Top Industries Financed
- Limited-Service Restaurants
- Landscaping Services
- Full-Service Restaurants
- All Other Specialty Trade Contractors
- Snack and Nonalcoholic Beverage Bars
Quick Summary
Lake Michigan CU is an SBA-approved lender headquartered in GRAND RAPIDS, Michigan. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 301 SBA 7(a) loans totaling $300.9M, with an average loan size of $1000K. They serve businesses across 7 states.
About Lake Michigan CU
Lake Michigan CU is an SBA-approved lender headquartered in GRAND RAPIDS, Michigan. Since 2020, they have approved 301 SBA 7(a) loans totaling $300.9M, with an average loan size of $1000K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They serve businesses across 7 states.
Before you apply — know where you stand
Nav is the only place where you can track your FICO SBSS score — the score the SBA uses to determine loan eligibility.
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Frequently Asked Questions
Is Lake Michigan CU an SBA Preferred Lender?
Yes, Lake Michigan CU is an SBA Preferred Lender (PLP). This means they have delegated authority from the SBA to approve loans without prior SBA review, resulting in faster approvals — typically 7–10 business days instead of 4–6 weeks.
How many SBA loans has Lake Michigan CU approved?
According to SBA FOIA public records, Lake Michigan CU has approved 301 SBA 7(a) loans totaling $300.9M since 2020. Their average loan size is $1000K.
What states does Lake Michigan CU serve?
Lake Michigan CU serves businesses in 7 states: Florida, Georgia, Illinois, Michigan, New York, Ohio, Virginia.
How do I apply for an SBA loan with Lake Michigan CU?
To apply for an SBA 7(a) loan with Lake Michigan CU, contact them directly through the form on this page. Before applying, check your FICO SBSS score (the SBA's pre-screening score) and have your financial statements, business plan, and tax returns ready. Most SBA lenders require 2+ years in business, $100K+ annual revenue, and a personal credit score of 640+.
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