Best SBA Lenders In Illinois (2027)
Illinois businesses closed 1,746 SBA 7(a) loans worth $1.06B in FY2026, through 154 lenders. Byline Bank led by dollar volume, and 240 of the loans financed business acquisitions.
Key Takeaways
- Byline Bank was the top SBA lender in Illinois with $121M across 90 loans.
- 240 business acquisitions were financed, averaging $1.3M per loan.
- The median loan was $250K, and loans averaged 11.7 years in term.
- Hotels (except Casino Hotels) and Motels drew the most SBA dollars of any industry.
Top SBA Lenders In Illinois
Ranked by SBA 7(a) dollar volume approved in FY2026. Average rate is the rate at approval.
| # | Lender | SBA Loans | Total Volume | Avg Loan | Avg Rate | Acquisition Loans |
|---|---|---|---|---|---|---|
| 1 | Byline BankChicago, IL | 90 | $121M | $1.3M | 9.36% | 34 |
| 2 | Live Oak Banking CompanyWilmington, NC | 64 | $84.2M | $1.3M | 8.70% | 24 |
| 3 | The Huntington National BankColumbus, OH | 267 | $78.8M | $295K | 9.30% | 45 |
| 4 | U.S. BankCincinnati, OH | 171 | $49.2M | $288K | 9.21% | 2 |
| 5 | Newtek BankMiami, FL | 145 | $33.8M | $233K | 10.85% | 5 |
| 6 | Old National BankEvansville, IN | 16 | $29.3M | $1.8M | 7.38% | 2 |
| 7 | GBankLas Vegas, NV | 7 | $26.6M | $3.8M | 7.93% | 5 |
| 8 | Harvest Small Business FinanceLaguna Hills, CA | 25 | $23.5M | $940K | 9.46% | 0 |
| 9 | Northeast BankLewiston, ME | 126 | $23.2M | $184K | 9.93% | 0 |
| 10 | St. Charles Bank & Trust CompanySaint Charles, IL | 28 | $21.1M | $754K | 7.26% | 8 |
| 11 | CenTrust Bank, A Division of SmartBiz BankNorthbrook, IL | 47 | $20.9M | $444K | 10.49% | 1 |
| 12 | Village Bank and TrustArlington Heights, IL | 26 | $18.5M | $711K | 7.74% | 4 |
| 13 | VelocitySBAIrving, TX | 11 | $18.0M | $1.6M | 9.11% | 4 |
| 14 | Merchants Bank of IndianaCarmel, IN | 11 | $17.1M | $1.6M | 8.50% | 4 |
| 15 | TowneBankPortsmouth, VA | 14 | $14.6M | $1.0M | 9.04% | 5 |
Best SBA Lenders For Buying A Business In Illinois
Business acquisition loans are SBA loans used to buy an existing company. They are larger than average and need more experience from the lender.
Most Active Acquisition Lenders
- The Huntington National Bank45 acquisition loans
- Byline Bank34 acquisition loans
- Live Oak Banking Company24 acquisition loans
- St. Charles Bank & Trust Company8 acquisition loans
- Newtek Bank5 acquisition loans
- GBank5 acquisition loans
Among this area's top 15 lenders by volume.
Buying A Business?
We take your deal to the SBA lenders that close the most acquisitions, so they compete for it. It is free to you.
Loan Sizes In Illinois
How SBA dollars split by loan size.
Top Industries In Illinois
Industries that drew the most SBA dollars.
SBA Lending In Illinois Since 2020
SBA 7(a) dollars approved each fiscal year.
FY2026 dollar volume in Illinois was down 19.3% from FY2025, and the loan count was down 38.4%. Part of that drop is the calendar: SBA approved no 7(a) loans in October 2025 during the federal government shutdown (October 1 to November 12, 2025), so FY2026 covers about 11 months of lending.
How To Choose An SBA Lender In Illinois
Lending in Illinois is spread out. 154 lenders made at least one SBA 7(a) loan, and the top five together made 35% of the dollars. That gives you room to compare offers, because no single bank sets the terms.
