Michigan

Business Loans in Michigan

Michigan businesses borrow from banks, credit unions, SBA lenders and non-bank lenders, and the Michigan Economic Development Corporation backs some of those loans with capital access, collateral support, participations and guarantees. Sagamore, a commercial loan broker, matches established Michigan businesses with lenders for lines of credit, term loans, SBA loans and equipment financing.

Written by Jordan Levy, Founder & CEO · Last updated November 4, 2026

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State law

Does Michigan require business loan disclosures?

No. Michigan has no commercial financing disclosure law, and the federal Truth in Lending Act does not cover credit for business purposes. What you receive is the lender's offer and contract, so before you sign, get these in writing:

The total amount financed, and the amount you actually receive after fees or payoffs
The total you will repay
How much each payment is, how often it is due and how it is collected
Every fee, including origination, draw, late and returned-payment fees
What paying off early costs or saves
Any collateral, lien or personal guarantee the lender takes

At a glance

State disclosure law: None
Federal Truth in Lending Act: Consumer credit only
What governs the deal: Your contract

SBA

Where are the SBA offices in Michigan?

The SBA doesn't lend directly. Banks, credit unions and other SBA-approved lenders make 7(a) and 504 loans, and the SBA guarantees part of each one. District offices connect businesses with counseling, training and local lenders.

Both offices belong to the one SBA Michigan District; the Grand Rapids branch sees businesses by appointment.

How SBA loans work

2 locations

DetroitMichigan District OfficeMain office
Grand RapidsMichigan District Office, Grand Rapids branchWest Michigan; by appointment

State programs

What state loan programs does Michigan offer?

MEDC runs these programs for the Michigan Strategic Fund, funded by Michigan's federal State Small Business Credit Initiative allocation of nearly $237 million, as the Michigan Business Growth Fund. MEDC works with lenders, not borrowers: a business asks its bank, credit union or CDFI about SSBCI support.

These are state programs. Sagamore doesn't run them or decide who qualifies.

Small Business Capital Access ProgramMEDC, for the Michigan Strategic FundA pooled reserve account at each participating bank protects every loan enrolled in it.
Collateral Support ProgramMEDC, for the Michigan Strategic FundDeposits cash collateral with the lender to balance a borrower's collateral shortfall.
Loan Participation ProgramMEDC, for the Michigan Strategic FundBuys part of a lender's credit facility to offset a borrower's cash-flow deficiency.
Loan Guarantee ProgramMEDC, for the Michigan Strategic FundGuarantees the lender a portion of its total credit exposure.

Industries

Which Michigan industries do we work with?

Michigan has 983,079 small businesses, 99.6% of all businesses in the state, according to the SBA Office of Advocacy's 2025 profile. We work with established businesses in every industry; these are the ones that stand out in Michigan.

Eligibility

What do you need to qualify for a business loan in Michigan?

The same as in every other state. Sagamore is a broker, not a lender: one application is matched with lenders across all 50 states, and every program starts from the same minimums. We work with established businesses only, so startups are not eligible.

Credit score: 600+
Time in business: 1+ year
Annual revenue: $400K+

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Frequently Asked Questions

Common questions about business loans in Michigan

Not directly to most businesses. The MEDC backs loans that banks, credit unions and CDFIs make, through capital access, collateral support, loan participation and loan guarantee programs. Ask your lender whether your loan qualifies for SSBCI support.

The MEDC deposits cash collateral with your lender to make up a shortfall in the collateral you can pledge, so a loan that would otherwise be under-secured can be approved.

Yes. The SBA Michigan District Office has a Grand Rapids branch, open by appointment. The main office is in Detroit.

Sources

Where do these facts come from?

Each fact on this page was checked against the agency or legislature that publishes it. Programs and offices change, so confirm the details with the source before you rely on them.