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The goal of the Michigan District Office is to create an environment within Michigan where small business can grow and prosper. We do this by providing:
Free business counseling through the Michigan Small Business and Technology Development Centers, SCORE, Women Business Centers, and U.S. Export Assistance Centers.
Government contracting assistance
Loan guaranty programs (SBA does not provide grants to individuals to start businesses).
For fiscal 2014, SBA guaranteed 2,145 loans to Michigan small businesses through the 7(a) loan guaranty program for a total of for $602.7 million. This is an increase of 17.1% over fiscal 2013. Under our 504 program, we approved 205 loans for $91.4 million, a 21% decrease from 2013 in numbers. The Michigan District is second in the nation for both 7(a) loans and all SBA loans.
For fiscal year 2015, Michigan set a record for SBA loans with 2,435 7(a) loans totaling $663 million dollars. This is the largest loan volume the Michigan District has ever had, and put Michigan as the second largest producer in the country. 504 loan volume was 165 loans, but the dollar amount stayed steady at $87 million. In total, SBA supported three-quarters of a billion dollars in small business loans in Michigan in FY 2015.