Searching for trusted Illinois SBA lenders to power your business growth? Our comprehensive directory connects Illinois entrepreneurs with approved SBA loan providers throughout Chicago, Springfield, Peoria, Rockford and across the state. Whether you’re exploring SBA 7(a) loans, 504 loans, microloans, or disaster assistance, our list features the most active small business lenders with competitive rates and flexible terms for Illinois businesses. Discover which local banks, credit unions, and financial institutions participate in Small Business Administration lending programs, compare their requirements, and find the ideal financing partner to help your Illinois small business thrive in the Prairie State’s diverse economic landscape.
| Lender | Program Authority | Telephone Number |
|---|---|---|
| Allies for Community Business | (CA) | (312) 275-3000 |
| American Community Bank | (SX) | (815) 334-3564 |
| Associated Bank Illinois, NA | (PLP/SX) | (715) 848-4795 |
| Bank & Trust Co | (SX) | (217) 324-3935 |
| Bank of America, N.A. | (PLP/SX) | (312) 992-7844 |
| Bank Of Belleville | (PLP/SX) | (618) 233-6400 |
| Bank of Hope | (PLP/SX/) | (773) 279-4952 |
| Bank of Springfield | (PLP)(SX) | (217) 241-6189 |
| Bank of the West | (PLP/SX/EWCP) | (312) 517-9365 |
| Barrington Bank & Trust | (SX) | (847) 842-4500 |
| Blackhawk Bank | (7a) | (815) 312-5440 |
| BMO Harris Bank | (PLP/SX) | (331) 281-6216 |
| Busey Bank | (PLP/SX/EWCP) | (224) 500-1264 |
| Byline Bank | (PLP/SX) | (847) 805-9520 |
| Cadence Bank | (PLP/SX/EWCP) | (662) 680-2000 |
| Celtic Bank | (PLP/SX/EWCP) | (801) 363-6500 |
| Centrust Bank | (7a) | (847) 899-3793 |
| Chase | (PLP/SX) | (312) 732-8572 |
| CIBC | (PLP/SX) | (630) 488-3007 |
| Citibank FSB | (PLP/SX) | (949) 623-6857 |
| Citizens Equity First CU | (7a) | (217) 546-2010 |
| Commerce Bank, NA | (PLP/SX) | (816) 234-2028 |
| Community First Bank of the Heartland | (SX) | (618) 244-3000 |
| Crystal Lake Bank & Trust | (PLP/SX) | (815) 479-5200 |
| Fifth Third Bank | (PLP/SX) | (312) 704-4293 |
| First American Bank | (PLP/SX/EWCP) | (847) 586-2225 |
| First Bankers Trust | (SX) | (217) 546-6151 |
| First Eagle Bank | (SX) | (312) 850-9232 |
| First Mid Bank & Trust | (SX) | (217) 258-0660 |
| First Midwest Bank | (SX) | (630) 725-5504 |
| First National Bank of Omaha | (PLP/SX) | (402) 602-6146 |
| German-American State Bank | (SX) | (815) 335-1900 |
| Grand Ridge National Bank | (SX) | (630) 315-5444 |
| Hanmi Bank | (PLP/SX/7A/EWCP) | (773) 290-6401 |
| Harvest Small Business Finance | (PLP) | (312) 794-7300 |
| Heartland Bank and Trust | (SX) | (309) 662-4444 ext 2551 |
| Hinsdale Bank & Trust | (PLP/SX) | (630) 323-4404 |
| Huntington National Bank | (PLP/SX) | (734) 277-5105 |
| Illinois Bank & Trust | (SX) | (815) 637-7008 |
| Independence Bank | (PLP/SX) | (401) 886-4600 |
| International Bank of Chicago | (7a) | (708) 410-2899 x 106 |
| Lake Forest Bank & Trust | (SX) | (847) 615-4046 |
| Legence Bank | (SX) | (800) 360-8044 |
| Libertyville Bank & Trust | (7a) | (847) 968-4280 |
| Live Oak Banking | (PLP/SX) | (847) 533-7364 |
| Marine Bank | (PLP/SX) | (217) 726-0625 |
| Midland States Bank | (SX) | (815) 312-5505 |
| Midwest Regional Bank | (7a) | (618) 830-2231 |
| Millennium Bank | (7a) | (847) 325-6440 |
| Morton Community Bank | (SX) | (309) 681-3912 |
| Newtek Small Business Finance | (PLP/SX) | (866) 639-1835 |
| Pacific City Bank | (PLP/SX) | (847) 768-9500 |
| Peoples Bank & Trust – Springfield | (7a) | (886) 670-3451 |
| Peoples National Bank | (SX) | (618) 244-4777 |
| PNC Bank | (PLP/SX) | (317) 267-7637 |
| Providence Bank | (SX) | (219) 961-8012 |
| Quad City Bank and Trust Co. | (PLP/SX) | (563) 388-4750 |
