How many small businesses are in Michigan?

Michigan has approximately 885,000 small businesses, representing 99.6 percent of all businesses in the state. They employ 1.8 million workers — 44.4 percent of Michigan's private workforce. Source: SBA Office of Advocacy, 2024 Small Business Profile.

How active is SBA 7(a) lending in Michigan?

Michigan received 1,743 SBA 7(a) loan approvals in FY2024, totaling $740 million. The average loan size was approximately $424,000. Source: SBA FOIA loan dataset, FY2024 aggregate.

Does Michigan have a commercial financing disclosure law?

No. Michigan has not enacted a statewide commercial financing disclosure law as of 2026. Commercial lending is governed primarily by federal law and lender agreements.

What financing products work best for Michigan small businesses?

Automotive suppliers and manufacturers use equipment financing and SBA 7(a). Healthcare practices access SBA 7(a) for expansion. Professional services firms use working capital lines. The right product depends on your industry, revenue, and use of funds.

Is ClearValue Lending available in Michigan?

Yes. ClearValue Lending routes Michigan SMB applicants to lender partners operating across Detroit, Grand Rapids, Ann Arbor, Lansing, Flint, and statewide. We are a funding platform, not a lender or broker.

What are typical eligibility minimums for Michigan SMB financing?

SBA 7(a) typically requires 2+ years in business, 650+ FICO, and $150,000+ annual revenue. Revenue-based financing may be available with 500+ FICO, 6+ months in business, and $10,000+ monthly revenue. All financing is subject to lender underwriting on the full file.

Small Business Loans in Michigan

Michigan has 885,000 small businesses employing 1.8 million workers — 44.4 percent of the state's private workforce. In FY2024, Michigan small businesses received 1,743 SBA 7(a) loans totaling $740 million, with an average loan size of approximately $424,000. Michigan's SMB economy is anchored by its automotive heritage but has diversified significantly — healthcare in Grand Rapids and Detroit, technology in Ann Arbor, advanced manufacturing across the state, and a growing professional services sector in the Detroit metro.