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

Small Business Grants in Michigan

Small business grants in Michigan are an excellent way to fund your business without needing to worry about paying anything back. 

Unlike a commercial real estate loan or other loan program mentioned above, this offers financing for Michigan businesses when they don’t have a loan option. 

Some small business grants that you may be eligible for include:

• Match on Main: Match on Main, a reimbursement grant program offered by the Michigan Economic Development Corporation (MEDC), provides businesses in the Essentials or Certified Redevelopment Ready Community or a Select or Master Level Michigan Main Street Community with up to $25,000 in funding. You may even wish to look into similar options from the MEDC, like the Michigan Business Development Program for further support. 

• Michigan’s State Trade Expansion Program: Michigan’s State Trade Expansion Program offers up to $15,000 in assistance for small businesses in Michigan engaging in exporting activities, helping them as they navigate these business services. 

• Michigan Emerging Technologies Fund (ETF): The Michigan Emerging Technologies Fund (ETF) is designed to help cutting-edge tech companies grow and expand so they can become more effective and productive. There’s no exact amount listed on their website that recipients can expect to receive.

• The Great Lakes Bay Business Hub: The Great Lakes Bay Business Hub is offering funding up to May 23rd, 2025. You can read more about them and discover other great small business grants in Michigan using this resource from the Middle Michigan Development Corporation.

Government and Nonprofit Financing Programs in Michigan

Are you having trouble securing a traditional loan like an SBA loan? Are you looking to avoid using a merchant cash advance because you can’t get a working capital loan, short-term loan, or loan program that other Michigan small businesses seem to be getting? 

Don’t worry. There are alternatives like government and nonprofit financing programs in Michigan that will support you as you launch and grow. You can get a Michigan business loan without the hassle.

Some options you can turn to when you need funding include:

• The Michigan Economic Opportunity Fund: The Michigan Economic Opportunity Fund is a microbusiness loan program that is designed to help minorities (namely women, veterans, and all entrepreneurs of color) who are struggling to secure traditional financing through banks or other institutions. The MEDC fits the criteria of government here, being a quasi-government agency that falls under the Michigan Department of Labor and Economic Opportunity. This loan program is actually offered through Michigan Women Forward, which is a nonprofit Community Development Financial Institution (CDFI, you may know them for disaster loans) that offers up to $50,000 in microloans to the Michigan small business owner like those mentioned above. They offer more flexible underwriting, helping you secure a better loan option that will aid your business. 

• Michigan Saves: Michigan Saves is a nonprofit green bank, and one that primarily offers funding to businesses looking to build their own structures, although it does appear that they offer unique loan programs for contractors hoping to fund a specific business need (if that applies to your business). A similar option if you need a higher loan amount would be a nonprofit credit union in the region. Although, make sure to distinguish as some, like the Michigan First Credit Union, have a nonprofit but are not a nonprofit online banking solution.