Illinois SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Illinois
Since FY2020, 333 lenders have funded 13,652 SBA loans worth $8.2B for businesses in Illinois. Borrowers reported 155,438 jobs supported by those loans. Below is who actually writes them, how big they run, and which Illinois businesses get funded.
Most active SBA lenders in Illinois
Ranked by loans funded for Illinois projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Illinois beats a local name that rarely writes SBA loans.
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
Smarter Business Funding
Find out what your business could qualify for
Answer six quick questions and get your business funding profile. We match it against real SBA lending records and follow up personally. No credit check, about 60 seconds.
Start your funding profile →How big Illinois SBA loans run
Share of Illinois 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | IL | US |
|---|---|---|
| Under $150K | 38.3% | 40.4% |
| $150K to $500K | 33.8% | 31.9% |
| $500K to $1M | 13.1% | 12.9% |
| $1M and up | 14.7% | 14.9% |
Who gets funded in Illinois
Business age on Illinois 7(a) loans. 11.6% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | IL | US |
|---|---|---|
| Established, more than 2 years | 59% | 55.2% |
| New, 2 years or less | 13.3% | 16.9% |
| Startup, loan opens the business | 16.1% | 16.8% |
| Change of ownership (buying a business) | 11.6% | 11.1% |
Industries Illinois SBA lenders fund most
Share of all Illinois SBA loans by industry, and how that compares with the national mix.
| Industry | IL loans | Share | Compared with US |
|---|---|---|---|
| Restaurants and hotels | 1,871 | 13.7% | in line with national |
| Transportation and trucking | 1,482 | 10.9% | 2.0x the national share |
| Construction | 1,476 | 10.8% | in line with national |
| Retail | 1,416 | 10.4% | in line with national |
| Personal and repair services | 1,353 | 9.9% | in line with national |
| Healthcare | 1,232 | 9% | in line with national |
| Professional services | 1,123 | 8.2% | in line with national |
| Manufacturing | 1,089 | 8% | 1.2x the national share |
The most common specific business types funded in Illinois: general freight trucking, long-distance, truckload (770), full-service restaurants (758), limited-service restaurants (482), general freight trucking, local (311), residential remodelers (263), hotels (except casino hotels) and motels (259).
Where in Illinois the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Cook | 6,281 | 46% |
| Dupage | 1,674 | 12% |
| Lake | 927 | 7% |
| Will | 827 | 6% |
| Kane | 790 | 6% |
| Mchenry | 456 | 3% |
| Winnebago | 248 | 2% |
| Sangamon | 233 | 2% |
7(a) or 504 in Illinois
15% of Illinois SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $540K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Illinois:
- Small Business Growth Corporation: 1,171 504 loans, median $557K
- SomerCor 504, Inc.: 688 504 loans, median $537K
- Rockford Local Development Corporation: 64 504 loans, median $451K
- Wessex 504 Corporation: 46 504 loans, median $462K
- Regional Development Company: 22 504 loans, median $565K
Illinois SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 1,239 | 276 | $950M |
| FY2021 | 1,501 | 362 | $1.3B |
| FY2022 | 1,463 | 403 | $1.2B |
| FY2023 | 1,764 | 267 | $1.1B |
| FY2024 | 2,234 | 249 | $1.3B |
| FY2025 | 2,309 | 286 | $1.4B |
| FY2026 (through June 30, 2026) | 1,120 | 179 | $857M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Illinois?
By funded loans since FY2020, The Huntington National Bank leads Illinois with 2,885 loans.
How big is a typical SBA loan in Illinois?
The median 7(a) loan in Illinois is $200K, and the middle half runs from $70K to $513K. The median 504 loan is $540K. Nationally the 7(a) median is $200K.
What interest rate do Illinois SBA borrowers get?
The median starting rate on Illinois 7(a) loans since FY2020 is 9%, against 9.25% nationally. 83% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Illinois?
Yes. 29% of Illinois 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Illinois. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.