The U.S. Small Business Administration’s largest lending program wrote slightly more loans in Michigan through three quarters of the federal government’s fiscal year, although the value declined. Through June 30, the SBA backed 1,867 loans for $411.2 million in Michigan written under the 7(a) program, which compares to 1,847 loans for $500.8 million through the same period in the 2016 fiscal year.
Loans written under the SBA’s 504 lending program grew from year to year. Michigan had 160 loans for $115.3 million under the 504 program through June 30 of the current fiscal year, versus 127 loans for $83.8 million in the first three quarters of the 2016 fiscal year.
Here are 7(a) and 504 loan volumes in the state as of June 30, plus the top 20 banks and top 10 credit unions for 7(a) loans in Michigan.
As Neil Brown and Wade Thompson considered acquiring Central Interconnect Inc. late last year, they found themselves interested in the opportunity the company presented.
The new head of the U.S. Small Business Administration’s Michigan office believes lending should continue to grow, even as volumes for the agency’s federally backed loans keep moving upward.
A business accelerator started by regional economic development organization Lansing Economic Area Partnership (LEAP) has been awarded a $50,000 grant from the U.S. Small Business Administration (SBA).
GRAND RAPIDS — Commerce Bank has moved into West Michigan, seeking to carve out a role in the middle market.
Two former office furniture executives hope to leverage their collective experience as they start on a new business venture in West Michigan.