| Regions Bank | (PLP/SX) | (404) 257-2872 |
| Resource Bank | (SX) | (815) 748-1603 |
| Scott Credit Union | (SX) | (618) 381-7337 |
| Security Bank | (7a) | (217) 789-3500 |
| Signature Bank | (SX) | (773) 467-5636 |
| SomerCor 504, Inc | (CA) | (312) 360-3304 |
| Spirit of Texas Bank | (PLP/SX) | (281) 252-8842 |
| State Bank of the Lakes | (SX) | (847) 838-6380 |
| Stearns Bank | (PLP/SX) | (480) 905-4074 |
| The BanCorp Bank | (PLP/SX) | (312) 416-6810 |
| The Harvard State Bank | (SX) | (815) 943-4400 |
| Town and Country Bank | (PLP/SX) | (309) 445-8083 |
| U S Bank, NA | (PLP/SX) | (630) 208-6397 |
| Union National Bank & Trust | (7a) | (847) 888-7500 |
| United Community Bank/Springfield | (SX) | (217) 625-3000 |
| United Midwest Savings Bank | (PLP/SX) | (850) 249-6886 |
| Village Bank & Trust | (PLP/SX) | (847) 590-7030 |
| Wells Fargo | (PLP/SX) | (847) 607-6305 |
| Wintrust Bank | (PLP/SX) | (847) 870-5005 |
Frequently Asked Questions
Q: What are SBA loans and how do they work in Illinois?
A: SBA loans are government-backed loans provided through approved lenders in Illinois. The Small Business Administration guarantees a portion of the loan, reducing risk for lenders and allowing them to offer more favorable terms to Illinois small businesses. The lender provides the funds while the SBA guarantees repayment up to a certain percentage, typically 75-85% depending on the program. This structure enables Illinois entrepreneurs to access capital with lower down payments, longer repayment terms, and competitive interest rates compared to conventional business loans.
Q: What types of SBA loans are available to Illinois businesses?
A: Illinois businesses can access various SBA loan programs including:
- SBA 7(a) loans: The most common program for general business purposes with loans up to $5 million
- SBA 504 loans: For major fixed asset purchases like real estate or equipment
- SBA Microloans: Smaller loans up to $50,000 for startups and smaller businesses
- SBA Express loans: Faster approval process with loans up to $500,000
- SBA Disaster loans: Special assistance for businesses affected by declared disasters
Q: What are the minimum requirements to qualify for an SBA loan in Illinois?
A: To qualify for an SBA loan in Illinois, businesses typically need:
- For-profit operation based in Illinois
- Owner-occupied (not primarily for investment)
- Good personal credit (typically 650+ FICO score)
- Sufficient cash flow to support loan payments
- No recent bankruptcies, foreclosures, or defaults on government loans
- Reasonable owner equity investment (typically 10-30% depending on the program)
- Operating history of at least 2 years (though some lenders work with startups)
Q: How do Illinois SBA lenders support businesses in Chicago’s diverse neighborhoods?
A: Illinois SBA lenders have developed specialized expertise serving Chicago’s distinctive neighborhood business districts. Several lenders offer tailored programs for businesses in areas like Pilsen, Bronzeville, Little Village, Uptown, and other culturally rich communities. These lenders often coordinate with neighborhood chambers of commerce and community development financial institutions (CDFIs) to provide comprehensive support. Some Illinois SBA lenders participate in the SBA Community Advantage program, focusing specifically on underserved markets. These lenders frequently offer multilingual services and understand the unique dynamics of immigrant and minority entrepreneurship that characterizes many of Chicago’s vibrant commercial corridors. Some have developed expertise in financing neighborhood-based retail, food businesses, and service providers that form the backbone of Chicago’s diverse community economies.
