STATE COVERAGE · MICHIGAN

Michigan Feasibility Study Consultant

Michigan is a genuine two-economy state, and its financing map reflects that more cleanly than almost any state in the country. SBA 7(a) and 504 carry most owner-operated and special-purpose projects across the metro Detroit region, Grand Rapids, Ann Arbor, Lansing, and the other principal cities and their urbanized areas, while USDA financing is broadly available across the northern Lower Peninsula, the entire Upper Peninsula outside its few small cities, the Thumb, and the agricultural interior. Unlike the dense Northeast, Michigan has a large and genuinely useful USDA footprint. On top of that split sit several distinctive features, from the Great Lakes shoreline overlays to a control-state liquor quota to the auto-and-battery transition. We prepare lender-grade studies calibrated to the program and the region the project actually sits in.

Key Michigan market indicators

10,127,884

Michigan residents as of July 1, 2025

Source: U.S. Census Bureau Vintage 2025 (2025)

$719,392 million

Michigan nominal GDP

Source: U.S. Bureau of Economic Analysis (2024)

2.1%

Michigan real GDP growth

Source: U.S. Bureau of Economic Analysis (2024)

5.1%

Michigan unemployment rate, seasonally adjusted

Source: U.S. Bureau of Labor Statistics (May 2026)

Why a Michigan study is different

Several features set Michigan apart. First, the financing map splits cleanly between an SBA-dominant metro and industrial south and a broadly USDA-eligible north, Upper Peninsula, and farm interior, so the right program depends heavily on where the project sits. Second, the Great Lakes freshwater tourism economy drives seasonal hospitality, RV, and second-home demand across the north coast and the Upper Peninsula. Third, the auto-and-battery transition is reshaping industrial and workforce demand in specific submarkets, though the battery-plant pipeline has cooled and should be read case by case. Fourth, the Department of Environment, Great Lakes, and Energy administers critical-dune and high-risk-erosion overlays along the Lake Michigan and Lake Superior shorelines that can govern whether a shoreline project is buildable. Fifth, Michigan is a control state with a hard liquor-license quota that drives a real secondary market. Every figure in a Michigan study has to be sourced to the region, the program, and the regulatory overlay the project actually faces.

SBA and USDA financing in Michigan

For most owner-operated and special-purpose projects across metro Detroit, Grand Rapids, Ann Arbor, Lansing, Kalamazoo, and Flint, SBA 7(a) and SBA 504 are the primary federal paths. Under SOP 50 10 8, effective June 1, 2025, the SBA may request a feasibility study based on enumerated risk factors, and a lender-grade study is normally expected for special-purpose properties and startups. The 504 program escalates the borrower equity injection to 15 percent for a special-purpose property or a startup, and to 20 percent when both apply.

USDA reaches a genuinely large share of the state. Business and Industry, Community Facilities, and REAP financing under the OneRD framework (7 CFR Part 5001) is available in any area not within a city or town over 50,000 and not in its contiguous urbanized area, which in Michigan means the entire northern Lower Peninsula, the Upper Peninsula outside its few small cities, the Thumb, and the agricultural counties of the south. For a new business, the over-one-million-dollar independent feasibility requirement at 7 CFR 5001.306 applies, and we prepare to that standard. We confirm rural eligibility parcel by parcel through the USDA Rural Development Michigan office in East Lansing at the start of every engagement, and because Michigan's agricultural and food-processing economy is one of the most diverse in the country, USDA REAP and value-added projects are a real and frequent path here.

Large market-rate multifamily and auto-driven institutional industrial generally run through conventional, agency, CMBS, or life-company financing rather than the SBA, and we prepare those studies for the lenders that actually fund them.

The Michigan regulatory layer

Several state-specific items move feasibility in Michigan. The Department of Environment, Great Lakes, and Energy administers wetlands and inland-lakes-and-streams permitting, the Critical Dune Areas program along roughly 265 miles of Lake Michigan and Lake Superior coastline, and the High-Risk Erosion Areas program along the Great Lakes shore, any of which can govern a shoreline project. The Michigan Liquor Control Commission caps on-premises licenses at roughly one per 1,500 residents per local unit, so a full-alcohol license is often only available on the secondary market. The Department of Health and Human Services Certificate of Need process gates nursing homes and certain medical services, while assisted living and memory care are licensed instead as adult foster care or homes for the aged. The Michigan Underground Storage Tank Authority administers the petroleum cleanup fund. Local zoning runs through home-rule townships, cities, and villages with no statewide land-use review, the Proposal A taxable-value cap uncaps on transfer, and the Farmland and Open Space Preservation Program imposes a recapture on converted farmland. We map the binding approvals for the specific site before a single revenue assumption is made.

