Lake Michigan CU: SBA Lending Record
What SBA's own loan files show about Lake Michigan CU as an SBA lender, and how a lender's record bears on a feasibility study.
Lake Michigan CU holds 360 loans approved from FY2017 to FY2026, worth $362.8 million gross. 360 loans, all in 7(a), stand against Lake Michigan CU; none are 504. For 360 loans, SBA's record names Lake Michigan CU as the lender. 360 loans carry SBA's guarantee, not Lake Michigan CU's.
Lake Michigan CU: classes and states
Lake Michigan CU's class table opens with Limited-service restaurant, 19, Full-service restaurant, 12, Coffee shop and snack bar, 9, Hotel and motel, 6 and Automotive mechanical repair (car and truck), 6 loans. The largest Lake Michigan CU group, 274 loans, fits no tracked class. Lake Michigan CU by state: Florida, 298 and Michigan, 57 loans.
Lake Michigan CU loans after approval
Lake Michigan CU has a cancellation floor of 9.1% across FY2017 to FY2024 approvals. The Lake Michigan CU range runs from that floor up to 9.1%, the ceiling. The Lake Michigan CU charged-off rate is withheld, not zero. Lake Michigan CU had fewer than 30 of 360 loans disbursed in FY2017 to FY2021. Lake Michigan CU rate: withheld by Loan Analytics' rule. Lake Michigan CU: read each rate as a floor.
Lake Michigan CU record and a borrower's study
Lake Michigan CU counts 19 loans in the Limited-service restaurant class. Lake Michigan CU study needs labour and food cost. 19 Limited-service restaurant loans do not settle occupancy cost. Lake Michigan CU study also needs seating demand. Lake Michigan CU counts 12 loans in the Full-service restaurant class. Lake Michigan CU study must prove occupancy cost. 12 Full-service restaurant loans leave site traffic open. Lake Michigan CU total of $362.8 million says nothing about any one site. 274 Lake Michigan CU loans fit no tracked class. Lake Michigan CU: the project must carry the case. For 298 Lake Michigan CU loans in Florida, local evidence still decides. Lake Michigan CU: ask directly what it needs to see. 360 loans at Lake Michigan CU do not measure demand at one site. Lake Michigan CU totals trail supply near the site. Lake Michigan CU study revenue assumptions need written support. Lake Michigan CU request needs build cost from quotes. Lake Michigan CU debt service needs a cautious revenue case. Lake Michigan CU history cannot stand in for an appraisal. Lake Michigan CU study needs a downside case in writing. Lake Michigan CU: state assumptions, test coverage, support value. Lake Michigan CU carries $362.8 million in gross approvals on 360 loans. Lake Michigan CU loan equity should be stated plainly.
Lake Michigan CU cancellation floors stop at FY2024 approvals. Lake Michigan CU totals take in FY2025 and FY2026 approvals. Lake Michigan CU figures describe loans held, not lender practices. Lake Michigan CU history of 360 loans promises nothing to a new borrower. Lake Michigan CU withheld values are never zeros or estimates.
SBA loans held by Lake Michigan CU
SBA guarantees these loans; the lender does not. The lender's name and every figure come from the U.S. Small Business Administration's public 7(a) and 504 FOIA file (data.sba.gov).
7(a) lender is the bank or lender the loan is currently assigned to (or last held it), as SBA records it; 504 lender is the Certified Development Company (CDC). 504 third-party (first-lien) lenders are free text with no identifier and are not credited.
| Loans approved, FY2017 to FY2026 | 360 |
|---|---|
| Gross dollars approved | $362.8 million |
| SBA 7(a) loans | 360 |
| SBA 504 loans | 0 |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | 9.1% |
|---|---|
| The same, counting loans still undisbursed as cancelled (a ceiling) | 9.1% |
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | withheld |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
Loans by asset class
| Asset class | Loans |
|---|---|
| Not in any of the 39 asset classes | 274 |
| Limited-service restaurant | 19 |
| Full-service restaurant | 12 |
| Coffee shop and snack bar | 9 |
| Hotel and motel | 6 |
| Automotive mechanical repair (car and truck) | 6 |
| Fitness center | 6 |
| Beauty salon | 6 |
| Medical office (physicians) | 5 |
| Child care center | 5 |
Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.
Loans by project state
States with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.
A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; Loan Analytics lender cell LP-ncua-62514.
Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project anywhere in the United States, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan, by Lake Michigan CU or any other lender. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.
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