BlogRankingStateBest Illinois SBA Lenders & Rates of 2026

Best Illinois SBA Lenders & Rates of 2026

February 2, 2026
Ranking, State
1 min read

$1.14B
Total Funded

2,381
Loans Approved

$478K
Avg Loan Size

9.97%
Avg Interest Rate

150
Active Lenders

SBA Loans in Illinois

Illinois businesses received $1.14B in SBA 7(a) loan approvals across 2,381 businesses in 2025. With 150 active SBA lenders competing for business in Illinois, understanding which banks offer the best rates can save you tens of thousands of dollars.

💡 Key Insight: The average SBA loan in Illinois is $478K, with rates averaging 9.97%. Rates vary significantly by lender—comparing offers can save you $50,000+ over the life of your loan.

Top SBA Lenders in Illinois (2025)

Based on official SBA data analyzed by GoSBA Loans, these are the banks that funded the most SBA 7(a) loans to Illinois businesses:

Rank Lender Volume Loans Avg Rate
1 Byline Bank $128.0M 96 10.10%
2 The Huntington National Bank $116.2M 548 9.70%
3 Live Oak Banking Company $56.2M 56 9.12%
4 Newtek Bank, National Association $49.5M 126 11.04%
5 Northeast Bank $42.6M 245 10.92%
6 U.S. Bank, National Association $38.4M 176 9.97%
7 Merchants Bank of Indiana $34.0M 18 9.42%
8 Harvest Small Business Finance, LLC $33.0M 32 10.06%
9 GBank $32.0M 11 8.66%
10 Centerstone SBA Lending, Inc. $25.0M 18 9.01%
11 FWBank $24.7M 19 9.64%
12 JPMorgan Chase Bank, National Association $24.5M 78 10.43%
13 Old National Bank $21.1M 20 8.08%
14 Busey Bank $19.1M 15 9.62%
15 Readycap Lending, LLC $18.7M 70 12.65%
16 First American Bank $17.0M 16 8.00%
17 Village Bank and Trust, National Association $16.1M 33 8.28%
18 Port 51 Lending LLC $16.1M 11 9.82%
19 Fifth Third Bank $15.9M 47 10.39%
20 VelocitySBA, LLC $15.7M 13 9.94%

🤝 How to Get an SBA Loan in Illinois

Many top SBA lenders work primarily through approved SBA loan brokers. This is good news for borrowers:

  • Better Match: Get matched with the right lender for your situation
  • Negotiating Power: Broker relationships can result in better rates
  • Time Savings: One application goes to multiple lenders
  • Expert Guidance: Maximize your approval chances

GoSBA Loans works with lenders across Illinois and can help you access the best loan programs. Our service is completely free to borrowers.

📞 Get Matched with Illinois SBA Lenders

Ready to apply for an SBA loan in Illinois? Our team can help you get matched with the right lender and program for your business.

Looking for SBA lenders in other states? GoSBA Loans works with 75+ SBA lenders nationwide. Contact us to get matched with the best lender for your specific business needs.

http://gosbaloans.com

Ishan Jetley is the owner of GoSBA Loans. I have assisted 100's of businesses with their business loans. I specialize in SBA financing for working capital, real estate and business acquisitions.

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