Best SBA Lenders in Palatine, IL (2026)
2025 FOIA data: top lenders, rates & industries for Palatine SBA loans
SBA Loans in Palatine, Illinois
Looking for an SBA loan in Palatine, Illinois? Based on 2025 FOIA data, 33 SBA 7(a) loans were funded in Palatine totaling $17.1M, supporting an estimated 189 jobs. With 11 active lenders competing for business in the Palatine market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Palatine is $519K at an average rate of 9.72%. The top lender in Palatine is Byline Bank, with the most-funded industry being Limited-Service Restaurants. See all Illinois SBA lenders for statewide rankings.
SBA Loans in Palatine by Business Type
Whether you’re starting a new business in Palatine, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 11% of SBA loans in Palatine (4 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 44% (4 loans) — if you’re looking to buy a business in Palatine, this is a proven use case for SBA financing. Existing businesses make up 45% and typically receive the most favorable terms.
Top SBA Lenders in Palatine, IL (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Palatine businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Byline Bank | $4.4M | 1 | 10.25% |
| 2 | The Huntington National Bank | $4.3M | 17 | 9.46% |
| 3 | U.S. Bank, National Association | $2.6M | 4 | 10.37% |
| 4 | JPMorgan Chase Bank, National Association | $2.2M | 2 | 7.28% |
| 5 | Barrington Bank & Trust Company, National Association | $1.2M | 2 | 7.66% |
| 6 | Brookline Bank, a Division of Beacon Bank and Trust | $1.1M | 1 | 9.75% |
| 7 | Cadence Bank | $488K | 1 | 7.5% |
| 8 | Lendistry SBLC, LLC | $326K | 2 | 13% |
| 9 | Pan American Bank & Trust | $320K | 1 | 10.25% |
| 10 | Readycap Lending, LLC | $175K | 1 | 10.25% |
The top lenders in Palatine have direct experience with local businesses and understand the Palatine 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 Palatine 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 Palatine
One 5-minute application. 11+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Palatine
These are the industries that received the most SBA 7(a) funding in Palatine 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 | 3 | $6.4M |
| Full-Service Restaurants | 4 | $3.7M |
| Data Processing, Hosting, and Related Services | 2 | $1.8M |
| Offices of Dentists | 1 | $1.6M |
| General Freight Trucking, Long Distance, Truckload | 9 | $1.1M |
| Drycleaning and Laundry Services (except Coin-Operated) | 1 | $1.1M |
| Other Accounting Services | 2 | $521K |
| Landscaping Services | 1 | $390K |
| Fine Arts Schools | 1 | $175K |
| Offices of Physical, Occupational and Speech Therapists, and Audiologi | 1 | $100K |
Lenders with experience funding your specific industry in Palatine 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 Palatine
Option 1: Apply directly to one of the top Palatine 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 Palatine-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 Palatine in 2025?
Can I get an SBA loan to start a business in Palatine?
Who is the top SBA lender in Palatine?
What is the average SBA loan rate in Palatine?
Ready to Apply for an SBA Loan in Palatine?
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.
