Buying a Business in Michigan
The Numbers
FY2025 Acquisition Loans
270
$249M approved
Median Loan
$635k
FY2020 through FY2025
Loans Since FY2020
1,177
$1.22B in total approvals
Share of U.S. Activity
3.3%
Of change-of-ownership loans
What the Data Says
Michigan ranks 11th of 53 states and territories for change-of-ownership SBA 7(a) lending: 1,177 loans since FY2020, 3% of the national total.
The typical deal is mid-market: its $635k median loan is close to the $650k midpoint across states.
Activity is accelerating: FY2025's 270 loans ran ahead of the state's own ~196 a year pace since FY2020.
The most-financed target is limited-service restaurants (66 loans), and the 5 most active lenders wrote about 44% of the state's acquisitions, a broad lender field.
Most Active Acquisition Lenders in Michigan
- 1. The Huntington National Bank251 loans
- 2. Live Oak Banking Company113 loans
- 3. Old National Bank62 loans
- 4. Fifth Third Bank52 loans
- 5. ChoiceOne Bank34 loans
A lender being active in Michigan does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.
What Gets Bought in Michigan
- Limited-Service Restaurants66 loans
- Full-Service Restaurants60 loans
- Hotels (except Casino Hotels) and Motels49 loans
- Beer, Wine, and Liquor Retailers48 loans
- Plumbing, Heating, and Air-Conditioning Contractors31 loans
Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Michigan, by county, is in the Michigan buying guide.
Method & Source
Computed from the SBA 7(a) FOIA loan-level dataset (FY2020 through FY2025), filtered to approvals flagged change of ownership with a Michigan project address. Approvals, not closings; excludes conventional and 504 financing.