Q: Are there special SBA loan programs for Illinois’ manufacturing businesses?
A: Yes, Illinois’ strong manufacturing heritage has created specialized lending expertise in this sector. Several Illinois lenders have dedicated manufacturing divisions that understand the unique capital needs for precision manufacturing, food processing, automotive components, and other production specialties. These lenders often coordinate with organizations like the Illinois Manufacturing Excellence Center and the Chicago Manufacturing Renaissance Council to provide comprehensive support. Some Illinois SBA lenders offer specialized loan packages for equipment modernization and automation, helping traditional manufacturers embrace advanced manufacturing technologies. The SBA 504 program is particularly popular for manufacturing facilities and equipment-intensive operations, with some Illinois lenders providing specialized terms for brownfield redevelopment and sustainable manufacturing practices increasingly important in the state’s industrial evolution.
Q: How do Illinois SBA lenders help businesses in the agriculture and food production sector?
A: Illinois’ position as an agricultural powerhouse has influenced local SBA lending practices. While the SBA doesn’t directly fund primary agricultural production, Illinois SBA lenders support value-added agricultural businesses, food processors, farm-to-table restaurants, and agtech companies. These lenders understand the unique aspects of Illinois’ food systems and can structure loans to accommodate seasonal patterns. Several Illinois lenders coordinate with the Illinois Department of Agriculture and organizations like the Illinois Food Scrap Coalition to help businesses access both financing and industry support. Some lenders have developed expertise in financing innovative food businesses like urban vertical farms, specialty food manufacturers, and sustainable agriculture technologies that are transforming Illinois’ food landscape beyond traditional commodity production.
Q: Can technology and innovation businesses in Illinois access specialized SBA financing?
A: Yes, Illinois’ dynamic technology ecosystem benefits from specialized SBA lending expertise. Several Illinois lenders have dedicated innovation banking divisions that understand the unique capital needs of software developers, biotech firms, clean energy innovators, and logistics technology companies. These lenders often coordinate with organizations like 1871, the Illinois Science and Technology Coalition, and university technology transfer offices to provide comprehensive support. While early-stage startups typically rely on venture capital, SBA loans become viable options as tech companies reach revenue generation and scaling phases. Some Illinois SBA lenders have developed expertise in financing the transition from research to commercialization, particularly in the state’s strong life sciences, advanced materials, and digital manufacturing sectors.
Q: How do Illinois SBA lenders support businesses in the transportation and logistics industry?
A: Illinois’ position as America’s transportation hub has created specialized lending expertise for logistics businesses. Several Illinois SBA lenders offer industry-specific loan packages designed for trucking companies, warehousing operations, intermodal service providers, and freight technology firms. These lenders understand the capital-intensive nature of logistics businesses and can structure loans to accommodate equipment acquisition and maintenance cycles. Some Illinois lenders coordinate with the Illinois Department of Transportation and industry associations to help businesses capitalize on the state’s unparalleled transportation infrastructure. These specialized lending programs have helped maintain Illinois’ competitive advantage in logistics by supporting the ecosystem of small businesses that complement major players like the Port of Chicago, O’Hare International Airport, and the state’s extensive rail network.
Q: Are there specialized SBA loan programs for Illinois’ healthcare providers and medical practices?
A: Yes, Illinois’ diverse healthcare landscape benefits from specialized SBA lending expertise. Several Illinois lenders offer tailored loan packages for medical practices, dental offices, behavioral health providers, and specialized care facilities. These lenders understand healthcare reimbursement models and can structure loans to accommodate the cash flow patterns typical in this sector. The SBA 504 program is particularly popular for medical office buildings and equipment-intensive practices. Some Illinois lenders have developed expertise in financing innovative healthcare delivery models that address healthcare disparities between Chicago and downstate communities. These specialized programs align with Illinois’ efforts to improve healthcare access across the state’s diverse urban and rural communities, with particular attention to medically underserved areas on Chicago’s South and West Sides and in rural counties.
Q: What other resources are available for SBA loans?
A: Other resources provided by Bigger Bottom Line include:
Q: How do I get assistance in getting an SBA or other business loan?
A: Contact the experts! We can assist from advising which lenders to submit to all the way through to developing & submitting a complete business loan package and anything in between. Contact us now for a free evaluation.