Limited-Service Restaurants acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 95 7(a) loans to buy an existing business classified as Limited-Service Restaurants in Michigan, totaling $68.7M. The median loan was $360,000. That is 5.7% of the 1,680 acquisition loans in Michigan.
- Loans, FY2018-FY2026
- 95
- Median loan
- $360,000 (middle half $211,200 to $841,250)
- Top lender
- The Huntington National Bank (16%, 15 loans)
- Charge-off, FY2018-FY2021 loans
- 0.0% (all-acquisition: 3.5%)
- FY2026 loans (latest complete year)
- 16 (-11% vs FY2025)
SBA lenders approved 95 7(a) loans to buy a business classified as Limited-Service Restaurants in Michigan from FY2018-FY2026, with a median of $360,000 and a middle half of $211,200 to $841,250. The Huntington National Bank made 16% of them. FY2026 had 16 loans, down 11% from FY2025.
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How Limited-Service Restaurants in Michigan compares
| Measure | Limited-Service Restaurants in... | Michigan, all industries | Limited-Service Restaurants, nationwide | All acquisitions |
|---|---|---|---|---|
| Median loan | $360,000 | $585,000 | $350,000 | $645,250 |
| Middle half of loans | $211,200 to $841,250 | $250,000 to $1,304,625 | $202,500 to $693,375 | $283,000 to $1,465,000 |
| Average initial rate | 7.52% | 7.65% | 7.83% | 7.76% |
| Median term | 10 years | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 0.0% | 1.8% | 5.3% | 3.5% |
| Loans in sample | 95 | 1,680 | 2,222 | 48,902 |
The median for loans to buy fast-food restaurants in Michigan is $360,000, below the $585,000 median for all Michigan acquisitions, in line with the $350,000 median for Limited-Service Restaurants acquisitions nationwide and well below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $211,200 to $841,250, against $283,000 to $1,465,000 nationally; the median term is 10 years, the same as the national median; the average initial rate is 7.52%, below the 7.76% national average.
None of the seasoned loans were charged off, against 1.8% for all Michigan acquisitions, 5.3% for Limited-Service Restaurants acquisitions nationwide and 3.5% for all acquisition loans.
Loan size distribution
| Loan size | Limited-Service Restaurants in... | All acquisitions |
|---|---|---|
| Under $350K | 44% | 30% |
| $350K to under $1M | 36% | 33% |
| $1M to under $2M | 9% | 19% |
| $2M and over | 11% | 17% |
Most loans to buy fast-food restaurants in Michigan (80%) were under $1M, and the largest single band is Under $350K at 44%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
The Huntington National Bank made 16% of loans to buy fast-food restaurants in Michigan, and the top three lenders together made 33%. 9 of the 40 lenders involved made three or more. Repeat experience is spread across many banks. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 34 loans to buy fast-food restaurants in Michigan were approved. That is 183% more than the 12 approved in FY2023 and FY2024. The median was $501,000, above the $360,000 median across all years.
Limited-Service Restaurants acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 8 | $4.1M | $196,200 | |
| FY2019 | 8 | $5.3M | $220,650 | |
| FY2020 | 9 | $3.7M | $351,000 | |
| FY2021 | 14 | $11.6M | $694,500 | |
| FY2022 | 10 | $9.9M | $453,700 | |
| FY2023 | 3 | $916K | $320,000 | |
| FY2024 | 9 | $3.7M | $219,100 | |
| FY2025 | 18 | $15.8M | $559,050 | |
| FY2026 | 16 | $13.7M | $380,000 |
How often do these acquisition loans fail?
Of the 39 Limited-Service Restaurants in Michigan acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 25 have already been paid in full.
For comparison, Limited-Service Restaurants in Michigan has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 15 | 15.8% | $3.5M | |
| 2 | Fifth Third Bank | 8 | 8.4% | $7.4M | |
| 3 | ChoiceOne Bank | 8 | 8.4% | $5.5M | |
| 4 | Live Oak Banking Company | 7 | 7.4% | $13.7M | |
| 5 | United FCU | 5 | 5.3% | $2.9M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Little Caesars | 14 | 14.7% | $14.4M | |
| 2 | Jet's Pizza | 8 | 8.4% | $3.7M | |
| 3 | Domino's Pizza | 7 | 7.4% | $5.7M | |
| 4 | Subway | 7 | 7.4% | $2.9M | |
| 5 | Menchie's | 4 | 4.2% | $983K |
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Questions buyers ask
How much do SBA loans for Limited-Service Restaurants acquisitions in Michigan run?
The median SBA 7(a) loan was $360,000 across 95 loans (FY2018 to FY2026), with the middle half between $211,200 and $841,250. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Limited-Service Restaurants acquisitions in Michigan?
The Huntington National Bank (15), Fifth Third Bank (8), ChoiceOne Bank (8), Live Oak Banking Company (7), United FCU (5). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Limited-Service Restaurants acquisition loans fail in Michigan?
Of 39 seasoned loans (FY2018 to FY2021), none were charged off, against the 3.5% rate for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Limited-Service Restaurants acquisitions in Michigan?
68 of the 95 loans (72%) involved a franchise brand, most often Little Caesars (14).
How much do you need down for an SBA loan to buy a fast-food restaurant in Michigan?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for loans to buy fast-food restaurants in Michigan was $360,000, and the middle half ran $211,200 to $841,250.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 34 loans to buy fast-food restaurants in Michigan in FY2025 and FY2026.
Which banks make SBA loans for a fast-food restaurant in Michigan?
By loan count, FY2018 to FY2026: The Huntington National Bank (15), Fifth Third Bank (8), ChoiceOne Bank (8), Live Oak Banking Company (7), United FCU (5). The Huntington National Bank made 16% of loans to buy fast-food restaurants in Michigan. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
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Related
- All Michigan acquisitions
- Financing one? How to get an SBA loan to buy a fast food restaurant
- Limited-Service Restaurants nationally
- Limited-Service Restaurants in California
- Limited-Service Restaurants in Washington
- Limited-Service Restaurants in Texas
- Limited-Service Restaurants in Georgia
- Limited-Service Restaurants in Pennsylvania
- Limited-Service Restaurants in Illinois
- Limited-Service Restaurants in Florida
- Limited-Service Restaurants in Ohio
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- Full-Service Restaurants in Michigan
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- Supermarkets and Other Grocery Retailers in Michigan
Small samples move a lot: each loan in this combination is 1% of the count. Industry is the NAICS code the lender recorded. See the methodology.
Cite this data
SBA Acquisition Data, "Limited-Service Restaurants in Michigan: SBA acquisition loan data", https://sbaacquisitiondata.com/state/mi/limited-service-restaurants-722513 (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/state/mi/limited-service-restaurants-722513.json.