State lending data
SBA lending in Illinois
7,427 SBA 7(a) loans went to businesses in Illinois recently, at a median of $161,100. The lenders that made them, what they charged, and how the state is trending.
7,427 SBA 7(a) loans went to businesses in Illinois in the most recent fiscal years, at a median of $161,100. The most active lender in the state was The Huntington National Bank, with 1,979 loans. Approvals are down 31.7% on the year.
SBA lending in Illinois, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Illinois, not advertised ranges.
| Measure | Illinois | National |
|---|---|---|
| Loans approved | 7,427 | 214,102 |
| Total approved | $3.7 billion | $104.1 billion |
| Median loan | $161,100 | $150,000 |
| 25th – 75th percentile | $60,000 – $500,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.10% | 10.25% |
| Share to startups | 29.2% | 33.6% |
| Charge-off rate, FY2010–19 | 8.8% | 7.1% |
| Jobs supported | 82,895 | 2,142,602 |
| Counties with recorded lending | 90 | — |
| Lenders active in the state | 242 | — |
Is SBA lending in Illinois growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Illinois went from 1,422 to 971 loans, down 31.7% — while the dollars approved went from $662.9 million to $588.9 million, down 11.2%. The average approval rose from $466,183 to $606,457, so the change is weighted toward larger loans.
Illinois is falling harder than most of the country: 46th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Illinois | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 1,764 | 51,747 | 3.4% |
| FY2024 | 2,234 | 62,618 | 3.6% |
| FY2025 | 2,309 | 64,096 | 3.6% |
| FY2026 (part year) | 1,120 | 35,641 | 3.1% |
Which lenders actually fund businesses in Illinois
Ranked by loans approved inside Illinois. The median, startup share and rate columns describe each lender's own Illinois loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 1,979 | $81,600 | 34% | 10.25% |
| U.S. Bank | 554 | $45,000 | 34% | 9.50% |
| JPMorgan Chase Bank | 355 | $200,000 | 6% | 11.00% |
| Byline Bank | 296 | $885,000 | 38% | 10.50% |
| Northeast Bank | 265 | $113,200 | 9% | 10.75% |
| BayFirst National Bank | 247 | $150,000 | 1% | 12.25% |
| Newtek Bank | 246 | $200,000 | 16% | 11.25% |
| Readycap Lending, LLC | 208 | $50,000 | 11% | 13.50% |
| Live Oak Banking Company | 152 | $590,000 | 26% | 9.25% |
| Lendistry SBLC, LLC | 119 | $182,700 | 1% | 12.00% |
| Village Bank and Trust | 118 | $415,650 | 30% | 8.50% |
| PNC Bank | 114 | $50,000 | 29% | 11.45% |
What stands out about Illinois
Reading the state's own figures against the national picture:
- Loan sizes are typical. The median of $161,100 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- Startup share is close to average, at 29.2% against 33.6% nationally.
Who borrows in Illinois
The industry mix of SBA borrowers here, led by restaurants and hotels.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Restaurants and Hotels | 1,005 | 13.5% | $337,000 | 47% |
| Construction | 901 | 12.1% | $148,000 | 22% |
| Trucking | 873 | 11.8% | $84,000 | 12% |
| Personal Services | 769 | 10.4% | $150,000 | 30% |
| Retail | 696 | 9.4% | $265,000 | 32% |
| Healthcare | 673 | 9.1% | $200,000 | 32% |
| Professional Services | 646 | 8.7% | $150,000 | 19% |
| Manufacturing | 476 | 6.4% | $251,500 | 25% |
| Admin Services | 389 | 5.2% | $150,000 | 35% |
| Wholesale | 299 | 4.0% | $250,000 | 18% |
| Arts and Recreation | 290 | 3.9% | $300,000 | 57% |
| Real Estate | 124 | 1.7% | $155,000 | 35% |
Where the money goes in Illinois
SBA lending is more concentrated than state totals suggest, and Cook County alone accounts for 48% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Cook County | 3,580 | $150,000 | $1.6 billion |
| Dupage County | 925 | $200,000 | $498.3 million |
| Lake County | 527 | $204,500 | $280.7 million |
| Will County | 478 | $150,000 | $197.1 million |
| Kane County | 370 | $246,700 | $201.9 million |
| McHenry County | 242 | $195,000 | $128.2 million |
| Winnebago County | 123 | $252,000 | $82.0 million |
| Sangamon County | 111 | $135,000 | $39.9 million |
| Madison County | 107 | $253,500 | $56.9 million |
| Champaign County | 79 | $150,000 | $37.6 million |
| Kendall County | 75 | $150,000 | $21.6 million |
| Saint Clair County | 74 | $256,500 | $34.8 million |
SBA 504 in Illinois
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Illinois 504 | National 504 |
|---|---|---|
| Projects approved | 981 | 22,192 |
| Median CDC share | $608,000 | $730,000 |
| Median total project | $1,366,000 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Illinois
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Illinois is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Pennsylvania, Georgia, New Jersey, Washington, Michigan, Colorado, California, Florida
Questions people actually ask
How many SBA loans are approved in Illinois each year?
7,427 SBA 7(a) loans were approved to businesses in Illinois across fiscal years 2023 to 2026, using data released June 2026, worth $3.7 billion in total. Over the most recent comparable months the number of approvals ran down 31.7% year on year, while the dollars approved ran down 11.2%.
Which bank approves the most SBA loans in Illinois?
The Huntington National Bank, with 1,979 loans approved to businesses in the state and a median loan of $81,600. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Illinois?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.