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 beer, wine, and liquor retailers (71 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

Beer, Wine, and Liquor Retailers71 loans
Limited-Service Restaurants66 loans
Full-Service Restaurants60 loans
Hotels (except Casino Hotels) and Motels49 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.

By Metro Area in Michigan

Detroit-Warren-Dearborn, MI
448 purchase loans, median $750k. Bought most: Beer, Wine, and Liquor Retailers. Most active lender: The Huntington National Bank (91).
Grand Rapids-Wyoming-Kentwood, MI
181 purchase loans, median $634k. Bought most: Limited-Service Restaurants. Most active lender: The Huntington National Bank (56).
Lansing-East Lansing, MI
51 purchase loans, median $604k. Bought most: Glass and Glazing Contractors. Most active lender: The Dart Bank (8).
Traverse City, MI
41 purchase loans, median $500k. Bought most: Landscaping Services. Most active lender: The Huntington National Bank (8).
Ann Arbor, MI
36 purchase loans, median $520k. Bought most: Full-Service Restaurants. Most active lender: The Huntington National Bank (9).
Flint, MI
31 purchase loans, median $400k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: The Huntington National Bank (9).
Muskegon-Norton Shores, MI
29 purchase loans, median $689k. Bought most: Limited-Service Restaurants. Most active lender: The Huntington National Bank (7).
Kalamazoo-Portage, MI
26 purchase loans, median $483k. Bought most: All Other Miscellaneous Fabricated Metal Product Manufacturing. Most active lender: First National Bank of Michigan (7).
Niles, MI
20 purchase loans, median $1.25M. Bought most: Limited-Service Restaurants. Most active lender: Live Oak Banking Company (2).
South Bend-Mishawaka, IN-MI
20 purchase loans, median $926k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: 1st Source Bank (3).

Every metro area that drew 20 purchase loans, with three lenders each, is in the metro table.

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.