The Huntington National Bank made the most loans (267, averaging $295K), while Byline Bank led on dollars with fewer, larger loans averaging $1.3M. Volume leaders and count leaders often serve different deal sizes, so match the lender to the size of your loan.
4 of the top 15 lenders are headquartered in IL, including Byline Bank. Local banks can bring relationship banking and local credit knowledge; national SBA lenders bring speed and experience with larger acquisitions.
The average SBA loan here was $605K, close to the national average of $578K, and the median was $250K.
Among the top lenders with at least three loans, St. Charles Bank & Trust Company had the lowest average rate at approval (7.26%). The overall average was 9.29%, and 83% of loans were variable. Rate depends heavily on loan size and term, so compare offers on the same structure.
Business acquisitions made up 29% of SBA dollars here, above the national share of 27%. 240 buyers used an SBA loan to purchase a business, with an average acquisition loan of $1.3M.
The fastest way to compare is to send one complete package to several lenders at once. That is what we do: GoSBA Loans takes your deal to the SBA lenders that fit it, and they compete for your business.
How Much You Need Down
For a business acquisition, SBA sets the minimum Down Payment. Lenders can ask for more.
- 10% minimum. SBA requires a Down Payment of at least 10% of the project for an initial business acquisition (SOP 50 10 8.1, Appendix 15).
- A seller note can cover up to half. When the seller finances part of the price on full standby, with no payments for the life of the SBA loan, it can count for up to half of the required Down Payment. That can bring your cash to 5%.
- Investors can help. Minority investors can fund part of the Down Payment. Anyone who owns 20% or more personally guarantees the loan.
- Ten year term for most acquisitions. Business acquisition loans without real estate run up to 10 years. Real estate in the deal can stretch the term.
Example For Illinois
The average business acquisition loan here was $1.3M. At 10% down, that is a project of about $1.4M:
Illustration only. Your lender sets the final structure.
Questions About SBA Lenders In Illinois
Who is the top SBA lender in Illinois?
Byline Bank made the most SBA 7(a) dollars in Illinois in FY2026: $121M across 90 loans. The Huntington National Bank made the most loans by count (267).
How many SBA loans were made in Illinois?
SBA approved 1,746 7(a) loans totaling $1.06B in Illinois in FY2026. The average loan was $605K and the median was $250K. 154 lenders made at least one loan.
What is the average SBA loan rate in Illinois?
The average initial rate on SBA 7(a) loans in Illinois was 9.29% (8.54% weighted by loan size). 83% of loans had a variable rate tied to the Prime Rate. SBA caps the spread a lender can charge, and larger loans usually price lower.
Which SBA lender is best for buying a business in Illinois?
The Huntington National Bank closed the most business acquisition loans among the top lenders here (45). The best lender for your deal depends on its size and industry, so it helps to have several lenders review it.
How much do I need down to buy a business in Illinois with an SBA loan?
SBA requires at least 10% down for a business acquisition. A seller note on full standby can cover up to half of that, so some buyers put in 5% of their own cash. On the average acquisition loan here ($1.3M), 10% down is roughly $141K.
Does GoSBA Loans charge borrowers?
No. GoSBA Loans is 100% free to borrowers. We prepare your loan package and take it to the SBA lenders that fit your deal.
Keep Exploring
Cities In Illinois
- Chicago$200M
- Schaumburg$19.4M
- Oak Brook$19.0M
- Naperville$16.1M
- Rockford$14.4M
- Des Plaines$6.4M
- Elgin$5.4M
- Palatine$4.6M
- Glenview$3.2M
Top Industries Here
About this data. Rankings use SBA 7(a) loan approvals from the SBA FOIA data set, fiscal year 2026 (October 1, 2025 to September 30, 2026), as published by SBA through September 30, 2026. Lenders are ranked by approved dollar volume. Rates are the initial rate at approval, a simple average across loans; most SBA 7(a) loans are variable and move with the Prime Rate. Business acquisition loans are those SBA marks as a change of ownership. GoSBA Loans is an SBA loan broker, not a lender, and is not affiliated with SBA.
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