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Top SBA Lenders in Chicago
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Huntington Bank | Columbus, OH | 260 | $235,832 | 10.2% |
| 2 | U.S. Bank | Cincinnati, OH | 206 | $179,005 | 10.2% |
| 3 | Newtek Bank | Miami, FL | 78 | $417,603 | 11.6% |
| 4 | JPMorgan Chase Bank | Columbus, OH | 58 | $226,429 | 11.7% |
| 5 | Byline Bank | Chicago, IL | 55 | $1,308,209 | 10.4% |
| 6 | BayFirst National Bank | Saint Petersburg, FL | 48 | $137,433 | 12.8% |
| 7 | Northeast Bank | Lewiston, ME | 47 | $144,702 | 10.9% |
| 8 | Readycap Lending, LLC | Berkeley Heights, NJ | 43 | $318,733 | 13.0% |
| 9 | Lendistry SBLC | Los Angeles, CA | 22 | $196,682 | 12.3% |
| 10 | Harvest Small Business Finance | Laguna Hills, CA | 20 | $854,250 | 10.2% |
| 11 | Old National Bank | Evansville, IN | 18 | $1,148,422 | 8.1% |
| 12 | Village Bank and Trust | Arlington Heights, IL | 18 | $838,894 | 8.5% |
| 13 | Associated Bank | Green Bay, WI | 18 | $681,667 | 8.0% |
| 14 | Port 51 Lending | Green Bay, WI | 18 | $681,667 | 8.0% |
| 15 | Green Bay, WI | 18 | $681,667 | 8.0% | |
| 16 | Fifth Third Bank | Cincinnati, OH | 18 | $344,478 | 10.2% |
| 17 | United Midwest Savings Bank | De Graff, OH | 16 | $221,500 | 10.8% |
| 18 | Celtic Bank | Salt Lake City, UT | 15 | $189,613 | 10.5% |
| 19 | Associated Bank | New York, NY | 12 | $1,553,750 | 10.0% |
| 20 | New York, NY | 12 | $1,553,750 | 10.0% |
Top Industries for SBA Loans in Chicago
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 8 | Administrative Management and General Management Consulting Services | 11 | $214,355 | 10.8% |
| 2 | Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures | 2 | $85,000 | 13.9% |
| 5 | All Other Amusement and Recreation Industries | 12 | $1,117,083 | 10.3% |
| 2 | All Other Automotive Repair and Maintenance | 4 | $50,000 | 10.4% |
| 2 | All Other Business Support Services | 2 | $1,100,550 | 8.2% |
| 1 | All Other Health and Personal Care Retailers | 2 | $227,500 | 11.0% |
| 1 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 3 | $500,000 | 10.8% |
| 2 | All Other Miscellaneous Manufacturing | 3 | $1,151,000 | 10.2% |
| 5 | All Other Miscellaneous Retailers | 5 | $207,380 | 11.1% |
| 7 | All Other Personal Services | 5 | $628,200 | 9.8% |
| 5 | All Other Professional, Scientific, and Technical Services | 12 | $235,833 | 11.2% |
| 8 | All Other Specialty Trade Contractors | 3 | $219,333 | 10.4% |
| 1 | All Other Support Services | 2 | $120,000 | 10.8% |
| 1 | All Other Transit and Ground Passenger Transportation | 2 | $65,000 | 10.5% |
| 7 | Architectural Services | 51 | $577,980 | 8.2% |
| 1 | Art Dealers | 2 | $71,000 | 12.8% |
| 1 | Audio and Video Equipment Manufacturing | 4 | $187,500 | 12.0% |
| 5 | Automotive Body, Paint, and Interior Repair and Maintenance | 6 | $721,750 | 9.8% |
| 2 | Automotive Parts and Accessories Retailers | 2 | $25,000 | 12.2% |
| 2 | Baked Goods Retailers | 3 | $467,167 | 7.7% |
| 3 | Barber Shops | 3 | $56,667 | 9.9% |
| 11 | Beauty Salons | 25 | $141,044 | 10.0% |
| 1 | Bed-and-Breakfast Inns | 2 | $997,500 | 10.0% |
| 6 | Beer, Wine, and Liquor Retailers | 16 | $995,406 | 10.3% |
| 4 | Breweries | 2 | $315,300 | 8.1% |
| 4 | Car Washes | 6 | $459,500 | 8.5% |
| 3 | Caterers | 9 | $1,760,000 | 10.2% |
| 2 | Child and Youth Services | 2 | $42,000 | 8.5% |
| 7 | Child Care Services | 28 | $499,493 | 10.4% |
| 10 | Clothing and Clothing Accessories Retailers | 8 | $454,138 | 10.7% |
| 2 | Coin-Operated Laundries and Drycleaners | 6 | $1,040,050 | 9.3% |
