This week, the U.S. Small Business Administration (SBA) Michigan District Office released a list of the top lending institutions that go above and beyond in supporting Michigan’s small businesses through their annual Lender Awards Ceremony. The SBA recognized 14 top Michigan Small Business Lenders for their outstanding efforts in Fiscal Year 2024. Six of the awardees are Detroit Regional Chamber member companies.
- Huntington National Bank was recognized as both Lender of the Year and a Top 10 Lender, showcasing its broad and significant impact on small business lending.
- Lake Michigan Credit Union was recognized as the Credit Union Lender of the Year, highlighting their dedication to serving the unique needs of small businesses through the credit union model.
- Chase Bank, Comerica, Fifth Third Bank, and PNC Bank were all recognized as Top 10 Lenders. These institutions underscores their consistent and significant contributions to providing SBA-backed loans to Michigan’s small business sector.
In FY24, these lenders facilitated the approval of 2,921 loans totaling $1.3 billion for Michigan small business entrepreneurs. This crucial funding empowers small businesses to accomplish everything from launching to creating new jobs and tapping into new markets, all of which contribute to a stronger regional economy.
The Chamber is proud to see several member companies featured on this list. It aligns with the Chamber’s commitment to supporting the growth and success of small businesses in the Detroit Region.