# Small business loans in Canton, MI

**Short answer:** The Huntington National Bank made the most SBA loans in Canton, MI since FY2024, with 49. The median loan was $75,000, and half fell between $44,850 and $300,500. For free help, see the Michigan Small Business Development Center. Source: SBA 7(a) loan data.

Canonical page: https://www.sbaexpress.loans/michigan-small-business-loans/canton/
Data as of: 2026-06-30

## Lenders making SBA loans in Canton

The Huntington National Bank alone made 65% of the loans in Canton.

**Lenders with five or more SBA loans in Canton, MI, FY2024 to June 2026**

| Lender | Loans | Share |
| --- | --- | --- |
| [The Huntington National Bank](https://www.sbaexpress.loans/sba-express-lenders/the-huntington-national-bank/michigan/) | 49 | 65.3% |

Share is the percent of all Canton loans in that period. Each name links to that lender's page for Michigan where one exists.

Canton has one lender with five or more loans since FY2024. Others had fewer, and the Michigan page counts 192 lenders with at least one approved loan statewide.

## Local help near Canton

Canton borrowers can start with SBA's district office for Michigan, an SBDC or SCORE.

29% of Canton borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.

SBA has one district office for Michigan. Its page points to state and federal resources and to lenders in the area. The Michigan Small Business Development Center gives free counseling across Michigan.

- [SBA Michigan District Office (Detroit, with a Grand Rapids branch by appointment): SBA district office](https://www.sba.gov/district/michigan)
- [Michigan Small Business Development Center: Small Business Development Center](https://michigansbdc.org/)
- [SCORE mentors in Michigan: Business mentoring](https://www.score.org/mi/)

## Loan counts and sizes in Canton

Canton ranks 10th by loans since FY2024 among the 25 Michigan cities with 100 or more SBA loans since FY2020. Nationally it is the 321st busiest of the 580 cities that reach 100 loans.

The 75 loans, 1.3% of the 5,627 in Michigan, were approved for $28.7 million in all. The median loan was $75,000, 50% below the national median of $150,300. Half of the loans fell between $44,850 and $300,500. The Canton median is 50% below the Michigan median of $150,000.

**Canton, MI compared with Michigan and the nation, loans from FY2024 to June 2026**

| Measure | Canton | Michigan | U.S. |
| --- | --- | --- | --- |
| Loans | 75 | 5,627 | 162,355 |
| Median loan | $75,000 | $150,000 | $150,300 |
| 25th percentile | $44,850 | $50,000 | $50,000 |
| 75th percentile | $300,500 | $379,800 | $500,000 |
| Via SBA Express | 36.0% | 38.6% | 35.8% |
| Lines of credit | 34.7% | 36.6% | 28.1% |
| Startups | 22.7% | 17.5% | 16.1% |
| Ownership changes | 10.7% | 11.2% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.38 | 2.0 | 2.75 |
| Charged off | Fewer than 5 | 2.2% | 3.6% |

A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.

36.0% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 34.7% of loans, above the national 28.1%.

SBA loans in Canton, MI by size, FY2024 to June 2026

- $50,000 or less (45%): 34
- $50,001 to $150,000 (17%): 13
- $150,001 to $350,000 (20%): 15
- $350,001 to $500,000: Fewer than 5
- $500,001 to $1,000,000: Fewer than 5
- $1,000,001 to $2,000,000: Fewer than 5
- Over $2,000,000: Fewer than 5

Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.

By business age, 60.0% of loans went to businesses more than two years old and 6.7% to businesses two years old or younger. Startups received 22.7% and changes of ownership 10.7%. The national startup share is 16.1%.

SBA loans in Canton, MI by fiscal year

- FY2020: 31
- FY2021: 34
- FY2022: 27
- FY2023: 30
- FY2024: 32
- FY2025: 35
- FY2026 (through June 30): 8

Fiscal years run October to September. The last bar covers nine of its twelve months.

Volume rose 9% from FY2024 (32 loans) to FY2025 (35), the two latest full years. The busiest full year in the file was FY2025, with 35 loans. FY2026 already shows 8 loans through June 30.

Of the 92 loans Canton borrowers received in FY2020 to FY2022, fewer than 5 were charged off by June 30, 2026, against 3.6% nationally. Lenders reported 979 jobs supported across the 75 loans since FY2024, about 13.1 per loan. SBA does not audit these estimates.

## What businesses in Canton borrow for

General Freight Trucking, Local was the largest borrower group in Canton, with 11 loans or 14.7% of the total.

The three largest industries made up 32% of all Canton loans. General Freight Trucking, Local stands out: its 11 loans are 14.7% of Canton loans, against 1.1% nationally, 13 times its national share.

