Top SBA Lenders in Illinois

In the heartland of America, Illinois stands as a beacon for entrepreneurial endeavors, and Small Business Administration (SBA) loans serve as catalysts for growth. As businesses seek financial support, understanding the leading lenders in the state becomes paramount. Here’s an overview of the top SBA lenders in Illinois, each contributing to the diverse landscape of local business:

Illinois Preferred SBA Lenders

RankBankBank HQ# of Loans Avg Loan Avg Interest
1The Huntington National BankColumbus, OH347 $197,035 7.0%
2U.S. BankCincinnati, OH172 $148,680 7.2%
3Byline BankChicago, IL92 $1,085,575 6.8%
4JPMorgan Chase BankColumbus, OH51 $236,684 7.0%
5BayFirst National BankSaint Petersburg, FL42 $273,636 8.8%
6Live OakWilmington, NC36 $2,094,403 6.8%
7Newtek Small Business FinanceLake Success, NY33 $665,830 8.3%
8Fifth Third BankCincinnati, OH30 $517,483 7.0%
9United Midwest Savings BankDe Graff, OH30 $424,133 8.1%
10Readycap Lending, LLCBerkeley Heights, NJ28 $225,911 8.2%
11First Mid Bank & TrustMattoon, IL26 $436,392 5.8%
12Bank of SpringfieldSpringfield, IL25 $159,676 5.1%
13PNC BankWilmington, DE25 $299,784 6.8%
14Bank of AmericaCharlotte, NC23 $256,661 2.9%
15Millennium BankDes Plaines, IL21 $1,671,729 6.0%
16BancorpSouth BankTupelo, MS20 $333,370 7.1%
17Village Bank and TrustArlington Heights, IL19 $789,937 5.6%
18Celtic BankSalt Lake City, UT16 $388,288 7.4%
19First American BankElk Grove Village, IL16 $925,419 6.1%
20Old National BankEvansville, IN15 $1,255,460 5.9%
21Midland States BankEffingham, IL14 $691,807 5.3%
22Bank of GeorgeLas Vegas, NV13 $2,685,654 6.5%
23GbankLas Vegas, NV13 $2,685,654 6.5%
24Merchants Bank of IndianaCarmel, IN13 $1,933,346 6.9%
25American Community Bank & TrustWoodstock, IL12 $342,758 5.9%
26BMO Harris BankChicago, IL12 $376,025 6.0%
27Busey BankChampaign, IL12 $1,461,458 6.7%
28Enterprise Bank & TrustClayton, MO12 $702,650 6.2%
29First Chatham BankSavannah, GA10 $1,295,440 7.3%
30Lending ClubLehi, UT10 $1,236,440 5.9%
31Peoples National BankMcleansboro, IL10 $312,950 6.0%
32Harvest Small Business FinanceLaguna Hills, CA9 $636,111 7.2%
33Bank of BellevilleBelleville, IL8 $355,825 7.0%
34CenterStone SBA LendingLos Angeles, CA8 $518,625 6.7%
35CenTrust BankNorthbrook, IL8 $1,248,325 7.6%
36First National Bank of WaterlooWaterloo, IL8 $43,750 5.5%
37Hinsdale Bank & Trust CompanyHinsdale, IL8 $1,635,563 4.7%
38Morton Community BankMorton, IL8 $161,188 5.7%
39Wheaton Bank & Trust CompanyWheaton, IL8 $460,013 6.9%
40Commerce BankKansas City, MO7 $62,414 6.6%

1. The Huntington National Bank

The Huntington National Bank, based in Columbus, OH, takes a prominent role in Illinois with 347 SBA loans. Known for a regional focus, it provides businesses with moderate-sized loans at a competitive interest rate.

2. U.S. Bank

U.S. Bank, headquartered in Cincinnati, OH, extends its services to Illinois with 172 SBA loans. With a national presence, businesses benefit from accessible financing with a moderate average interest rate.

3. Byline Bank

Byline Bank, proudly rooted in Chicago, IL, actively supports local businesses with 92 SBA loans. Specializing in substantial financing, it caters to businesses with significant funding needs at a competitive interest rate.

