Lake Michigan CU
Headquartered in GRAND RAPIDS, MI. Analysis based on 301 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $300.9M.
Total 7(a) loans
301
Total approved
$300.9M
Average loan
$1,000K
States funded in
7
Charge-off rate
1.66%
FY2020–FY2023 cohort
Paid-in-full rate
31.12%
Average rate
7.88%
Average term
152 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 722513 | Limited-Service Restaurants | 17 |
| 561730 | Landscaping Services | 13 |
| 722511 | Full-Service Restaurants | 10 |
| 238990 | All Other Specialty Trade Contractors | 7 |
| 722515 | Snack and Nonalcoholic Beverage Bars | 7 |
| 812112 | Beauty Salons | 6 |
| 722410 | Drinking Places (Alcoholic Beverages) | 6 |
| 713940 | Fitness and Recreational Sports Centers | 6 |
| 541211 | Offices of Certified Public Accountants | 5 |
| 621610 | Home Health Care Services | 5 |
Top 10 states
| State | Loans |
|---|---|
| FL | 259 |
| MI | 37 |
| VA | 1 |
| GA | 1 |
| OH | 1 |
| IL | 1 |
| NY | 1 |
Top franchise brands financed
46 franchise loans across 35 distinct brands.
| Franchise | Loans |
|---|---|
| Carrot Express | 3 |
| Grain & Berry Cafe | 3 |
| Cold Stone Creamery | 3 |
| Hotworx | 2 |
| BrightStar Care | 2 |
| Smartstyle | 2 |
| Meineke Car Care Center | 2 |
| The UPS Store (f/k/a Mail Box | 2 |
| Crushr | 1 |
| Arcimoto | 1 |
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Data source & methodology
All figures computed from the SBA Office of Capital Access FOIA dataset (7(a) loans, FY2020–present, as of 2025-12-31). Charge-off and paid-in-full rates are calculated on the FY2020–FY2023 cohort only, so loans have had time to mature. Charge-off rank covers lenders with ≥500 mature loans.