Top SBA Acquisition Lenders in Illinois
71 active SBA 7(a) lenders in Illinois, ranked by acquisition loan count.
Lenders
in Illinois
Total Volume
Median Rate
Median Loan Size
Top Lenders in Illinois
Lending by Industry in Illinois
Covers the 174 of 279 Illinois loans that the FOIA dataset reports at the state and industry level.
Top 25 Lenders in Illinois
| # | Lender | Loans | Volume | Rate | Default Rate |
|---|---|---|---|---|---|
| 1 | Byline Bank | 36 | $48.5M | P+2.75% | 1.5% |
| 2 | The Huntington National Bank | 32 | $36.5M | P+2.25% | 1.5% |
| 3 | Live Oak Bank | 23 | $28.8M | P+1.50% | 0.8% |
| 4 | Centerstone SBA Lending, Inc. | 13 | $13.8M | P+2.00% | 0.9% |
| 5 | Merchants Bank of Indiana | 11 | $34.3M | P+1.75% | 1.1% |
| 6 | GBank | 7 | $21.2M | P+1.00% | 0.5% |
| 7 | First American Bank | 6 | $13.0M | P+0.42% | 0.0% |
| 8 | Readycap Lending, LLC | 6 | $6.6M | P+1.50% | 2.8% |
| 9 | Pathward National Association | 5 | $4.0M | P+2.25% | 4.5% |
| 10 | Bankwell Bank | 5 | $5.2M | P+2.75% | 0.0% |
| 11 | Bank of Springfield | 5 | $4.1M | P+1.00% | 0.0% |
| 12 | Brookline Bank | 5 | $7.2M | P+2.50% | 1.0% |
| 13 | VelocitySBA, LLC | 4 | $5.1M | P+3.00% | 2.4% |
| 14 | First American Bank | 4 | $9.0M | P+0.27% | 0.0% |
| 15 | Peru Federal Savings Bank | 4 | $1.8M | P+1.75% | 0.0% |
| 16 | Busey Bank | 4 | $6.1M | P+2.25% | 1.6% |
| 17 | Old National Bank | 4 | $11.3M | P+0.30% | 1.9% |
| 18 | Farmers State Bank of Western Illinois | 4 | $820K | P+0.00% | 0.0% |
| 19 | Truliant FCU | 4 | $2.8M | P+2.75% | 0.0% |
| 20 | Newtek Bank, National Association | 4 | $1.0M | P+3.00% | 0.0% |
| 21 | First National Bank of Omaha | 4 | $1.3M | P+0.00% | 0.0% |
| 22 | Hinsdale Bank & Trust Company, National Association | 3 | $4.1M | P+1.25% | 0.0% |
| 23 | Southwestern National Bank | 3 | $1.7M | P+1.13% | 0.0% |
| 24 | Harvest Small Business Finance, LLC | 3 | $10.5M | P+2.25% | 0.0% |
| 25 | Port 51 Lending LLC | 3 | $4.1M | P+2.75% | 0.0% |
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Customize your search →SBA 7(a) Lending in Illinois
Illinois has 71 active SBA 7(a) acquisition lenders that have originated a combined 279 loans totaling $405.2M in volume. The median acquisition loan size in Illinois is $1039K, with a median interest rate of Prime + 2.25% (Prime + spread).
When evaluating SBA lenders in Illinois, consider loan volume (a proxy for experience), interest rates, and historical default rates. Lenders designated as PLP (Preferred Lender Program) have delegated authority from the SBA to approve loans, which typically results in faster processing times.
Frequently Asked Questions
How many SBA 7(a) lenders are active in Illinois?
There are currently 71 active SBA 7(a) lenders in Illinois based on FOIA lending data. These lenders have originated 279 acquisition loans.
What is the typical SBA loan rate in Illinois?
The median SBA 7(a) acquisition loan rate in Illinois is Prime + 2.25% (current Prime rate: 6.75%). Rates are typically expressed as Prime plus a spread, with the SBA capping the spread at 3.0% for loans over $250,000.
What is a PLP lender?
A PLP (Preferred Lender Program) lender has been granted delegated authority by the SBA to make credit decisions without prior SBA review. This typically means faster loan processing and approval timelines.
Data source: SBA 7(a) FOIA lending data. Rankings are based on loan count within the selected dimension. Rates shown are median interest rates expressed as Prime + spread. Default rates represent 10-year cumulative default rates. Data is refreshed periodically and may not reflect the most recent lending activity.
Figures shown here are historical SBA 7(a) lending data presented for general information only. They are not an offer of credit, a prediction of the terms you will receive, or financial advice. VerSquare is not a licensed broker, lender, or financial advisor. Consult a licensed professional before making a financing decision.