Business Loans in Michigan

Michigan's economy has undergone a remarkable transformation, evolving from its historical dependence on the Big Three automakers into a diversified powerhouse. While automotive manufacturing remains central — Michigan produces more vehicles than any other state — the sector itself has evolved to include electric vehicles, autonomous driving technology, and advanced mobility solutions. Detroit's revival has become a national story, with the city attracting tech companies, startups, and investment. Grand Rapids has emerged as one of the fastest-growing cities in the Midwest, with strengths in healthcare, furniture manufacturing, and craft brewing. Ann Arbor's University of Michigan drives research commercialization and a vibrant startup ecosystem. Michigan's west side supports a strong agricultural sector, particularly fruit orchards, dairy, and specialty crops. The state's tourism industry generates over $27 billion annually, driven by Great Lakes recreation, the Upper Peninsula's wilderness, and events like the Mackinac Island tourist season. Michigan's approximately 900,000 small businesses benefit from the Michigan Economic Development Corporation (MEDC), which offers the Michigan Business Development Program, Community Revitalization Program, and the Entrepreneurship and Innovation initiative. The state's skilled manufacturing workforce is a significant asset for businesses in advanced manufacturing and automotive supply chains.