Small Business Loans in Michigan

Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you.

10 Small Business Loans in Michigan

This page showcases our unique research of small business loans in Michigan, relying on concrete, verifiable data. The lenders are arranged based on the quantity of small business loans they've issued this year.

Essentially, this means we're spotlighting the banks and lenders that like lending to small businesses in your area.

(This stands in contrast to most other sites that often highlight nonprofits with minimal lending activity or government programs that are out of reach for many businesses!)

Takeaway: The foundation of this list is the SBA 7a loan data. As a result, each lender mentioned here offers SBA loans. Additionally, we've detailed other types of small business loans these institutions advertise on their websites.

Methodology: This is based on SBA 7a loan data. So all of these lenders offer SBA loans. We also listed out all of the other small business loans that they show on their websites.

A common small business challenge is that traditional banking institutions usually have stringent requirements, like high credit scores and a business history of over two years. Recognizing this, we've begun our list with a couple of lending options that cater to small business owners grappling with poor credit or those who haven't been in business for long.

1. Credit Suite

Credit Suite specializes in business credit advice and software solutions, while also providing two unconventional financial products.

For entrepreneurs with bad credit, their Cash Flow Financing option is a game-changer. It enables you to use your business's existing cash flow as a means to secure flexible funding. Instead of the typical rigid monthly payments, repayment is made through a portion of your ongoing cash flow.

Meanwhile, their Credit Line Hybrid is unique in that it bases funding solely on your personal credit score, without the need for detailed financial statements, assets, or track record of revenue. 

It's an ideal solution for small and established business owners, with available funding ranging from $5,000 to $150,000.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid

2. The Huntington National Bank

Huntington National Bank doesn't just excel in small business lending in Michigan; they actually lead the nation in issuing SBA 7a loans, more than any other lender nationwide.

This achievement places them among the top 10 lenders in most states - they have a real passion for supporting small businesses!

Beyond SBA loans, Huntington National Bank provides an extensive range of other small business financial solutions. Their offerings include equipment leasing, agricultural loans, and a diverse array of real estate loan options.

Business financing options offered:

  • SBA 7a Loans
  • Equipment Leasing
  • Church Lending
  • Greek House Financing
  • Agricultural Loans
  • Warehouse Lending
  • Real Estate Loans, Term Loans, and Lines of Credit

3. The State Bank

The State Bank is a small, Michigan-based bank with a decent array of small business loans and financing options. They boast several awards on their website, including “Top 200 Community Banks” by American Banker.

Business financing options offered:

  • SBA Loans
  • Equipment Purchase Loans
  • Working Capital Needs Loans
  • Business Acquisitions Loans
  • Commercial Real Estate Loans
  • Cash Flow Term Loans
  • Working Capital Lines of Credit

4. Comerica Bank

Comerica Bank is a mid-sized bank with offices throughout Michigan and four other states. They have a normal product set of small business loan offerings.

Business financing options offered:

  • Term Loans
  • Lines of Credit
  • SBA Loans
  • Commercial Real Estate Loans
  • 4 business credit cards

5. BayFirst National Bank

BayFirst National is dedicated to SBA loans. On their website, you'll find phrases like "Lightning Fast Business Loans!" and "In-house team, quick funding" highlighting their approach. Their unique advantage lies in having an in-house underwriting team, ensuring both rapid processing and expert handling.

Given that SBA loans are typically known for their lengthy funding process, BayFirst National's ability to expedite this is a significant plus.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

6. Fifth Third Bank

Fifth Third is a bank based in Ohio with a large consumer presence. They also have small business loan offerings, including several SBA loans and medical practice financing.

Business financing options offered:

  • SBA Loans - 7a, 504, and Express 

  • Unsecured Business Line of Credit 

  • Term Loans

  • Practice Financing

7. JPMorgan Chase Bank

Chase Bank ranks as one of the largest banks nationwide, making it an obvious choice for extensive small business lending activities in Michigan.

They are well-known among small business owners, particularly for their highly regarded business credit cards. These cards come with attractive rewards programs. Chase has even teamed up with leading airlines and hotel chains, enhancing the benefits and rewards available with several of their credit cards.

Business financing options offered:

  • 2 Business lines of credit
  • 3 Business loans
  • Commercial real estate financing
  • 4 business credit cards, plus 6 co-branded airline/hotel cards

8. Newtek Small Business Finance

Newtek might not ring a bell since it's not a conventional bank with physical branches. Yet, it's a significant player in the financial world, being a large, publicly traded company heavily involved in small business lending.

Their online presence might show just four options for small business financing, but they offer a much broader spectrum of financial services and products aimed at small businesses. This includes, but isn't limited to, payment processing, insurance, employee benefits, and payroll processing services.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

9. PNC Bank

PNC stands out as a prominent national bank, boasting numerous retail branches. Its extensive size naturally leads to a broad selection of small business loans and a lineup of five distinct business credit cards.

On their website, you can find essential details regarding loan amounts and terms for each type of financing they offer. PNC facilitates online applications and provides a checklist of business documents required for applying for each specific type of business loan.

Business financing options offered:

  • Term Loans

  • Unsecured Small Business Loans

  • Secured Small Business Loans

  • Small Business Commercial Real Estate Loans

  • Secured Vehicle Finance Loans

  • Small Business Lines of Credit

  • 5 Business Credit Cards

10. KeyBank

KeyBank, a medium-sized bank, has a presence across 15 states and offers a solid range of small business loans. On their website, there's a dedicated section showcasing their commitment to diversity and inclusion, along with the accolades they've earned in this field. 

If these values resonate with you, KeyBank makes a point to highlight this aspect of their ethos.

Business financing options offered:

  • Business Term Loans

  • Business Real Estate Borrowing

  • Small Business Lines of Credit

  • SBA Loans

  • Key Equipment Financing

  • 3 Business Credit Cards

How to apply for a small business loan in Michigan 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!