Michigan feasibility studies by asset class

RV Park Feasibility Studies in Michigan

Michigan has the longest freshwater coastline of any state and more than 11,000 inland lakes, which supports one of the largest seasonal RV, campground, cabin, and glamping markets in the country, anchored by Sleeping Bear Dunes, Pictured Rocks, the Mackinac corridor, and the Au Sable and Pere Marquette river country. The binding items are EGLE wetlands and inland-lakes-and-streams permits, the critical-dune and high-risk-erosion overlays on shoreline parcels, local health department septic and sanitary review, and township zoning. USDA Business and Industry financing reaches the broadly eligible north, Upper Peninsula, and agricultural interior, and SBA 7(a) fits smaller owner-operated parks. We prepare studies for RV parks, campgrounds, and glamping projects across the state's tourism regions.

Michigan RV Park Feasibility Study →National RV Park practice →

Gas Station Feasibility Studies in Michigan

Fuel-and-convenience demand in Michigan runs on heavy north-south truck volume on I-75, the I-94 and I-96 corridors, the US 31 west-coast corridor, and travel-center demand around the Upper Peninsula and the Mackinac Bridge. The binding items are Michigan Underground Storage Tank Authority registration and the storage-tank cleanup fund, the refined-petroleum regulatory fee, EGLE corrective-action rules, and local site-plan and zoning. Gas stations are special-purpose collateral under the SBA, which raises the equity injection and makes a lender-grade study the norm. We prepare studies for highway-corridor, suburban, and rural sites, with USDA broadly available across the north and the Thumb.

Michigan Gas Station Feasibility Study →National Gas Station practice →

Hotel Feasibility Studies in Michigan

Hotel demand in Michigan is anchored by metro Detroit business and sports, Grand Rapids convention demand, the Traverse City and north-coast resort market, and Mackinac Island. The binding items are the Michigan Liquor Control Commission quota for full-service properties, the local lodging assessment districts, EGLE critical-dune and high-risk-erosion permits on shoreline parcels, and local site-plan. Larger full-service Detroit and Grand Rapids hotels run through conventional, CMBS, and life-company financing, while limited-service, select-service, and northern resort properties fit SBA, and USDA applies to rural and resort projects outside the principal cities. We prepare lender-grade studies calibrated to the property and the market.

Michigan Hotel Feasibility Study →National Hotel practice →

Self-Storage Feasibility Studies in Michigan

Self-storage demand in Michigan is driven by dense suburban metro Detroit and Grand Rapids markets, the northern second-home and boat-and-RV storage dynamic, and underpenetrated Upper Peninsula submarkets. The binding items are local zoning and site-plan review and EGLE wetlands where applicable. Self-storage is multipurpose collateral under the SBA, which keeps the equity injection lower and the financing path cleaner than special-purpose assets. We prepare studies for ground-up and conversion projects across the metros, the north, and the Upper Peninsula.

Michigan Self-Storage Feasibility Study →National Self-Storage practice →

Senior Housing Feasibility Studies in Michigan

Senior housing demand in Michigan is driven by an aging population, West Michigan growth, retirement migration to the northern Lower Peninsula, and metro Detroit suburban demand. The defining regulatory feature is that nursing homes and certain medical services require a Certificate of Need from the Department of Health and Human Services, while assisted living and memory care are licensed instead as adult foster care or homes for the aged under a separate state framework. We prepare studies for assisted living, memory care, and skilled nursing projects statewide, calibrated to the right approval and licensure path.

Michigan Senior Housing Feasibility Study →National Senior Housing practice →

Car Wash Feasibility Studies in Michigan

Car wash demand in Michigan is strong year-round, driven by a long winter and a heavy road-salt season, with a robust express-tunnel build-out across metro Detroit and Grand Rapids. The binding items are EGLE water-reuse and wastewater-discharge rules, stormwater and salt management, and local site-plan and zoning. Car washes are special-purpose collateral under the SBA, so the equity injection runs higher and a bankable study is expected. We prepare studies for express, tunnel, and in-bay projects statewide.

Michigan Car Wash Feasibility Study →National Car Wash practice →

Restaurant Feasibility Studies in Michigan

Restaurant feasibility in Michigan runs on metro Detroit, Grand Rapids, Ann Arbor, the Traverse City food scene, and the craft-beverage economy. The defining item is the Michigan Liquor Control Commission quota: on-premises licenses are capped at roughly one per 1,500 residents per local unit, so a full-alcohol license is often only available by acquiring an existing license on the secondary market, with resort and economic-development license carve-outs in tourist areas. Restaurants are typically multipurpose collateral under the SBA, with 7(a) the most common path. We prepare studies for full-service, quick-service, and mixed-concept projects statewide.

Michigan Restaurant Feasibility Study →National Restaurant practice →

Wedding & Event Venue Feasibility Studies in Michigan

The northern wine country of the Leelanau and Old Mission peninsulas, the West Michigan barns and orchards, the Lake Michigan shoreline, and Detroit historic-warehouse adaptive reuse support a strong wedding and event economy. The binding items are the Michigan Liquor Control Commission license path, EGLE wetlands and shoreline overlays, township zoning and parking, and the Farmland and Open Space Preservation recapture where the venue converts enrolled farmland. We prepare studies for barn venues, orchard and vineyard venues, and event centers statewide.

