Feasibility Study Data for the Cadillac, MI Micro Area

The approval picture in Cadillac

108 approvals within Cadillac, MI over FY2017 to FY2026 add up to $29.1 million in gross dollars. For context, Cadillac comes in at 452 of 928 among all CBSAs on approvals. $100,000 stands as the typical loan; the middle half lies between $40,075 and $289,500. Here, the local median is 0.48x in proportion to the national median, which puts ticket size below the national norm. Beyond that, Cadillac holds only projects inside its borders, never a whole state's average: 108 approvals on file.

Lenders and programs in Cadillac

101 SBA 7(a) loans sit beside 7 SBA 504 loans. Here, 14.8% of the loans carry franchised units here. In practice, in 7(a), the biggest lending names by number appear as The Huntington National Bank at 54 loans and $6.5 million, Horizon Bank holding 21 loans for $5.4 million, then Live Oak Banking Company with 5 loans for $3.2 million. Separately, no 504 lender in Cadillac has enough loans to be named. Lender names come from SBA data covering 108 loans; they describe completed approvals and nothing further, and not the terms that lenders want around Cadillac.

Where the loans sit in Cadillac

Limited-service restaurant at 6 followed by coffee shop and snack bar with 6 lead the named classes by approvals. Then, 75 loans fall beyond all named classes, so its $29.1 million total reaches beyond any class table. Among the counties, Wexford County (72) followed by Missaukee County (36) come first. Worth noting: by year, FY2017 opens at 10 loans and $3.7 million; years in between that Loan Analytics withholds are left out, while FY2022 closes the tally at 7 loans and $3.4 million.

What the floors allow in Cadillac

9.0% of FY2017 through FY2024 loans in Cadillac were cancelled before disbursement, a floor. The matching ceiling on this page stays withheld, leaving the floor alone. In practice, no default floor is shown for Cadillac, MI; the disbursed cohort holds too few loans, and a blank is not zero. In practice, take each share printed here like a floor, since loans approved recently received little time to cancel or default, across 108 loans. In practice, area membership here is the statistical area holding every loan's county of the project, from July 2023 boundaries; project counties are tied name to name, while an approval whose county does not map is absent from each area list as a rule. For context, class or no class, any 7(a) and 504 approval in Cadillac is counted towards its $29.1 million total.

The feasibility questions for Cadillac

Around Cadillac, a proper study aimed at a project must begin with the specific operator, and not the 108-loan file. Local demand in Cadillac is tested first: can Cadillac's trade area sustain the volume needed, set against rivals around Wexford County? Beyond that, the local median is 0.48x of the national median, so typical tickets stay compact; a larger project should demonstrate why its size is sound. Then, the coverage test binds demand to cost in Cadillac: forecast income tested against loan payments, plus a weak-sales case. Also, an independent appraisal finishes the job in Cadillac: the as-built value must carry the amount asked for. A borrower holding a third-party study of Cadillac, when first speaking with a lender, addresses those floors before they are raised; approval is for lender and SBA in Cadillac, never the study.