Best Illinois SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Illinois
SBA Loans in Illinois
Illinois businesses received $1.31B in SBA 7(a) loan approvals across 2,835 businesses in 2025, supporting 29,023 jobs. With 166 active SBA lenders competing for business in Illinois, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Illinois is $461K at 10.11%, which is 0.21% below the national average of 10.32%. The top lender in Illinois is Byline Bank, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in Illinois by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Illinois, here’s how SBA lending breaks down:
Startups represent 13% of Illinois SBA loans (371 loans totaling $175.4M). Business acquisitions (change of ownership) account for 28% (310 loans, $367.2M). Existing businesses make up the largest share at 46% (1798 loans). If you’re buying a business in Illinois, acquisitions are a well-established use case for SBA 7(a) loans.
Illinois vs. National Average
How does Illinois’s SBA lending market compare to the national average in 2025?
Illinois10.11%
National Avg10.32%
✅ Illinois’s avg rate is 0.21% lower than the national average
Illinois$461K
National Avg$478K
Illinois’s avg loan is 1x the national average
A rate lower than the national average of 10.32% is significant context for Illinois borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Illinois (2025 Data)
The table below ranks every SBA 7(a) lender active in Illinois in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Byline Bank | $136.9M | 99 | 10.19% |
| 2 | The Huntington National Bank | $128.5M | 665 | 9.8% |
| 3 | Newtek Bank, National Association | $67.9M | 155 | 11.09% |
| 4 | Live Oak Banking Company | $66.1M | 64 | 9.21% |
| 5 | Northeast Bank | $55.0M | 324 | 10.91% |
| 6 | U.S. Bank, National Association | $38.7M | 207 | 10.26% |
| 7 | Merchants Bank of Indiana | $36.7M | 22 | 9.55% |
| 8 | GBank | $30.9M | 10 | 8.78% |
| 9 | JPMorgan Chase Bank, National Association | $29.9M | 97 | 10.66% |
| 10 | FWBank | $28.5M | 21 | 9.65% |
| 11 | Readycap Lending, LLC | $27.0M | 86 | 12.53% |
| 12 | Harvest Small Business Finance, LLC | $25.1M | 29 | 10.28% |
| 13 | Village Bank and Trust, National Association | $24.3M | 39 | 8.36% |
| 14 | Cadence Bank | $24.1M | 37 | 9.95% |
| 15 | Centerstone SBA Lending, Inc. | $22.0M | 19 | 9.2% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Illinois have funded the most deals locally, meaning their loan officers understand Illinois’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Illinois-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Illinois
One 5-minute application. 166 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Illinois
SBA lending in Illinois reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Illinois in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 35 | $93.9M |
| Full-Service Restaurants | 175 | $89.9M |
| Limited-Service Restaurants | 88 | $46.4M |
| General Freight Trucking, Long Distance, Truckload | 174 | $41.8M |
| General Automotive Repair | 63 | $34.2M |
| Child Day Care Services | 58 | $32.5M |
| Snack and Nonalcoholic Beverage Bars | 49 | $22.5M |
| Funeral Homes and Funeral Services | 13 | $18.4M |
| Fitness and Recreational Sports Centers | 57 | $16.7M |
| Home Health Care Services | 42 | $14.4M |
| All Other Amusement and Recreation Industries | 16 | $14.1M |
| All Other Specialty Trade Contractors | 35 | $13.9M |
| Offices of Dentists | 21 | $13.9M |
| Pet Care (except Veterinary) Services | 24 | $13.8M |
| Farm and Garden Machinery and Equipment Merchant Wholesalers | 3 | $13.0M |
If your business operates in one of Illinois’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Illinois
SBA lending activity within Illinois is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Illinois the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Chicago | 598 | $260.5M |
| Schaumburg | 59 | $45.1M |
| Naperville | 74 | $22.1M |
| Wheeling | 21 | $19.1M |
| Elgin | 32 | $19.0M |
| Rockford | 28 | $18.5M |
| Palatine | 33 | $17.1M |
| Glenview | 29 | $16.8M |
| Elk Grove Village | 31 | $16.7M |
| Northbrook | 26 | $16.3M |
How to Get an SBA Loan in Illinois
Option 1: Apply directly to one of the top Illinois lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Illinois-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Illinois in 2025?
What is the average SBA loan interest rate in Illinois?
Can I get an SBA loan to start a business in Illinois?
Who is the top SBA lender in Illinois?
What industries get the most SBA loans in Illinois?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
