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SBA 7(a) Loans in Michigan
Find lenders offering sba 7(a) loans in Michigan. the most flexible SBA loan — up to $5M for nearly any business purpose.
Typical Rate
Prime + 1.5% to 3.75%
Down Payment
10-20%
Term
10-25 years
Closing Time
30-90 days
About SBA 7(a) Loans in Michigan
SBA 7(a) loans are the most common SBA loan program, offering up to $5 million for working capital, equipment, real estate, business acquisition, and refinancing. Backed by the U.S. Small Business Administration, they offer competitive rates and longer terms than conventional business loans. Whether you're looking to finance a property in Michigan's major metros or smaller markets, SBA 7(a) lenders in MI offer loan amounts from $25K to $5M with rates typically ranging from Prime + 1.5% to 3.75%.
Who Should Consider SBA 7(a) Loans?
- Small business owners
- Business acquisitions
- Working capital needs
- Commercial real estate purchase
Key Requirements in Michigan
- For-profit business operating in the US
- Owner has invested equity
- Exhausted other financing options
- No delinquent government debt
- Credit score: 680+
Pros and Cons
✅ Advantages
- ✓Low down payment (as low as 10%)
- ✓Competitive interest rates
- ✓Long repayment terms
- ✓Can be used for many purposes
⚠️ Considerations
- •Lengthy application process
- •Extensive documentation required
- •Personal guarantee required
- •Collateral often needed
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