4. JPMorgan Chase Bank

JPMorgan Chase Bank, based in Columbus, OH, plays a crucial role in Illinois’s SBA lending landscape with 51 loans. Striking a balance between loan quantity and size, it caters to businesses with varying financial needs at a competitive interest rate.

5. BayFirst National Bank

BayFirst National Bank, despite being based in Saint Petersburg, FL, actively participates in Illinois’s SBA lending landscape. Providing 42 loans, it stands as a reliable option for businesses seeking accessible financing with a moderate interest rate.

6. Live Oak

Live Oak, headquartered in Wilmington, NC, is a notable player in Illinois’s SBA lending landscape. With a focus on high-value loans (36 loans averaging $2,094,403), it caters to businesses with substantial financing needs at a competitive interest rate.

7. Newtek Small Business Finance

Newtek Small Business Finance, headquartered in Lake Success, NY, actively engages in Illinois’s business community. With 33 loans averaging $665,830, it provides a reliable option for businesses with substantial financing needs at a competitive interest rate.

8. Fifth Third Bank

Fifth Third Bank, based in Cincinnati, OH, actively contributes to Illinois’s SBA lending landscape with 30 loans. Striking a balance between accessibility and loan size, it caters to businesses with varying financial needs at a competitive interest rate.

9. United Midwest Savings Bank

United Midwest Savings Bank, based in De Graff, OH, extends its services to Illinois with 30 loans averaging $424,133. Striking a balance between accessibility and loan size, it provides a reliable option for businesses seeking moderate financing at a competitive interest rate.

10. Readycap Lending, LLC

Readycap Lending, based in Berkeley Heights, NJ, actively engages in Illinois’s SBA lending market. Offering 28 loans averaging $225,911, it provides a balanced approach to loan quantity and size with a competitive interest rate.

In summary, Illinois businesses have a diverse array of SBA lending options, ranging from local players to nationally recognized banks. Entrepreneurs should carefully consider factors such as the lender’s regional focus, loan quantity, average loan amount, and interest rates to make informed decisions that align with their business objectives. Whether seeking smaller, more accessible loans or substantial financial support, these top SBA lenders offer valuable resources to navigate the dynamic business environment in the Land of Lincoln.

Top Industries for SBA loans in Illinois

RankIndustry# of Loans Avg Loan Avg Interest
1General Freight Trucking, Long Distance, Truckload128 $211,546 6.5%
2Full-Service Restaurants81 $538,147 6.5%
3Hotels (except Casino Hotels) and Motels53 $2,634,664 6.3%
4Limited-Service Restaurants43 $514,588 6.4%
5General Freight Trucking, Local43 $140,574 6.8%
6Beauty Salons30 $160,647 7.2%
7Child Day Care Services29 $861,714 6.6%
8Landscaping Services28 $235,268 6.8%
9Plumbing, Heating, and Air-Conditioning Contractors26 $260,508 7.8%
10General Automotive Repair25 $362,616 6.3%
11Fitness and Recreational Sports Centers23 $296,935 6.9%
12Residential Remodelers23 $106,222 7.5%
13Insurance Agencies and Brokerages20 $275,340 7.3%
14All Other Specialty Trade Contractors19 $496,263 7.0%
15Offices of Chiropractors18 $526,950 6.2%
16All Other Professional, Scientific, and Technical Services18 $424,372 6.8%
17Offices of Dentists17 $838,624 6.4%
18Snack and Nonalcoholic Beverage Bars17 $416,876 6.6%
19Janitorial Services16 $342,256 7.0%
20Supermarkets and Other Grocery (except Convenience) Stores15 $1,091,813 6.0%
21Pet Care (except Veterinary) Services14 $943,929 6.5%
22Electrical Contractors14 $270,321 6.6%
23Couriers14 $347,629 7.1%
24Finish Carpentry Contractors13 $100,000 7.5%
25Offices of Mental Health Practitioners (except Physicians)13 $517,085 7.3%
26Marketing Consulting Services12 $324,750 6.5%
27All Other Personal Services11 $450,918 6.8%
28Offices of Physical, Occupational and Speech Therapists, and Audiologi11 $198,327 5.9%
29Home Health Care Services11 $314,273 7.7%
30Freight Transportation Arrangement10 $510,400 7.0%
31Other Personal Care Services10 $382,120 8.3%
32Offices of Lawyers10 $207,400 6.2%
33Offices of Real Estate Agents and Brokers9 $84,522 6.7%
34Electronic Shopping and Mail-Order Houses9 $228,167 7.2%
35Specialized Freight (except Used Goods) Trucking, Local9 $323,278 7.4%
36Poured Concrete Foundation and Structure Contractors9 $174,600 7.1%
37Roofing Contractors9 $123,978 8.0%
38Machine Shops9 $1,372,000 7.0%
39Computer Systems Design Services9 $261,344 5.5%
40Caterers8 $174,425 7.5%