| 6 | Commercial and Institutional Building Construction | 4 | $200,975 | 10.4% |
| 5 | Computer Systems Design Services | 6 | $227,167 | 11.3% |
| 3 | Convenience Retailers | 2 | $327,250 | 10.3% |
| 3 | Cosmetics, Beauty Supplies, and Perfume Retailers | 6 | $548,333 | 9.9% |
| 3 | Couriers and Express Delivery Services | 3 | $206,667 | 9.8% |
| 4 | Custom Computer Programming Services | 2 | $223,600 | 12.0% |
| 2 | Dental Laboratories | 9 | $972,000 | 8.1% |
| 5 | Drinking Places (Alcoholic Beverages) | 14 | $474,143 | 10.0% |
| 2 | Drugs and Druggists’ Sundries Merchant Wholesalers | 2 | $100,000 | 11.2% |
| 5 | Drycleaning and Laundry Services (except Coin-Operated) | 5 | $236,780 | 10.1% |
| 4 | Educational Support Services | 3 | $63,333 | 11.9% |
| 8 | Electrical Contractors and Other Wiring Installation Contractors | 7 | $279,143 | 9.8% |
| 2 | Electronics and Appliance Retailers | 3 | $352,500 | 11.6% |
| 5 | Employment Placement Agencies | 2 | $478,500 | 9.9% |
| 6 | Engineering Services | 7 | $453,286 | 9.0% |
| 1 | Executive Search Services | 3 | $1,471,733 | 8.9% |
| 1 | Facilities Support Services | 4 | $358,000 | 10.5% |
| 11 | Fitness and Recreational Sports Centers | 27 | $669,611 | 9.8% |
| 4 | Flooring Contractors | 4 | $32,500 | 11.2% |
| 2 | Florists | 8 | $102,875 | 12.5% |
| 12 | Full-Service Restaurants | 63 | $561,933 | 10.2% |
| 3 | Funeral Homes and Funeral Services | 10 | $524,450 | 10.2% |
| 1 | Furniture Retailers | 6 | $315,000 | 10.8% |
| 4 | Gasoline Stations with Convenience Stores | 2 | $1,090,000 | 8.8% |
| 6 | General Automotive Repair | 17 | $299,965 | 9.3% |
| 6 | General Freight Trucking, Local | 8 | $268,500 | 10.2% |
| 5 | General Freight Trucking, Long-Distance, Truckload | 14 | $533,500 | 11.5% |
| 2 | Gift, Novelty, and Souvenir Retailers | 2 | $35,000 | 9.0% |
| 1 | Highway, Street, and Bridge Construction | 3 | $970,333 | 9.1% |
| 8 | Home Health Care Services | 11 | $184,645 | 10.7% |
| 7 | Hotels (except Casino Hotels) and Motels | 3 | $2,156,667 | 9.4% |
| 9 | Insurance Agencies and Brokerages | 6 | $225,367 | 10.1% |
| 5 | Interior Design Services | 6 | $120,000 | 11.3% |
| 1 | Investigation and Personal Background Check Services | 2 | $150,000 | 10.0% |
| 7 | Janitorial Services | 6 | $555,000 | 9.7% |
| 1 | Jewelry and Silverware Manufacturing | 2 | $275,000 | 7.1% |
| 2 | Jewelry Retailers | 7 | $178,000 | 10.4% |
| 2 | Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers | 3 | $77,467 | 10.0% |
| 6 | Landscaping Services | 4 | $58,200 | 10.6% |
| 11 | Limited-Service Restaurants | 14 | $515,579 | 9.5% |
| 4 | Limousine Service | 3 | $46,000 | 10.7% |
| 1 | Medical Laboratories | 2 | $150,000 | 10.0% |
| 3 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers | 3 | $833,000 | 8.8% |
| 5 | Motion Picture and Video Production | 7 | $188,600 | 9.0% |
| 1 | Motor Vehicle Supplies and New Parts Merchant Wholesalers | 2 | $80,000 | 11.0% |
| 2 | Nail Salons | 5 | $96,500 | 9.9% |
| 7 | New Single-Family Housing Construction (except For-Sale Builders) | 2 | $77,500 | 12.1% |
| 1 | Office Administrative Services | 2 | $956,250 | 9.5% |
| 9 | Offices of All Other Miscellaneous Health Practitioners | 4 | $137,375 | 10.3% |
| 7 | Offices of Certified Public Accountants | 2 | $1,793,600 | 9.5% |
| 6 | Offices of Dentists | 3 | $597,267 | 8.7% |
| 6 | Offices of Lawyers | 15 | $288,300 | 10.7% |
| 7 | Offices of Mental Health Practitioners (except Physicians) | 9 | $160,556 | 11.9% |
| 5 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 4 | $328,975 | 8.5% |
