Small business loans in Traverse City, MI
Short answer
The most active SBA lenders in Traverse City, MI since FY2024 are The Huntington National Bank (27 loans) and 4Front Credit Union (18). The median loan was $126,900, and half fell between $55,000 and $368,750. For free help, see the Michigan Small Business Development Center. Source: SBA 7(a) loan data.
- SBA loans since FY2024
- 79
- approved since FY2024
- $31.23M
- median loan
- $126,900
- through SBA Express
- 26.6%
Lenders making SBA loans in Traverse City
The Huntington National Bank made the most loans in Traverse City, 34% of the total. The three largest lenders together made 63%.
| Lender | Loans | Share |
|---|---|---|
| The Huntington National Bank | 27 | 34.2% |
| 4Front Credit UnionCredit union | 18 | 22.8% |
| Independent Bank | 5 | 6.3% |
Share is the percent of all Traverse City loans in that period. Each name links to that lender's page for Michigan where one exists.
Traverse City has three lenders with five or more loans since FY2024. Others had fewer, and the Michigan page counts 192 lenders with at least one approved loan statewide.
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Start my loan requestJanover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.
Local help near Traverse City
Traverse City borrowers can start with SBA's district office for Michigan, an SBDC or SCORE.
29% of Traverse City 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.
Loan counts and sizes in Traverse City
Traverse City ranks 8th by loans since FY2024 among the 25 Michigan cities with 100 or more SBA loans since FY2020. Nationally it is the 296th busiest of the 580 cities that reach 100 loans.
The 79 loans, 1.4% of the 5,627 in Michigan, were approved for $31.2 million in all. The medianThe middle figure. Half the loans were larger and half were smaller. loan was $126,900, 16% below the national median of $150,300. Half of the loans fell between $55,000 and $368,750. The Traverse City median is 15% below the Michigan median of $150,000.
| Measure | Traverse City | Michigan | U.S. |
|---|---|---|---|
| Loans | 79 | 5,627 | 162,355 |
| Median loan | $126,900 | $150,000 | $150,300 |
| 25th percentile | $55,000 | $50,000 | $50,000 |
| 75th percentile | $368,750 | $379,800 | $500,000 |
| Via SBA Express | 26.6% | 38.6% | 35.8% |
| Lines of credit | 26.6% | 36.6% | 28.1% |
| Startups | 16.5% | 17.5% | 16.1% |
| Ownership changes | 19.0% | 11.2% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.25 | 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.
85% of the loans were $500,000 or less, the size SBA Express covers. 26.6% of all loans went through SBA Express, below the national 35.8%. Lines of credit were 26.6% of loans, close to the national 28.1%.
Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.
By business age, 51.9% of loans went to businesses more than two years old and 12.7% to businesses two years old or younger. Startups received 16.5% and changes of ownership 19.0%.
Fiscal years run October to September. The last bar covers nine of its twelve months.
Volume fell 18% from FY2024 (33 loans) to FY2025 (27), the two latest full years. The busiest full year in the file was FY2021, with 39 loans. FY2026 already shows 19 loans through June 30.
Of the 89 loans Traverse City borrowers received in FY2020 to FY2022, fewer than 5 were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026, against 3.6% nationally. Lenders reported 1,038 jobs supported across the 79 loans since FY2024, about 13.1 per loan. SBA does not audit these estimates.
What businesses in Traverse City borrow for
Full-Service Restaurants was the largest borrower group in Traverse City, with 6 loans or 7.6% of the total.
| Industry | Loans | Share | U.S. share |
|---|---|---|---|
| Full-Service Restaurants | 6 | 7.6% | 4.6% |
| Limited-Service Restaurants | 5 | 6.3% | 3.3% |
Share is the percent of all Traverse City 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 Traverse City
The median Traverse City loan was $126,900 with a median term of 10 years.
The median variable-rate loan in Traverse City was priced at Prime plus 2.25 percentage points at approval. At today's Prime that spread works out to 9.25%. On $126,900 over 10 years, principal and interest would come to about $1,625 a month. That is arithmetic on past loans, not a rate a lender is offering.
| Loan | Amount | Monthly payment |
|---|---|---|
| 25th percentile loan | $55,000 | $704 |
| Median loan | $126,900 | $1,625 |
| 75th percentile loan | $368,750 | $4,721 |
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 $126,900 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.8 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).
Traverse City loans approved since FY2024 had a median starting rate of 9.75% at approval, against 10.25% nationally. 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 $125,000 loan and SBA Express payment calculator.
SBA 504 loans near Traverse City
Traverse City has 17 SBA 504 loans since FY2024, with $15.0 million in SBA and CDC dollars.
The median 504 loan in Traverse City was $468,000 in SBA and CDC dollars, 9% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.
Great Lakes Commercial Finance is the Certified Development CompanyA nonprofit that SBA certifies and regulates to arrange 504 loans together with a bank. (CDC) named on the most loans since FY2020, with 43. Michigan Certified Development Corporation follows with 16. The two CDCs listed are named on 59 loans between them.
| Certified Development Company | 504 loans |
|---|---|
| Great Lakes Commercial Finance | 43 |
| Michigan Certified Development Corporation | 16 |
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 capitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a list of Certified Development Companies.
Michigan cities near Traverse City
Traverse City made up 1.4% of Michigan's SBA loans since FY2024.
Traverse City is one of 25 Michigan cities with 100 or more SBA loans since FY2020. The Michigan page covers all 5,627 loans in Michigan. The closest come first, ranked by county and ZIP code on their loans.
Common questions about SBA loans in Traverse City
Which lenders make the most SBA loans in Traverse City?
The Huntington National Bank leads with 27 loans in Traverse City since FY2024. 4Front Credit Union (18) and Independent Bank (5) follow. Only lenders with five or more Traverse City loans are counted.
Which industries get SBA loans in Traverse City?
Full-Service Restaurants leads with 6 loans in Traverse City since FY2024. Limited-Service Restaurants (5) follows.
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.
Sources
- SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- SBA, 504 loans
- SBA, resource partners: SBDCs and SCORE
- SBA Michigan District Office (Detroit, with a Grand Rapids branch by appointment)
- Michigan Small Business Development Center
- SCORE, Michigan
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)
- sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)
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Cite this page: Small business loans in Traverse City, MI. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/michigan-small-business-loans/traverse-city/
Ask lending partners about a loan in Traverse City
Tell us what you need and we refer your request to lending partners.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.