Top SBA Loan Franchises in Illinois

RankFranchiseName# of Loans Avg Loan Avg Interest
1Super 89 $2,252,244 6.6%
2The UPS Store8 $517,450 5.9%
3Quality Inn5 $2,434,600 7.2%
4Jersey Mike’s5 $544,040 7.1%
5Sam the Concrete Man4 $150,000 9.0%
6Garage Force4 $150,000 7.6%
7Subway4 $455,125 6.0%
8Best Western4 $2,360,350 5.0%
9Comfort Suites4 $3,761,500 7.3%
10Wingate by Wyndham3 $4,310,333 4.9%
11Central Bark Doggy Day Care3 $712,333 4.3%
12Stretch Lab3 $290,133 5.8%
13Servpro3 $1,291,667 6.8%
14Red Roof Inn3 $2,166,833 5.4%
15Scooter’s Coffee3 $936,967 6.5%
16Days Inn3 $2,978,667 6.8%
17The UPS Store3 $366,333 7.0%
18City Wide2 $70,000 6.8%
19The Grounds Guys2 $150,000 9.0%
20Sleep Inn2 $3,695,000 6.8%
21Culver’s ButterBurgers & Froze2 $252,500 6.3%
22Rosati’s Pizza2 $437,950 5.8%
23Plato’s Closet2 $330,000 7.5%
24Handyman Connection2 $150,000 6.0%
25Hotworx2 $195,200 8.5%
26The NOW Massage2 $504,500 7.1%
27JDog Junk Removal & Hauling2 $150,000 9.0%
28Keyrenter Property Management2 $150,000 9.8%
29Crumbl2 $584,200 5.5%
30BrightStar Care2 $2,500,000 5.4%
31Nothing Bundt Cakes2 $509,000 6.5%
32Smoothie King2 $1,674,700 4.3%
33Express Employement Profession2 $855,650 7.8%
34Ramada2 $1,586,000 6.8%
35College Hunks Hauling Junk2 $95,000 6.3%
36Dryer Vent Wizard2 $150,000 6.8%
37Mr. Appliance2 $150,000 9.8%
38Primrose Schools2 $5,000,000 6.0%
39Huntington Learning Center2 $669,500 7.0%
40Kumon2 $129,300 9.0%