| 10 | Offices of Physicians (except Mental Health Specialists) | 9 | $676,611 | 9.9% |
| 3 | Offices of Physicians, Mental Health Specialists | 3 | $57,500 | 11.8% |
| 5 | Offices of Real Estate Agents and Brokers | 4 | $31,675 | 12.0% |
| 1 | Offices of Real Estate Appraisers | 4 | $350,000 | 10.5% |
| 5 | Other Accounting Services | 2 | $175,000 | 10.9% |
| 2 | Other Building Equipment Contractors | 2 | $428,750 | 8.1% |
| 4 | Other Building Finishing Contractors | 3 | $458,667 | 9.1% |
| 3 | Other Building Material Dealers | 3 | $1,233,333 | 10.8% |
| 7 | Other Computer Related Services | 17 | $1,306,335 | 10.4% |
| 1 | Other Foundation, Structure, and Building Exterior Contractors | 2 | $100,000 | 9.5% |
| 3 | Other Grocery and Related Products Merchant Wholesalers | 2 | $275,000 | 10.1% |
| 4 | Other Individual and Family Services | 2 | $280,000 | 9.3% |
| 3 | Other Management Consulting Services | 2 | $25,000 | 13.2% |
| 2 | Other Miscellaneous Durable Goods Merchant Wholesalers | 4 | $412,500 | 9.9% |
| 5 | Other Personal and Household Goods Repair and Maintenance | 7 | $223,257 | 11.5% |
| 8 | Other Personal Care Services | 13 | $658,462 | 10.5% |
| 3 | Other Specialized Design Services | 5 | $143,800 | 11.2% |
| 2 | Other Technical and Trade Schools | 4 | $84,000 | 10.8% |
| 7 | Painting and Wall Covering Contractors | 2 | $25,000 | 8.5% |
| 7 | Pet Care (except Veterinary) Services | 10 | $654,450 | 9.7% |
| 4 | Photography Studios, Portrait | 2 | $155,000 | 10.5% |
| 9 | Plumbing, Heating, and Air-Conditioning Contractors | 12 | $359,833 | 9.6% |
| 1 | Portfolio Management and Investment Advice | 3 | $716,800 | 10.1% |
| 4 | Poured Concrete Foundation and Structure Contractors | 2 | $495,000 | 10.3% |
| 1 | Prefabricated Metal Building and Component Manufacturing | 2 | $1,613,050 | 7.3% |
| 2 | Private Mail Centers | 4 | $217,025 | 8.1% |
| 3 | Professional and Management Development Training | 3 | $945,000 | 9.8% |
| 2 | Public Relations Agencies | 4 | $120,000 | 9.5% |
| 1 | Research and Development in the Social Sciences and Humanities | 2 | $150,000 | 10.5% |
| 6 | Residential Property Managers | 5 | $86,080 | 10.9% |
| 9 | Residential Remodelers | 10 | $50,400 | 11.2% |
| 2 | Retail Bakeries | 5 | $294,400 | 10.8% |
| 3 | Roofing Contractors | 4 | $1,031,250 | 10.1% |
| 1 | Scenic and Sightseeing Transportation, Water | 2 | $131,800 | 10.4% |
| 2 | Security Guards and Patrol Services | 3 | $126,667 | 12.8% |
| 10 | Snack and Nonalcoholic Beverage Bars | 17 | $279,900 | 10.2% |
| 3 | Solid Waste Collection | 2 | $309,750 | 10.3% |
| 1 | Specialized Freight (except Used Goods) Trucking, Local | 2 | $74,000 | 10.1% |
| 1 | Sports Teams and Clubs | 9 | $2,890,000 | 9.3% |
| 4 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 9 | $1,113,289 | 9.9% |
| 2 | Used Household and Office Goods Moving | 2 | $135,500 | 11.7% |
| 1 | Web Search Portals and All Other Information Services | 2 | $16,800 | 10.4% |
Top SBA Lenders in Chicago | Chicago SBA Loans
Introduction
Chicago is a powerhouse for small businesses, driving job creation and economic growth across various industries. However, accessing capital remains a significant challenge for many entrepreneurs. The U.S. Small Business Administration (SBA) loan program offers a reliable solution, providing business owners in Chicago with accessible funding, competitive interest rates, and flexible repayment terms. Whether you need financing to expand, purchase equipment, or refinance debt, SBA loans can be a crucial resource.
