Top Illinois SBA Lenders | SBA Loans in IL

Last annual update: Mar 2, 2024

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Quite a few Illinois-based banks were among the largest lenders to “Prairie State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Illinois:

Top SBA lenders in Illinois

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1Huntington BankColumbus, OH 34710.3% $208,035
2U.S. BankCincinnati, OH 1609.4% $167,074
3BayFirst National BankSaint Petersburg, FL 8712.2% $141,194
4Byline BankChicago, IL 6610.7% $1,381,636
5JPMorgan Chase BankColumbus, OH 6311.7% $166,906
6Village Bank and TrustArlington Heights, IL 398.5% $660,228
7United Midwest Savings BankDe Graff, OH 3410.8% $191,176
8PNC BankWilmington, DE 2911.8% $203,783
9BancorpSouth BankTupelo, MS 2710.7% $298,685
10Newtek BankMiami, FL 2712.3% $406,093
11Noah BankMiami, FL 2712.3% $406,093
12Bank of SpringfieldSpringfield, IL 258.5% $194,528
13Bank of AmericaCharlotte, NC 237.4% $316,239
14Midland States BankEffingham, IL 2310.0% $391,487
15Old National BankEvansville, IN 197.9% $1,076,000
16Readycap Lending, LLCBerkeley Heights, NJ 1911.2% $286,974
17Northeast BankLewiston, ME 1610.9% $63,669
18Live OakWilmington, NC 159.5% $1,516,667
19Fifth Third BankCincinnati, OH 149.3% $693,500
20Millennium BankDes Plaines, IL 149.9% $2,763,014

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Top industries receiving SBA loans in Illinois

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1General Freight Trucking, Long Distance, Truckload10910.7% $160,350
2Full-Service Restaurants7210.0% $705,172
3Residential Remodelers529.9% $96,475
4Limited-Service Restaurants499.8% $331,876
5General Freight Trucking, Local4710.5% $215,117
6Snack and Nonalcoholic Beverage Bars3010.3% $329,237
7Hotels (except Casino Hotels) and Motels279.2% $3,262,693
8Plumbing, Heating, and Air-Conditioning Contractors2610.5% $174,869
9Fitness and Recreational Sports Centers2610.7% $425,681
10All Other Specialty Trade Contractors259.5% $699,524
11Child Day Care Services259.8% $653,372
12Landscaping Services259.9% $298,800
13General Automotive Repair2110.3% $287,095
14Janitorial Services2010.5% $245,700
15Beauty Salons1710.4% $173,606
16Supermarkets and Other Grocery (except Convenience) Stores159.7% $733,747
17All Other Professional, Scientific, and Technical Services1510.4% $226,300
18Couriers149.8% $272,093
19Administrative Management and General Management Consulting Services1410.9% $114,986
20Home Health Care Services1310.5% $362,600

SBA loans – Illinois

A note about these Illinois SBA lenders – People frequently ask us if one of the banks above is 1) on the Illinois preferred lender list 2) an approved lender in Illinois, or 3) participating in the Illinois SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Illinois and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Illinois and in Chicago.

We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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