MICHIGAN · NAICS 713930
Michigan marina and boat storage projects run along 3,300 miles of Great Lakes shoreline, 11,000 inland lakes, and more than 82 public harbors. Studies translate slip mix, wet and dry storage, fuel and service revenue, and seasonal demand into projections, with winterized rack and indoor storage carrying the model through the off season.
FEASIBILITY TRIGGER
Marinas and boat storage are special-purpose under SOP 50 10 8, so a third-party feasibility study is normally required with an industry-experienced going-concern appraiser and elevated equity applies.
From FY2010 through FY2026, Michigan recorded 36 SBA-disbursed marina and boat storage loans across the 7(a) and 504 programs, representing $25.8 million in approved financing at an average loan size of $716,000. The state sits at rank #2 of 38 for marina and boat storage SBA lending volume and holds 6.3% of the national marina and boat storage dollar pool. 7(a) accounts for 77.8% of the count, 504 for the rest, with 2 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 36 |
| Approved volume | $25.8 million |
| Average loan size | $716,000 |
| 7(a) share | 77.8% |
| Approvals since FY2024 | 2 |
| State rank by loan count | #2 of 38 |
The state-level seasoned cohort in this segment is below our publication threshold of 30 loans, so no state rate is shown. Nationally, seasoned marina and boat storage loans (approvals FY2010–FY2021) show an adverse-resolution rate of 3.0%, 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.
An adverse-resolution rate of 3.0%, close to the national marina and boat storage benchmark of 3.0%, puts Michigan deals in this class on ordinary SBA credit footing. Across 36 loans averaging $716,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Michigan marinas and boat storage 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.
Michigan's boating association reports state boat registrations have risen to second in the nation, on 3,300 miles of Great Lakes shoreline, 11,000 inland lakes, more than 82 public harbors, and over 1,000 public access sites, making this one of the structurally deepest marina markets in America, with winterized rack and indoor storage carrying the off-season model.
For a national view of this asset class, see our marina and boat storage SBA feasibility overview, and read our related analysis in the marina and boat storage lending research on our blog.
Compare neighboring markets: Massachusetts, Minnesota, Texas.
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