Disclosure: Our content isn't financial advice. Do your due diligence and speak to your financial advisor before making any investment decision. We may earn money from products reviewed. (Learn more)

Are you looking for Michigan’s best business loans & startup financing companies? For your small business in the Wolverine State, many banks, credit unions, and unconventional lenders are offering different loan types. Did you know that 900k small businesses operate in Michigan? These businesses employ around 1.9 million, contributing heavily to the state’s economy.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 10 business loans & startup financing options in Michigan to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Michigan-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Eastern Michigan Bank

Eastern Michigan Bank helps Great Lake State startups get the necessary funding to stay afloat in this trying economy. You can borrow some money to finance equipment purchases, take out a vehicle loan, get money for working capital, or get multi-family (MF) dwelling loans. That’s how your business will stay profitable.

3. Oxford Bank

With the average rate of interest provided by this bank being 5.30%, the average loan amount you can expect from Oxford is around $458,000. This lender gives you local decision-making & competitive rates along with lower down payment requirements. Here’s why you should choose this lender:

• A wide range of lending options available
• Generally lower down payments and extended terms
• Additional considerations taken when deciding maturity
• Local decision-making and processing right here in Eastern Michigan
• Helpful loan advisors available to guide you every step of the way

4. The State Bank

The State Bank has served as the best community banking establishment based in Michigan. It offers you an interest rate of 4.60%. On the other hand, the bank’s average approved amount of loan is $901k. This bank was founded by the end of the 19th century and now it has around 20 branches scattered across multiple counties. The State Bank will give you term loans for:

• Equipment Purchases
• Working Capital Needs
• Business Acquisitions

5. Commercia Bank

If you want ample funding for your Michigan-based business, then get in touch with Commercia. This lender helps local businesses stay afloat in this economy. The interest rate is 4.76%. Also, the average loan amount approved by this lender is $414,000. For over 170 years, Commercia has helped several small businesses in the Wolverine State stay on their feet. Normally, you can borrow up to $750k with fixed/variable interest rates and secured/unsecured options.

6. Nicolet National Bank

Nicolet Bank can also be a great option for Michigan-based businesses looking for ample loan & funding options. However, keep in mind that this bank favors farmers and agricultural startups in Wisconsin mostly. The average interest rate here is 5.29%. However, $800k is the average loan amount that Nicolet often approves. The rest you can find by getting in touch with this lender.

7. West Shore Bank

West Shore Bank has been operating since 1898. It now has ten locations throughout Michigan. It offers you local loan processing, lightning-fast decision-making, flexible terms, & competitive terms among other perks. Also, you may apply for 504 and 7(a) loans. That’s how West Shore Bank helps you get access to the funds needed to run your business in the Great Lake State with success.

8. Isabella Bank

Isabella Bank is yet another lender that helps Michigan-based businesses get the funding they need to stay afloat. You should get in touch wit this lender to ask about their services in detail. In simple words, Isabella Bank offers you low, competitive rates along with customized repayment terms. This lender can fund wide-ranging expenses while offering local decision-making. Your Michigan-based startup can go a long way by working with this loan provider.

9. People Driven Credit Union

This credit union helps Michigan-based businesses borrow money via nontraditional means. So, when conventional banking establishments disappoint you, you can fund your business via this lender. At People Driven Credit Union, financial experts will help you get the money you need to take your business to new heights of success. Learn more about their services and then decide if you want to conduct business with this lender or not.

10. Bank Michigan

Lastly, Bank of Michigan will offer you impressive loans at incredible rates. You may get in touch with this lender to ask about the various loan types here. For instance, this bank will let you take out a loan in the name of SBA 7(a); it lets you borrow up to $5 million. Moreover, you may delve into 504 loans which let you borrow up to $10 million. Now, SBA Express Loans will give you access to $500k as a form of quick cash.

Michigan Government Resources

Check out these government resources about business grants/funding and startup financing options in Michigan:

• Growing MI Business Grant Program
• LEO – MI Small Business
• Detroit Business Opportunity Program
• Small business recovery Program | Lansing, MI

Top Cities in Michigan for Business Loans

Curious to know which regions, areas, places, and cities in Michigan are the best for business loans and startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Detroit
2. Grand Rapids
3. Warren
4. Sterling Heights
5. Ann Arbor
6. Lansing
7. Flint
8. Dearborn
9. Livonia
10. Troy
11. Westland
12. Kalamazoo
13. Saginaw
14. Bay City
15. Battle Creek
16. Southfield
17. Midland
18. Novi
19. Pontiac
20. Jackson
21. Royal Oak
22. Benton Harbor
23. Mount Pleasant
24. Muskegon
25. Ypsilanti
26. Port Huron
27. East Lansing
28. Farmington Hills
29. Clinton Township
30. Grand Blanc

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Great Lake State in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.