SBA Lending in Chicago: Last Year Overview
SBA loans have been instrumental in supporting Chicago’s small business community. Based on SBA loan data, here’s an overview of key lending statistics:
- Total SBA Loans Issued: $245,283,600
- Number of SBA Loans: 595
- Average Loan Amount: $412,241.34
- Average Interest Rate: 10.85%
- Jobs Supported: 7,836
- SBAlenders.com City Ranking: #5 in the U.S.
These numbers highlight the significant impact SBA loans have in fostering business growth and sustainability in Chicago.
Why Lenders Choose Us
Lenders partner with us because we streamline the SBA loan process, ensuring businesses secure the best financing options. Here’s why lenders trust us:
- Extensive Network of SBA-Approved Lenders: We connect businesses with the most reputable SBA lenders in Chicago, increasing approval chances.
- Efficient Loan Application Process: Our streamlined system ensures fast and hassle-free loan approvals.
- Expert Guidance: Our experienced team helps businesses navigate complex SBA loan requirements, ensuring they qualify for the best terms.
- Tailored Loan Matching: We analyze each business’s needs to pair them with the most suitable lender.
- Proven Success: We’ve helped thousands of entrepreneurs secure SBA funding, expand their businesses, and create jobs.
By working with us, lenders can confidently support small businesses while reducing risk and ensuring successful lending outcomes.
Overview of SBA Loan Program in Chicago
The SBA 7(a) loan program is the most popular and flexible SBA loan, catering to various business needs. Here are key aspects of the SBA loan program:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: Slightly higher than conventional loans, negotiated with the SBA lender within the SBA’s maximum interest rate
- Use of Loan Proceeds: Business acquisitions, real estate purchases, equipment, debt refinancing, partner buyouts, franchise openings, and working capital
- Down Payment: Typically 10% to 20%
- Credit Score Requirement: 680+ is ideal, with a minimum of 640 for consideration
- Collateral: Not required but all available collateral must be pledged
SBA loans provide a lifeline to businesses that may not qualify under traditional commercial lending standards, offering lower down payments, longer repayment terms, and fewer financial restrictions.
Surrounding Areas
Entrepreneurs looking for SBA loans in nearby cities may also explore lending opportunities in these areas:
Aurora, Bolingbrook, Cicero, Des Plaines, Evanston, Gary, Joliet, Naperville, Oak Park, Orland Park, Palatine, Schaumburg, Skokie, Tinley Park, and Waukegan.
Resources for Small Businesses in Chicago
Small businesses in Chicago can take advantage of several local resources for financial and operational support:
- Chicago SBA District Office – Provides guidance on SBA loan programs and application processes.
- SCORE Chicago – Offers free business mentoring and workshops.
- Small Business Development Centers (SBDC) – Provides consulting services to help businesses grow.
- Chicago Chamber of Commerce – Connects small businesses with networking and funding opportunities.
Summary
SBA loans continue to be a crucial financial tool for small businesses in Chicago, providing accessible funding to help them grow and create jobs. With competitive interest rates, flexible terms, and strong local business support, securing an SBA loan can be a transformative step for entrepreneurs. If you’re a business owner looking for funding, exploring SBA loan options could be the key to your success in Chicago.
Connect me to a Chicago lender!
If you are interested in learning more about these organizations, please visit their websites:
- SCORE Chicago – https://chicago.score.org/
- Small Business Development Center (SBDC) – https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/SBDC.aspx
- Chicago Community Loan Fund (CCLF) – https://cclfchicago.org/
- Women’s Business Development Center (WBDC) – https://www.wbdc.org/
- Chicago Minority Supplier Development Council (CMSDC) – https://www.cmsdc.org/