**Industries with the most SBA loans in Canton, MI, FY2024 to June 2026**

| Industry | Loans | Share | U.S. share |
| --- | --- | --- | --- |
| [General Freight Trucking, Local](https://www.sbaexpress.loans/industries/general-freight-trucking-local/michigan/) | 11 | 14.7% | 1.1% |
| [General Freight Trucking, Long-Distance, Truckload](https://www.sbaexpress.loans/industries/general-freight-trucking-long-distance-truckload/michigan/) | 7 | 9.3% | 1.3% |
| [Full-Service Restaurants](https://www.sbaexpress.loans/industries/full-service-restaurants/michigan/) | 6 | 8.0% | 4.6% |

Share is the percent of all Canton loans in that period. Industry is the NAICS code on each loan. A name links to the Michigan page for that industry where one exists.

## A typical loan payment in Canton

The median Canton loan was $75,000 with a median term of 10 years.

The median variable-rate loan in Canton was priced at Prime plus 2.38 percentage points at approval. At today's Prime that spread works out to 9.38%. On $75,000 over 10 years, principal and interest would come to about $966 a month. That is arithmetic on past loans, not a rate a lender is offering.

**Payment at today's rate on three Canton loan sizes over 10 years**

| Loan | Amount | Monthly payment |
| --- | --- | --- |
| 25th percentile loan | $44,850 | $577 |
| Median loan | $75,000 | $966 |
| 75th percentile loan | $300,500 | $3,869 |

Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.

SBA's rate ceiling for this loan size

SBA's maximum for a loan of $75,000 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.6 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).

Canton loans approved since FY2024 had a median starting rate of 10.25% at approval, matching the national median. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.

Run your own numbers: [payments on a $75,000 loan](https://www.sbaexpress.loans/loan-amounts/75000-business-loan/) and [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

## SBA 504 loans near Canton

The 504 file lists fewer than five loans in Canton since FY2020.

That is too few to publish a count, a dollar total or a median for Canton.

No Certified Development Company (CDC) is named on five or more 504 loans in Canton, so the list below is Michigan's. Michigan Certified Development Corporation is named on the most there, 180 loans since FY2024.

**CDCs named on five or more 504 loans in Michigan, FY2024 to June 2026**

| Certified Development Company | 504 loans |
| --- | --- |
| Michigan Certified Development Corporation | 180 |
| Great Lakes Commercial Finance | 129 |
| Oakland County Business Finance Corporation | 25 |
| Business Development Corporation (BDC) | 10 |

How a 504 loan is split

A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capital or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a [list of Certified Development Companies](https://www.sba.gov/loans/504-loans/list-of-certified-development-companies/).

## Michigan cities near Canton

Canton made up 1.3% of Michigan's SBA loans since FY2024.

Canton is one of 25 Michigan cities with 100 or more SBA loans since FY2020. The [Michigan page](https://www.sbaexpress.loans/michigan-small-business-loans/) covers all 5,627 loans in Michigan. The closest come first, ranked by county and ZIP code on their loans.

- [Plymouth: 54 loans, median $222,350](https://www.sbaexpress.loans/michigan-small-business-loans/plymouth/)
- [Livonia: 81 loans, median $150,000](https://www.sbaexpress.loans/michigan-small-business-loans/livonia/)
- [Dearborn: 97 loans, median $100,000](https://www.sbaexpress.loans/michigan-small-business-loans/dearborn/)
- [Detroit: 244 loans, median $189,500](https://www.sbaexpress.loans/michigan-small-business-loans/detroit/)
- [Ann Arbor: 111 loans, median $150,000](https://www.sbaexpress.loans/michigan-small-business-loans/ann-arbor/)
- [Warren: 60 loans, median $200,050](https://www.sbaexpress.loans/michigan-small-business-loans/warren/)
- [Troy: 110 loans, median $227,050](https://www.sbaexpress.loans/michigan-small-business-loans/troy/)
- [Southfield: 74 loans, median $100,000](https://www.sbaexpress.loans/michigan-small-business-loans/southfield/)

## Common questions about SBA loans in Canton

### Which lenders make the most SBA loans in Canton?

The Huntington National Bank leads with 49 loans in Canton since FY2024. Only lenders with five or more Canton loans are counted.

### Which industries get SBA loans in Canton?

General Freight Trucking, Local leads with 11 loans in Canton since FY2024. General Freight Trucking, Long-Distance, Truckload (7) and Full-Service Restaurants (6) follow.

How to read this

Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. [How we build these pages](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SBA, 504 loans](https://www.sba.gov/loans/504-loans/)
- [SBA, resource partners: SBDCs and SCORE](https://www.sba.gov/counseling/local-assistance/resource-partners/)
- [SBA Michigan District Office (Detroit, with a Grand Rapids branch by appointment)](https://www.sba.gov/district/michigan)
- [Michigan Small Business Development Center](https://michigansbdc.org/)
- [SCORE, Michigan](https://www.score.org/mi/)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)](https://www.sba.gov/loans/504-loans/)
- [SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)](https://www.ecfr.gov/current/title-13/section-120.214)