Top Illinois SBA Loan Borrowers by Jobs Supported

RankBusinessLocationIndustry Loan Size Interest Rate Jobs
1BRIGHTSTAR CARE OF CENTRAL DUPWheaton, ILServices for the Elderly and Persons with Disabilities $2.5M – $5M 5.4%304
2THE WORKPLACE INC.Rockford, ILEmployment Placement Agencies $500K – $1M 7.0%286
3ANGELS HOMECARE SERVICES INC.Lombard, ILHome Health Care Services $250K – $500K 6.0%200
4LABRIOLA CAFE – MICHIGAN AVE LChicago, ILFull-Service Restaurants $1M – $2.5M 7.5%170
5WASABI MANAGEMENT CO INCO Fallon, ILFull-Service Restaurants $500K – $1M 4.5%150
6VOSGES HOLDINGS LLCChicago, ILConfectionery Manufacturing from Purchased Chocolate $1M – $2.5M 9.0%147
7LAP OF LUXURY PET RESORT INC.Wheaton, ILPet Care (except Veterinary) Services $250K – $500K 8.6%146
8COUPER HOLDINGS LLCRockford, ILEmployment Placement Agencies $250K – $500K 7.0%143
9VISITING ANGELS ROCKFORD ILRockford, ILHome Health Care Services $250K – $500K 9.4%140
10MATTHEW SCHIPPER INC.Crystal Lake, ILAll Other Professional, Scientific, and Technical Services $250K – $500K 8.5%140
11ROZALADO & CO.Chicago, ILJanitorial Services $1M – $2.5M 5.5%125
12MAD APE LLCOak Brook, ILFull-Service Restaurants $1M – $2.5M 4.5%115
13MAD APE LLCOak Brook, ILDrinking Places (Alcoholic Beverages) $2.5M – $5M 5.3%115
14DMHJP GROUP LLCTinley Park, ILFull-Service Restaurants $250K – $500K 8.3%112
15BLAC INC.Elmhurst, ILIndustrial Machinery and Equipment Merchant Wholesalers $1M – $2.5M 7.6%110
16HELIX LOGISTICS LLCChicago, ILFreight Transportation Arrangement $1M – $2.5M 5.7%109
17RANDOLPH STREET HOSPITALITY LLChicago, ILFull-Service Restaurants $1M – $2.5M 5.0%101
18C&L TILING INC.Timewell, ILPlastics Pipe and Pipe Fitting Manufacturing $250K or less 5.8%100
19WALKER RESTORATION COMPANYPalatine, ILAll Other Specialty Trade Contractors $500K – $1M 7.0%100
20LOVED ONES HOME HEALTHDes Plaines, ILHome Health Care Services $1M – $2.5M 10.0%100
21DREAM NISSAN MIDWEST LLCWood River, ILNew Car Dealers $2.5M – $5M 6.8%95
22MALVAES SOLUTIONS INCORPORATEChicago, ILWood Container and Pallet Manufacturing $1M – $2.5M 6.4%94
23HELPING HANDS MAID SERVICES IElmhurst, ILJanitorial Services $250K or less 9.6%90
24A.O.K. RESTAURANT INC.Oak Lawn, ILFull-Service Restaurants $500K – $1M 7.0%84
25HJVB LLCLakemoor, ILLimited-Service Restaurants $250K – $500K 9.8%83
26GATOR HOLDINGS GROUP LLCLa Grange, ILSnack and Nonalcoholic Beverage Bars $500K – $1M 5.0%80
27QUATRO FOODS INCCarbondale, ILFull-Service Restaurants $500K – $1M 8.3%80
28CARNICERIA LA HACIENDA NO. 5Chicago, ILSupermarkets and Other Grocery (except Convenience) Stores $500K – $1M 5.7%80
29LITTLE POPS PIZZERIA III LLCLisle, ILLimited-Service Restaurants $500K – $1M 6.3%78
30NORTHWESTERN MEDIVAN INC.Chicago, ILMedical, Dental, and Hospital Equipment and Supplies Merchant Wholesal $250K or less 8.4%75
31DA LUCIANO PIZZA & PASTARiver Grove, ILFull-Service Restaurants $500K – $1M 6.0%70
32CAREERS IN NONPROFITS INC.Chicago, ILEmployment Placement Agencies $1M – $2.5M 5.8%70
33ELEC-TRON OPCO LLCChicago, ILOther Electronic Component Manufacturing $1M – $2.5M 6.0%65
34WINDY CITY LAMINATION COMPANYSchiller Park, ILAll Other Home Furnishings Stores $1M – $2.5M 0.0%64
