Local SBA lending holds steady by loan totals, but drops sharply in dollars: Huntington and 4Front make the most 2025 Grand Traverse County loans

By Luke Haase

July 2026

The number of locally approved SBA loans in 2025 remained steady, from 45 in fiscal year 2024 to 43 last year, according to data provided by the SBA’s Michigan District Office.

The dollar value of those loans, however, fell sharply – from $28.2 million to $13.5 million, a drop of 52%. The decline was largely due to a few unusually large real estate and manufacturing loans that outsized the 2024 totals.

The average local SBA loan declined from approximately $627,000 in fiscal year 2024 to $314,000 in 2025.

The comparison covers federal fiscal years, which run from October 1 through September 30.

Huntington leads in number of loans

Huntington was Grand Traverse County’s most active SBA lender by number of loans for the second consecutive year.

Huntington approved nine loans totaling $775,300 in 2025. Huntington was also named Michigan’s statewide SBA Lender of the Year and Rural Lender of the Year.

4Front Credit Union ranked second locally by number of loans, approving eight loans totaling just over $1 million.

Independent Bank approved seven loans totaling $2.42 million in 2025. That placed it third by number of loans and second by dollar volume.

Other institutions approving more than one Grand Traverse County SBA loan in 2025 included Michigan Certified Development Corporation, BayFirst National Bank, Great Lakes Commercial Finance, Honor Bank, TBA Credit Union and Team One Credit Union.

A year without blockbuster loans

The decline in local dollar volume is mostly due to several large local loans in 2024.

Old National Bank approved four Grand Traverse County loans totaling nearly $6.9 million that year. Colony Bank approved a single $5 million loan, while West Shore Bank approved three loans totaling $4.43 million and Team One Credit Union approved two totaling $3.56 million.

Together, those four lenders accounted for approximately $19.9 million – or more than 70% – of Grand Traverse County’s fiscal year 2024 SBA financing.

None recorded a similarly large total in the 2025 data. Old National, Colony Bank and West Shore Bank did not appear on the 2025 list.

The largest loan total by any one lender in 2025 was MCDC’s $3.675 million.

Hospitality financing surges

The mix of businesses receiving SBA-backed financing also changed significantly.

Accommodation and food service businesses received seven loans totaling $5.9 million in fiscal year 2025, up from four loans totaling $1 million in 2024. The sector accounted for 44% of all Grand Traverse County SBA dollars in 2025, making it the county’s largest sector by volume.

Henderson

Manufacturers received eight loans totaling $1.95 million, an increase from three loans the previous year, but total manufacturing dollars declined from $8.54 million in 2024.

Retail businesses continued to receive the highest number of loans, with 10 deals totaling $1.77 million. That compared with 11 loans totaling $6.32 million in fiscal year 2024.

Construction businesses received four loans totaling $1.17 million, up from two loans totaling just $60,000 the previous year.

The local decline in total 2025 loan dollars came as SBA activity actually increased significantly across the state. During fiscal year 2025, the SBA supported $1.3 billion in financing through 2,867 Michigan loans, according to the SBA Michigan District Office.

Still, northern Michigan and its small business-driven economy continue to need to leverage SBA resources, according to SBA Michigan District Director Laketa Henderson.

"Northern Michigan is no longer just a seasonal destination; it is a critical powerhouse for the state's small business economy," she said. "We are witnessing a profound shift up north, where resilient entrepreneurs are driving year-round economic growth. While the tourism, hospitality and retail sectors have been their main stays, the most exciting trend we’re seeing is the rise of rural micro-entrepreneurship."

Top 2025 SBA Local Lenders