GoSBA’s Top 50 Illinois SBA Lenders in 2024
Introduction to Illinois SBA Loans
Illinois holds the 5th largest GDP in the U.S., producing $822.5 billion in 2018. The state is home to some of the largest companies, such as Allstate, Boeing, Kraft Heinz, McDonald’s, and Walgreens. Popular industries in Illinois include hotels, restaurants, gas stations, daycare centers, and truck stations.
According to CNBC, Chicago is the 12th best city to build a small business. In fact, there are 1.2 million small businesses in Illinois, making up 99.6% of all businesses in the state. These small businesses employ 2.5 million people, accounting for 45.5% of all employees in Illinois. Moreover, 311,609 of these small businesses are minority-owned, and 6.2% are owned by women.
Challenges in Securing SBA Loans in Illinois
One of the challenges businesses face is access to affordable financing. In FY 2018, Illinois SBA loan providers funded 2,033 businesses, contributing to a total SBA loan volume of $920,166,140. The ten most popular lenders signing SBA-backed loans in Illinois include Byline Bank, Huntington National, Live Oak, JPMorgan Chase, HomeStar, CenTrust, Millennium Bank, U.S. Bank, Newtek Small Business Finance, and CIBC Bank. These ten lenders have funded 950 businesses with a loan volume totaling $480,651,360. However, just because these lenders are the most popular doesn’t mean they are the right choice for every business. Different lenders cater to different industries and business sizes, so selecting the right lender for your specific needs is crucial.
After reading our analysis, click “Apply Now,” and we’d be happy to match you with the best SBA loan providers in Illinois.
Finding the Best Illinois SBA Lenders
Here at GoSBA Loans, we understand the challenges of finding the best and most affordable business loans. We specialize in assisting businesses seeking capital, purchasing equipment, refinancing high-interest loans, and buying commercial property or financing building improvements. Our goal is to make the lending process for small businesses easier, faster, and more affordable.
Overview of Illinois SBA Loans in 2024
GoSBA Loans is proud to announce the top 50 Illinois SBA lenders in 2024. As one of the top states for small business entrepreneurs, Illinois SBA loan providers financed 2,033 businesses, valued at over $920 million. This substantial funding has helped small businesses across the state thrive, fostering a diverse economic environment that encourages growth and innovation.
Analyzing the Top Illinois SBA Lenders by Loan Volume and Loan Units Funded
Byline Bank stands out as the top SBA lender in Illinois, funding $64.3 million across 51 loans, making it a leader in both total loan volume and units funded. BayFirst National Bank follows closely in terms of the number of loans funded, issuing 85 loans with a total value of $12 million, which showcases its commitment to supporting small businesses. Busey Bank and CenTrust Bank also feature prominently, each funding $15.2 million across 10 loans, demonstrating a balanced mix of volume and units funded. The diversity of lenders in Illinois—ranging from larger national banks to smaller community banks—highlights the various options available to small businesses looking for financing in the state.
GoSBA’s Official Ranking: 50 Best Illinois SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the 50 Best Illinois SBA Lenders in 2024:
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Byline Bank | $64,320,800 | 51 |
| Busey Bank | $15,225,000 | 10 |
| CenTrust Bank, National Association | $15,115,700 | 10 |
| Celtic Bank Corporation | $12,602,400 | 21 |
| BayFirst National Bank | $12,036,000 | 85 |
| Bank of America, National Association | $9,644,500 | 25 |
| Colony Bank | $7,375,300 | 20 |
| Barrington Bank & Trust Company, National Association | $6,803,400 | 9 |
| Bank of Springfield | $6,551,200 | 23 |
| Cadence Bank | $5,925,000 | 18 |
| Fifth Third Bank | $5,680,500 | 17 |
| Centerstone SBA Lending, Inc. | $5,159,000 | 7 |
| Associated Bank, National Association | $3,878,000 | 5 |
| Citizens Bank | $3,591,900 | 3 |
| Bank Five Nine | $2,977,000 | 2 |
| CIBC Bank USA | $2,897,500 | 4 |
| Crystal Lake Bank & Trust Company, National Association | $2,890,300 | 4 |
| American Pride Bank | $2,525,000 | 1 |
| CIBM Bank | $2,376,000 | 2 |
| BMO Bank National Association | $1,682,000 | 1 |
| Community State Bank | $1,627,300 | 2 |
| CBI Bank & Trust | $1,415,000 | 2 |
| Dogwood State Bank | $1,381,600 | 2 |
| City National Bank of Florida | $1,265,000 | 3 |
| Beverly Bank & Trust Company, National Association | $1,208,000 | 5 |
| Berkshire Bank | $1,150,000 | 2 |
| CRF Small Business Loan Company, LLC | $1,103,000 | 2 |
| Evolve Bank and Trust | $1,018,400 | 1 |
| Bank of Belleville | $870,000 | 2 |
| Bank of Hope | $850,000 | 3 |
| American Momentum Bank | $756,200 | 1 |
| Centier Bank | $540,000 | 1 |
| Bridgewater Bank | $522,100 | 1 |
| Bank First, N.A. | $500,000 | 1 |
| Capital Bank, National Association | $423,300 | 1 |
| American Community Bank & Trust | $375,000 | 4 |
| FinWise Bank | $350,000 | 1 |
| Citibank, N.A. | $339,000 | 5 |
| Citizens First Bank | $320,000 | 1 |
| Elevate Bank National Association | $294,800 | 1 |
| Better Banks | $240,000 | 1 |
| Community Partners Savings Bank | $202,500 | 1 |
| 1st Source Bank | $200,000 | 1 |
| Community First Bank of the Heartland | $200,000 | 1 |
| Community National Bank & Trust | $180,500 | 1 |
| Devon Bank | $150,000 | 1 |
| Commerce Bank | $109,500 | 3 |
| Cambridge Savings Bank | $100,000 | 1 |
| Citizens State Bank of La Crosse | $100,000 | 1 |
| East West Bank | $50,000 | 1 |
Find the Right SBA Lender in Illinois for Your Business
Whether you’re a new startup or an established business looking to grow, securing the right financing is crucial. The lenders listed above offer a wide variety of SBA loan options tailored to meet the unique needs of Illinois’s diverse economic landscape. Partnering with an experienced SBA loan broker like GoSBA Loans ensures that your application gets in front of the lenders most likely to approve your funding needs.
Apply for an SBA Loan Today
Apply today to connect with the best SBA lenders in Illinois and secure the funding your business needs to succeed. The process is simple, and GoSBA Loans will help match you with the right lender based on your specific business requirements.
Apply Now to see which SBA lender is the best match for your business needs.
Why Choose GoSBA Loans?
GoSBA Loans is dedicated to simplifying the SBA loan application process for businesses in Illinois. By partnering with us, you gain access to a network of top lenders that have demonstrated a strong commitment to supporting small businesses. Whether you need competitive interest rates, a streamlined approval process, or flexible loan terms, GoSBA Loans is here to help you find the best SBA lender in Illinois.
Conclusion
Securing an SBA loan can unlock immense growth opportunities for your business. With the right lender, you can access the capital needed to expand operations, hire staff, and innovate. The Illinois SBA lenders listed above have a proven track record of supporting the small business community, making them the best options for entrepreneurs in the state. Let GoSBA Loans assist you in finding the ideal SBA lender in Illinois for your business today.
