maintenance 13
- Supermarkets and Other Grocery Retailers (except Convenience Retailers) 12
- Other Accounting Services 12
- Fitness and Recreational Sports Centers 12
- Drinking Places (Alcoholic Beverages) 10
- Engineering Services 9
- Gasoline Stations with Convenience Stores 8
- Beauty Salons 8
- Sporting Goods Retailers 8
- Funeral Homes and Funeral Services 7
- Bowling Centers 7
- Hardware Retailers 7
- All Other Personal Services 7
- Pet Care (except Veterinary) Services 6
- All Other Amusement and Recreation Industries 6
- Offices of Dentists 6
- Snack and Nonalcoholic Beverage Bars 6
- Offices of Certified Public Accountants 6
- Nursery, Garden Center, and Farm Supply Retailers 6
- Home Health Care Services 6
- Janitorial Services 6
- Electrical Contractors and Other Wiring Installation Contractors 5
- Other Miscellaneous Nondurable Goods Merchant Wholesalers 5
- Portfolio Management and Investment Advice 5
- Industrial Supplies Merchant Wholesalers 5
- All Other Consumer Goods Rental 5
- RV (Recreational Vehicle) Parks and Campgrounds 5
- Florists 5