Best SBA Lenders in Elgin, IL (2026)
2025 FOIA data: top lenders, rates & industries for Elgin SBA loans
SBA Loans in Elgin, Illinois
Looking for an SBA loan in Elgin, Illinois? Based on 2025 FOIA data, 32 SBA 7(a) loans were funded in Elgin totaling $19.0M, supporting an estimated 531 jobs. With 17 active lenders competing for business in the Elgin market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Elgin is $592K at an average rate of 9.91%. The top lender in Elgin is Live Oak Banking Company, with the most-funded industry being Limited-Service Restaurants. See all Illinois SBA lenders for statewide rankings.
SBA Loans in Elgin by Business Type
Whether you’re starting a new business in Elgin, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 2% of SBA loans in Elgin (4 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 23% (3 loans) — if you’re looking to buy a business in Elgin, this is a proven use case for SBA financing. Existing businesses make up 46% and typically receive the most favorable terms.
Top SBA Lenders in Elgin, IL (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Elgin businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | $5.7M | 3 | 8.66% |
| 2 | FWBank | $3.7M | 2 | 9.5% |
| 3 | Wheaton Bank & Trust Company, National Association | $3.3M | 2 | 8.5% |
| 4 | Newtek Bank, National Association | $950K | 2 | 10.62% |
| 5 | United Midwest Savings Bank National Association | $789K | 1 | 10% |
| 6 | Pathward National Association | $750K | 1 | 9.75% |
| 7 | The Huntington National Bank | $688K | 7 | 9.95% |
| 8 | BayFirst National Bank | $650K | 2 | 11.38% |
| 9 | CIBC Bank USA | $606K | 2 | 9.5% |
| 10 | Readycap Lending, LLC | $500K | 1 | 10.75% |
The top lenders in Elgin have direct experience with local businesses and understand the Elgin market — commercial real estate values, local industry dynamics, and regional economic conditions. Pay attention to the “Avg Rate” column, as rates vary significantly between lenders. A 0.5-1.0% rate difference on a $500K loan translates to $15,000-$30,000 in savings over the life of the loan.
Don’t limit your search to banks listed above — many national SBA lenders also fund loans in Elgin and may offer better rates. An SBA loan broker like GoSBA gives you access to both local and national lenders with one application.
Get Matched with the Best SBA Lender in Elgin
One 5-minute application. 17+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Elgin
These are the industries that received the most SBA 7(a) funding in Elgin in 2025. If your business is in one of these sectors, lenders are already familiar with your business model and may offer faster approvals:
| Industry | Loans | Volume |
|---|---|---|
| Limited-Service Restaurants | 1 | $4.8M |
| Sheet Metal Work Manufacturing | 2 | $3.7M |
| Other Specialized Design Services | 2 | $3.3M |
| General Automotive Repair | 3 | $1.1M |
| Offices of Certified Public Accountants | 1 | $789K |
| Graphic Design Services | 1 | $750K |
| Data Processing, Hosting, and Related Services | 2 | $606K |
| Electrical Contractors | 1 | $500K |
| Other Nonhazardous Waste Treatment and Disposal | 1 | $500K |
| Other Electric Power Generation | 1 | $500K |
Lenders with experience funding your specific industry in Elgin understand the local competitive landscape, typical revenue ranges, and seasonal patterns. This familiarity often translates to faster underwriting and more competitive terms. If your industry doesn’t appear above, SBA loans are available for nearly every legal business type — an SBA broker can match you with lenders who specialize in your sector.
How to Get an SBA Loan in Elgin
Option 1: Apply directly to one of the top Elgin lenders listed above. You’ll receive a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Elgin-active lenders and national SBA lenders simultaneously. More offers means better rates, faster approvals, and zero cost to you — lenders pay the broker fee.
Frequently Asked Questions
How many SBA loans were funded in Elgin in 2025?
Can I get an SBA loan to start a business in Elgin?
Who is the top SBA lender in Elgin?
What is the average SBA loan rate in Elgin?
Ready to Apply for an SBA Loan in Elgin?
50+ lenders competing for your deal. Better rates, faster closing. No fees.
Data from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.