35IYA FOODS LLCNaperville, IL $1M – $2.5M 5.8%63
36US TEAM CORP.Plainfield, ILGeneral Freight Trucking, Local $250K or less 5.7%60
37COCENTRIC LLCChicago, ILDrywall and Insulation Contractors $250K – $500K 8.0%60
38CARNOW CONIBEAR & ASSOC. LTDChicago, ILEnvironmental Consulting Services $500K – $1M 7.0%60
39VALLEY VIEW COMMERCIAL PROPERTDivernon, ILStructural Steel and Precast Concrete Contractors $500K – $1M 5.3%60
40TWO ROADS WELLNESS CLINIC LLCDanville, ILOffices of Mental Health Practitioners (except Physicians) $500K – $1M 9.1%60
41CCDF WESTMONT INC.Westmont, ILFull-Service Restaurants $1M – $2.5M 7.9%60
42LUCAS JAMES TALENT PARTNERS LLDowners Grove, ILEmployment Placement Agencies $1M – $2.5M 8.0%60
43JB PLUMBING SERVICES INCMchenry, ILPlumbing, Heating, and Air-Conditioning Contractors $1M – $2.5M 7.5%60
44GANGNAM MARKET LLCChicago, ILSupermarkets and Other Grocery (except Convenience) Stores $2.5M – $5M 6.8%60
45THE GROOMSMAN SUIT INC.Chicago, ILMotion Picture Theaters (except Drive-Ins) $500K – $1M 8.0%56
46WINDY CITY CHOCOLATE LLCVilla Park, ILChocolate and Confectionery Manufacturing from Cacao Beans $500K – $1M 8.3%56
47MBAS GROUP LLCDieterich, ILAll Other Miscellaneous Manufacturing $1M – $2.5M 7.8%56
48WHISK MANAGEMENT LLCLake Barrington, ILCaterers $250K – $500K 7.3%55
49SANDBAR BAR & GRILLE INC.Antioch, ILFull-Service Restaurants $2.5M – $5M 8.3%55
50DKD3 INC.Chicago, ILLimited-Service Restaurants $250K – $500K 5.8%54
51MOOVERS CHICAGO INC.Chicago, ILSpecialized Freight (except Used Goods) Trucking, Local $1M – $2.5M 9.0%53
52WESTGATE DENTAL CAREArlington Heights, ILOffices of Dentists $500K – $1M 5.5%52
53FEATHERSTONE PERIODONTICS ANDRockford, ILOffices of Dentists $500K – $1M 4.5%52
54MONTROSE MARKET ROSELLE INC.Roselle, ILSupermarkets and Other Grocery (except Convenience) Stores $2.5M – $5M 7.5%52
55KMB FACILITY SOLUTIONS INC.Schaumburg, ILJanitorial Services $250K or less 6.8%50
56MOKENA LOT CLEANERS LLCFrankfort, ILJanitorial Services $250K or less 5.8%50
57KARILUS COOKIES-NORTH NAPERVILNaperville, ILSnack and Nonalcoholic Beverage Bars $500K – $1M 6.0%50
58NORTHWESTERN DENTAL GROUP LTDNiles, ILOffices of Dentists $1M – $2.5M 6.0%50
59WALKER RESTORATION COMPANYSaint Charles, ILAll Other Specialty Trade Contractors $1M – $2.5M 6.5%50
60COLOR BRANDS LLCChicago, ILOther Grocery and Related Products Merchant Wholesalers $2.5M – $5M 5.5%50
61NIKO’S RED HOTS LLCVolo, ILLimited-Service Restaurants $2.5M – $5M 7.8%50
62ZDD ENTERPRISES LLCOak Lawn, ILBowling Centers $2.5M – $5M 9.3%50
63PATIOCONTRACTChicago, IL $2.5M – $5M 8.3%50
64BREMER C & R JEWELRY INC.Peoria, IL $2.5M – $5M 6.8%49
65THE PARCHED PUG LLCLibertyville, ILFull-Service Restaurants $250K or less 6.0%48
66JARCK INDUSTRIES INC.Chicago, ILBroom, Brush, and Mop Manufacturing $1M – $2.5M 5.3%48
67CULVER’S- LINCOLN & PETERSONChicago, ILLimited-Service Restaurants $250K or less 5.0%47
68PROJECT SKIN LLCChicago, ILOther Personal Care Services $500K – $1M 7.6%46
69PLEASANT PARK LLCChatham, ILChild Day Care Services $500K – $1M 5.3%45
70PLUS FREIGHT SYSTEMS LLCMchenry, ILGeneral Freight Trucking, Long Distance, Truckload $250K or less 5.2%44
71GC BY GEORGE CHARLES INC.Chicago, ILBeauty Salons $250K – $500K 3.0%44
