As the markets reacted to the nation's lowered credit rating, several Michigan business indicators continue to rise.

Michigan's general obligations bonds rating rose from "stable" to "positive," while the state is a national leader for job growth and just placed No. 1 in a new lending ranking of Small Business Administration loans.

Fitch Ratings said of Michigan: "The Positive Outlook reflects prudent budgeting and efforts to grow reserve levels in the context of an economy beginning to slowly rebound...The state has a demonstrated history of responding proactively to maintain fiscal balance despite continual revenue declines. The currently enacted budget was balanced without the use of one-time measures and management projects a return to structural balance. Monies have also been budgeted to begin to replenish the state's rainy day fund."

As part of a recently reinvigorated state economy, the ratings upgrade signals to investors and businesses that the state economic environment is improving.

Michigan lenders are showing their confidence in the future of the state's small businesses as well. The U.S. Small Business Administration (SBA) recently reported that the Michigan District for the SBA loaned more money to Michigan businesses than any other district in the United States - further evidence of a growing turnaround for Michigan businesses.

Compared to fiscal 2010, the number of loans has increased 42 percent so far this year, and the dollar amount of those loans is up 60 percent. All told, SBA loans are on track to reach $1 billion for fiscal 2011 (through July, loans totaled $635.2 million).

This may be one of the reasons that in the July Monster.com Employment Index, the Detroit area bested all 28 other major metropolitan areas for job growth, showing a 34 percent increase in hiring.

Meanwhile, the U.S. Bureau of Labor Statistics just reported Michigan added 18,000 jobs in June, the third highest job gains of any state, trailing two mega states: Texas and California.