Small Business Owner Resource
The past, present, and future of SBA 7(a) lending for Michigan.
In 2022 there were 161 SBA lenders that approved 2,270 SBA 7(a) loans for projects in Michigan totaling $860,212,800. The average loan amount was $378,948. Borrowers from 417 cities were approved for projects in Michigan for 387 industries. The SBA loan approvals in 2022 represent 21,286 jobs supported or saved in Michigan.
There were 138 franchise branded businesses receiving 239 loan approvals for $150,409,300 with an average loan amount of $629,328.
Our forecast model projects $828 million in total Michigan SBA 7(a) loan approval amounts in 2023 with $183 million to franchise businesses.
Michigan Lending Data For All SBA 7(a) Loans:
Data updated through 12/31/2022. See SBADNA Data Source & Methodology for more details.
Michigan Lending Data For Franchise SBA 7(a) Loans Only:
Data updated through 12/31/2022. See SBADNA Data Source & Methodology for more details.
This intel is provided by SBADNA, an SBAmatch sister company.
Our SBA Lending Experts can leverage this intel with long-standing banking relationships to help you find the right loan for FREE.