72CARR’S P&D SERVICE INC.Rockford, ILCouriers $1M – $2.5M 6.8%44
73B & THREE W PARTNERSHIPParis, ILOther Commercial and Industrial Machinery and Equipment Rental and Lea $250K or less 6.8%43
74GLEASON HEATING AND AIR CONDITWauconda, ILPlumbing, Heating, and Air-Conditioning Contractors $250K or less 6.0%43
75B & THREE W PARTNERSHIPParis, ILHighway, Street, and Bridge Construction $250K or less 5.5%43
76JOHNSON DEVELOPMENT COMPANY LSpringfield, ILHotels (except Casino Hotels) and Motels $2.5M – $5M 4.8%43
77SMEGO LLCLyons, ILGeneral Freight Trucking, Local $250K or less 6.3%42
78L&R LABOR LLCBarrington, ILDrywall and Insulation Contractors $250K – $500K 7.5%42
79LAURA SAMBROOKES-MCQUADE SLPDNaperville, ILOffices of Physical, Occupational and Speech Therapists, and Audiologi $250K – $500K 6.3%42
80FOX VALLEY CHICK LLCBatavia, ILLimited-Service Restaurants $500K – $1M 7.5%42
81ALLISON’S INFANT & TODDLER CENChicago, ILChild Day Care Services $500K – $1M 10.1%41
82PARTH45 INC.Joliet, ILLimited-Service Restaurants $1M – $2.5M 4.3%41
83PARTH33 INC.Tinley Park, ILLimited-Service Restaurants $1M – $2.5M 4.3%41
84BEER ON THE WALL LLCPark Ridge, ILBeer, Wine, and Liquor Stores $250K or less 6.0%40
85SRIKARA FOODS INCSchaumburg, ILFull-Service Restaurants $250K or less 7.8%40
86HARLEM STREET DEVELOPMENT LLCNorridge, ILLimited-Service Restaurants $250K or less 6.3%40
87CULVER’S OF ZIONZion, ILLimited-Service Restaurants $250K – $500K 7.5%40
88LOVE BRIA INC.Hamilton, ILLimited-Service Restaurants $500K – $1M 7.3%40
89143 W 154TH ST LLCSouth Holland, ILGeneral Line Grocery Merchant Wholesalers $2.5M – $5M 6.8%40
90SYCAMORE HOSPITALITY LLCSycamore, ILHotels (except Casino Hotels) and Motels $2.5M – $5M 4.8%40
91ECOMPUTER INC.Elmhurst, ILComputer and Computer Peripheral Equipment and Software Merchant Whole $2.5M – $5M 5.0%40
92VDS HOLDING LLCChicago, ILData Processing, Hosting, and Related Services $2.5M – $5M 8.3%39
93KT HVAC PROS LLCMount Prospect, ILPlumbing, Heating, and Air-Conditioning Contractors $250K or less 6.0%38
94LID LAUNCH LLCCollinsville, ILApparel Accessories and Other Apparel Manufacturing $250K – $500K 4.3%38
95PAVEMENT SYSTEMS INCBlue Island, ILAll Other Specialty Trade Contractors $250K – $500K 6.0%38
96KING’S FOOD PRODUCTS INC.Belleville, ILOther Grocery and Related Products Merchant Wholesalers $500K – $1M 8.5%38
97AUTISM BEHAVIORAL & EDUCATIONGeneva, ILOffices of Mental Health Practitioners (except Physicians) $500K – $1M 9.3%38
98FOREFRONT STRUCTURAL ENGINEERSChicago, ILOther Heavy and Civil Engineering Construction $500K – $1M 5.5%38
994 GUYS KITCHEN LLCDekalb, ILFull-Service Restaurants $1M – $2.5M 8.0%38
100T’AMOR HAIR SALON CORPChicago, ILBeauty Salons $1M – $2.5M 7.5%38

Note about SBA lenders near me in Illinois

When it comes to top Illinois SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the Illinois preferred lender list, 2) approved lenders in Illinois, or 3) active participants in the Illinois SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in Illinois swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in Illinois, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.

It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.