Best SBA lenders
Best SBA lenders in Illinois
The most active SBA lenders in Illinois, ranked from every 7(a) and 504 loan in the SBA's public record, FY2010-2026. The Huntington National Bank leads with 4,045 loans funded.
By Mario Bailey · Source: SBA FOIA 7(a) and 504 data, FY2010–2026, as of 2026-03-31
Top SBA lenders in Illinois
The full Illinois ranking, by SBA loans funded since FY2010. Every figure is in-state: each lender's loans, dollars, average loan size, and 7(a) charge-off rate cover its Illinois lending only, not its national book. A charge-off rate appears only when a lender has at least 20 funded 7(a) loans in Illinois; below that line, and on 504-only lending, it reads “not reported,” never 0%.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 4,045 | $928.3M | $229K | 3.46% |
| 2 | JPMorgan Chase Bank, National Association | 3,888 | $583.2M | $150K | 5.27% |
| 3 | Small Business Growth Corporation | 3,019 | $2.3B | $776K | not reported |
| 4 | U.S. Bank, National Association | 2,488 | $658.0M | $264K | 4.66% |
| 5 | Byline Bank | 2,311 | $2.3B | $996K | 6.27% |
| 6 | SomerCor 504, Inc. | 2,038 | $1.6B | $801K | 2.08% |
| 7 | Village Bank and Trust, National Association | 822 | $395.0M | $481K | 3.41% |
| 8 | First Mid Bank & Trust, National Association | 647 | $160.4M | $248K | 3.55% |
| 9 | Fifth Third Bank | 616 | $205.4M | $334K | 6.01% |
| 10 | Northeast Bank | 595 | $96.6M | $162K | 1.68% |
| 11 | PNC Bank, National Association | 497 | $157.6M | $317K | 5.23% |
| 12 | BayFirst National Bank | 492 | $93.8M | $191K | 10.16% |
| 13 | Live Oak Banking Company | 471 | $584.7M | $1.2M | 2.12% |
| 14 | Celtic Bank Corporation | 471 | $185.4M | $394K | 14.01% |
| 15 | Wells Fargo Bank National Association | 466 | $226.6M | $486K | 6.22% |
| 16 | First American Bank | 423 | $204.3M | $483K | 1.89% |
| 17 | Associated Bank, National Association | 383 | $73.7M | $192K | 4.44% |
| 18 | Newtek Bank, National Association | 360 | $152.6M | $424K | 0.00% |
| 19 | Bank of Hope | 340 | $60.5M | $178K | 8.53% |
| 20 | Midland States Bank | 294 | $154.2M | $525K | 2.38% |
| 21 | UMB Bank, National Association | 290 | $94.7M | $327K | 8.28% |
| 22 | Readycap Lending, LLC | 287 | $101.0M | $352K | 4.18% |
| 23 | Heartland Bank and Trust Company | 284 | $102.4M | $360K | 4.23% |
| 24 | Busey Bank | 277 | $296.2M | $1.1M | 4.33% |
| 25 | Newtek Small Business Finance, Inc. | 272 | $213.2M | $784K | 2.57% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
7(a) banks vs 504 lenders (CDCs) in Illinois
The two SBA programs have different lenders. A 7(a) loan comes from one bank or credit union; a 504 project pairs a bank with a Certified Development Company (CDC), the nonprofit that funds the SBA-backed portion. The leaders in Illinois by each program's loans funded since FY2010:
- 1. The Huntington National Bank 4,045 loans
- 2. JPMorgan Chase Bank, National Association 3,888 loans
- 3. U.S. Bank, National Association 2,488 loans
- 4. Byline Bank 2,311 loans
- 5. Village Bank and Trust, National Association 822 loans
- 1. Small Business Growth Corporation 3,019 loans
- 2. SomerCor 504, Inc. 1,990 loans
- 3. Rockford Local Development Corporation 251 loans
- 4. Wessex 504 Corporation 251 loans
- 5. Illinois Business Financial Services 138 loans
Counts are each program's funded loans in Illinois. How the two programs differ: 504 vs 7(a), by the data.
Where SBA lending concentrates in Illinois
The 3 industries with the most SBA loans in Illinois since FY2010, and the most active lender in each. A lender that leads your industry locally can matter more than the overall #1.
| Industry | Loans | Total funded | Most active lender |
|---|---|---|---|
| Accommodation and Food Services | 4,970 | $3.5B | Byline Bank (603 loans) |
| Retail Trade | 4,030 | $2.3B | Byline Bank (467 loans) |
| Other Services | 3,769 | $1.7B | The Huntington National Bank (328 loans) |
Full industry, city, and yearly breakdowns: SBA lending in Illinois.
How this ranking works
- “Most active” means loans funded. The ranking counts every SBA 7(a) and 504 loan funded to Illinois businesses in the SBA's public FOIA record, FY2010–2026, as of 2026-03-31. No lender pays to appear or to rank, and activity is not a fit score: the right lender for you depends on your industry, loan size, and timeline.
- The 10-loan line. A lender enters the Illinois table only with at least 10 loans funded in-state, so one-off activity never reads as a track record. Industry cells above are held to at least 30 loans.
- Charge-off is 7(a)-only and needs 20+ loans. The SBA reports charge-offs on 7(a) loans, never on 504 loans. We show an in-state rate only when a lender has at least 20 funded 7(a) loans in Illinois; anything thinner reads “not reported,” never 0%. It is a charge-off share of funded loans to date, not a lifetime default rate.
- Name collisions are excluded, and counted. The SBA does not normalize lender names across mergers and rebrands, so one name can blend several unrelated institutions. Flagged names are never ranked on this page; each exclusion is disclosed under the table.
The exact calculations and limits: methodology.
Best SBA lenders in Illinois: frequently asked questions
Who is the most active SBA lender in Illinois?
The Huntington National Bank is the most active SBA lender in Illinois in the public record, with 4,045 7(a) and 504 loans funded since FY2010 ($928.3M in Illinois). The ranking counts loans funded, never who pays us.
Do these lenders only serve Illinois?
No. The ranking measures activity in Illinois: loans funded to Illinois businesses in the SBA's record. Many of these lenders are national or multi-state institutions; the loans, dollars, and charge-off figures shown are their Illinois lending only.
What's the difference between a 7(a) lender and a CDC?
A 7(a) lender is a bank or credit union that funds an SBA-guaranteed loan directly. A Certified Development Company (CDC) is a nonprofit that funds the SBA-backed portion of a 504 project alongside a bank. Charge-off is reported only on 7(a) loans, so a 504-only CDC shows "not reported," never 0%.
How many SBA lenders are active in Illinois?
182 lenders have funded at least 10 SBA loans in Illinois since FY2010 in the public record (as of 2026-03-31). The table above names the 25 most active of them; names that blend several same-named institutions are excluded from rankings.
Mario Bailey. (2026). Best SBA lenders in Illinois. SBA Loan Index. https://sbaloanindex.com/best-sba-lenders/in/il/
Free to cite and quote with attribution and a link. Members of the press can reach us via our press page.
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