MICHIGAN · NAICS No dedicated NAICS; 812990 proxy segment
Michigan event venue projects run across wedding barns along the Lake Michigan shoreline, urban lofts in Grand Rapids and Detroit, and performance and instruction studios statewide. Studies translate booking pace, seasonality, capacity, ancillary food and beverage, and capital structure into projections that lenders can stress-test against coverage.
FEASIBILITY TRIGGER
Booking-pace and seasonality projections drive lender study requirements; the deals are projection-based and history is usually thin.
Michigan generated 223 SBA-disbursed event venue loans between FY2010 and FY2026, worth $56.3 million in approved 7(a) and 504 financing at an average of $252,000 per deal. Ranked #7 of 38 states for event venue SBA volume, the state captures 2.9% of national event venue dollars. 95.1% of the loans ran through 7(a) with 504 covering the remainder; 30 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 223 |
| Approved volume | $56.3 million |
| Average loan size | $252,000 |
| 7(a) share | 95.1% |
| Approvals since FY2024 | 30 |
| State rank by loan count | #7 of 38 |
We do not publish a state-level adverse-resolution rate for this segment: no NAICS code isolates event venues, so we rely on the national event-services segment (NAICS 812990 proxy pool). Nationally, seasoned event venue loans (approvals FY2010–FY2021) show an adverse-resolution rate of 8.3%, against 7.3% across all industries.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
Event venues sit outside a clean NAICS code, so lenders lean harder on documented booking pace, seasonality, and average event spend inside the feasibility study. At a national proxy adverse-resolution rate of 8.3% against 7.3% across all industries, credit committees treat this class as a projection-driven decision, and a rigorous third-party study is the report that carries the credit conversation. Michigan's 223 loans at an average of $252,000 sit inside that same national frame.
Benchmark labeled as the national event-services segment (NAICS 812990 proxy pool).
Every Michigan event venues project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Michigan projects most often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, and the state's Collateral Support Program can layer up to 40 percent collateral coverage onto qualifying deals. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
The lakeshore wedding corridor from Saugatuck through Traverse City anchors one of the Midwest's densest destination venue markets.
For a national view of this asset class, see our event venue SBA feasibility overview, and read our related analysis in the event venue lending research on our blog.
Compare neighboring markets: Massachusetts, Minnesota, Texas.
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