Michigan Wedding Venue Feasibility Study →National Wedding Venue practice →

Industrial Feasibility Studies in Michigan

Michigan industrial demand is driven by the Big Three automakers and their supplier base, the Mound Road and I-75 corridors in southeast Michigan, the I-94 corridor, and the West Michigan office-furniture and medical-device base, though the EV-battery pipeline has cooled and modern big-box space is loosening from historically tight levels. The binding items are EGLE air permitting and wetlands, local zoning, and a high construction-cost basis. Larger and speculative projects run through conventional, CMBS, and life-company financing, while owner-user flex and light-industrial projects fit SBA 504, and USDA reaches rural and agricultural-adjacent manufacturing. We prepare lender-grade studies calibrated to the specific submarket and current conditions.

Michigan Industrial Feasibility Study →National Industrial practice →

Multifamily Feasibility Studies in Michigan

Michigan's strongest rental markets are Grand Rapids and West Michigan, the Ann Arbor university market, and the metro Detroit suburbs, with selective demand in downtown and Midtown Detroit. The binding items are local zoning and density tools including tax-increment and neighborhood-enterprise incentives, the Proposal A taxable-value uncapping on transfer, and the building and energy codes. Because the SBA does not finance market-rate multifamily, these projects run through conventional, agency, CMBS, and life-company channels, with Michigan State Housing Development Authority programs and Low-Income Housing Tax Credits for affordable projects and USDA rural rental housing in the eligible footprint. We prepare market-rate, affordable, and mixed-income studies for the lenders that fund them.

Michigan Multifamily Feasibility Study →National Multifamily practice →

Michigan markets we cover

We prepare studies across the entire state: metro Detroit including Wayne, Oakland, and Macomb Counties, Grand Rapids and West Michigan including Ottawa County and the lakeshore, Ann Arbor and the University of Michigan region, Lansing and Mid-Michigan, Kalamazoo and southwest Michigan, the Flint and Great Lakes Bay Region including Saginaw, Bay City, and Midland, the northern Lower Peninsula resort markets including Traverse City, Petoskey, and Charlevoix, and the Upper Peninsula including Marquette and Sault Ste. Marie.

Built to the lender's standard

Every study is prepared as an independent, third-party document built to satisfy the party that actually approves the loan, whether that is an SBA reviewer, a USDA state office, or a conventional, agency, or CMBS credit committee. We document the market, the demand, the competitive supply, the regulatory path, and the financial projections to a standard that holds up under lender scrutiny. The analysis is calibrated to the program and the region, and the conclusions are defensible.

Start a Michigan feasibility study →

Frequently asked questions

A large share of the state is. USDA rural eligibility excludes cities and towns over 50,000 and their contiguous urbanized areas, but in Michigan that leaves the entire northern Lower Peninsula, the Upper Peninsula outside its few small cities, the Thumb, and the agricultural counties of the south broadly eligible. We confirm eligibility parcel by parcel through the USDA Rural Development Michigan office in East Lansing at the start of every engagement.

Under SOP 50 10 8, effective June 1, 2025, the SBA may request a feasibility study based on enumerated risk factors, and a lender-grade study is normally expected for special-purpose properties and startups. Special-purpose assets such as gas stations, car washes, hotels, and assisted living carry a higher equity injection and almost always warrant a study.

The Michigan Liquor Control Commission caps on-premises licenses at roughly one per 1,500 residents per local unit, so in most populated areas a full-alcohol license is only available by acquiring an existing license on the secondary market, which is a real cost item. Resort and economic-development license carve-outs exist for tourist-serving establishments. We price the license path into the study.

Nursing homes and certain medical services require a Certificate of Need from the Department of Health and Human Services. Assisted living and memory care are not gated by Certificate of Need; they are licensed instead as adult foster care or homes for the aged under a separate state framework. We calibrate each senior-housing study to the correct approval and licensure path.

The heaviest items are the Department of Environment, Great Lakes, and Energy wetlands, critical-dune, and high-risk-erosion overlays on the Great Lakes shoreline, the Michigan Liquor Control Commission quota for restaurants and hospitality, the Certificate of Need process for nursing and certain medical projects, the Michigan Underground Storage Tank Authority cleanup framework for gas stations, the Proposal A taxable-value uncapping on transfer, and the Farmland and Open Space Preservation recapture on converted farmland. We map the binding approvals for the specific site before making revenue assumptions.

Timelines depend on asset class, program, and how much regulatory diligence the site requires. We scope each engagement individually and give a clear delivery schedule at the start. Reach out through our contact page to discuss your project and timing.