Illinois businesses took out 6,009 SBA 7(a) loans worth $3.12B in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 8th of 52 by number of loans and 6th by dollars. The median loan was $175K at a median starting rate of 10.00%. In FY2026 alone, lenders approved 1,746 Illinois loans for $1.06B before cancellations.
What stands out in Illinois
Transportation and trucking stands out
Transportation and trucking accounted for 10.5% of Illinois's 7(a) loans (631 loans), 2.3 times its 4.6% national share. The median transportation and trucking loan in Illinois was $87K at a median rate of 10.50%.
Lending clusters in one county
Cook County alone accounted for 48.2% of Illinois's 7(a) loans (2,898 loans), and Chicago was the most frequent borrower city with 1,232. The next county, Dupage, had 12.9%.
One lender dominates
The Huntington National Bank approved 1,476 of Illinois's 6,009 SBA 7(a) loans in FY2024 to FY2026, a 24.6% share. The top three lenders together made 37.0%. Nationally, the same bank holds 10.3% of all 7(a) loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
A steeper FY2026 drop than the country
Illinois approvals went from 2,835 in FY2025 to 1,746 in FY2026 (−38.4%), against −28.1% nationally. Dollar volume moved from $1.31B to $1.06B, so the fall was concentrated in smaller loans: the median Illinois loan was $250K in FY2026 against $150K in FY2024.
Industries that borrow most in Illinois
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Restaurants and hotels | 808 | 13.4% | $355K | 9.75% |
| Construction | 707 | 11.8% | $149K | 10.25% |
| Other services (repair, personal care) | 664 | 11.1% | $157K | 9.99% |
| Transportation and trucking | 631 | 10.5% | $87K | 10.50% |
| Retail | 580 | 9.7% | $265K | 9.75% |
| Health care | 564 | 9.4% | $200K | 10.00% |
| Professional services | 528 | 8.8% | $150K | 10.25% |
| Manufacturing | 387 | 6.4% | $290K | 9.60% |
Where in Illinois the loans go
| County | Loans |
|---|---|
| Cook | 2,898 |
| Dupage | 774 |
| Lake | 429 |
| Will | 369 |
| Kane | 302 |
| Mchenry | 188 |
| Winnebago | 109 |
| Sangamon | 89 |
| City | Loans |
|---|---|
| Chicago | 1,232 |
| Naperville | 155 |
| Schaumburg | 117 |
| Aurora | 84 |
| Springfield | 74 |
| Des Plaines | 73 |
| Elgin | 70 |
| Elk Grove Village | 69 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
Illinois SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 2,469 | 2,835 | 1,746 |
| Dollars approved | $1.17B | $1.31B | $1.06B |
| Loans not cancelled | 2,232 | 2,301 | 1,476 |
| Median loan | $150K | $176K | $250K |
| Median rate | 10.50% | 10.00% | 9.25% |
| Loans of $150K or less | 53.5% | 48.8% | 41.4% |
| SBA Express share | 34.7% | 28.2% | 32.2% |
FY2026 approvals in Illinois changed by −38.4% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Illinois SBA loan looks like
| FY2024-FY2026, not cancelled | Illinois | United States |
|---|---|---|
| Median loan | $175K | $175K |
| Average loan | $520K | $508K |
| Median starting rate | 10.00% | 10.25% |
| Variable-rate loans | 85.1% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 48.7% | 49.0% |
| Loans of $500K or less | 76.5% | 76.9% |
| Loans of $1M or more | 13.9% | 13.6% |
| Startups (loan opens the business) | 14.8% | 16.1% |
| Startups and businesses 2 years old or less | 28.0% | 32.0% |
| Change of ownership (buying a business) | 12.2% | 10.9% |
| Franchise businesses | 11.0% | 11.0% |
| SBA Express loans | 31.6% | 35.8% |
| Jobs supported (reported at approval) | 66,693 | 1,733,816 |
Most frequent franchise brands among Illinois 7(a) loans: The UPS Store (23), Hotworx (13), Scooter's Coffee (11), Biggby Coffee (10), Super 8 by Wyndhan (10).
Top SBA 7(a) lenders in Illinois
| Lender | Loans | Share of state |
|---|---|---|
| 1. The Huntington National Bank | 1,476 | 24.6% |
| 2. U.S. Bank, National Association | 483 | 8.0% |
| 3. JPMorgan Chase Bank, National Association | 264 | 4.4% |
| 4. Northeast Bank | 260 | 4.3% |
| 5. Byline Bank | 240 | 4.0% |
| 6. Newtek Bank, National Association | 235 | 3.9% |
| 7. Readycap Lending, LLC | 195 | 3.2% |
| 8. BayFirst National Bank | 159 | 2.6% |
| 9. Live Oak Banking Company | 149 | 2.5% |
| 10. Lendistry SBLC, LLC | 125 | 2.1% |
SBA 504 loans in Illinois
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Illinois | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 771 | 18,076 |
| 504 dollars | $846M | $20.82B |
| Median 504 loan | $624K | $742K |
| Jobs supported (reported at approval) | 6,771 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Small Business Growth Corporation | 434 |
| Somercor 504, Inc. | 285 |
| Rockford Local Development Corporation | 24 |
| Regional Development Company | 12 |
How older loans performed
Of the 2,732 SBA 7(a) loans approved for Illinois businesses in FY2020 and FY2021 (not cancelled), 102 had been charged off by September 30, 2026: 3.7% by count and 1.8% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Illinois
Illinois loans are overseen by the SBA Illinois District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Illinois
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in Illinois.
Frequently asked questions
How many SBA loans were made in Illinois?
Lenders approved 2,469 SBA 7(a) loans for Illinois businesses in FY2024, 2,835 in FY2025 and 1,746 in FY2026, before cancellations. Net of cancelled loans, the three years total 6,009 loans worth $3.12B, plus 771 SBA 504 loans worth $846M.
Which banks make the most SBA loans in Illinois?
In FY2024 to FY2026 the most active 7(a) lenders in Illinois were The Huntington National Bank (1,476 loans, 24.6%), U.S. Bank, National Association (483 loans, 8.0%), JPMorgan Chase Bank, National Association (264 loans, 4.4%).
What is the typical SBA loan size and rate in Illinois?
The median 7(a) loan in Illinois was $175K and the average was $520K. The median starting interest rate was 10.00%, 85.1% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Illinois by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: New Jersey, Pennsylvania, Michigan, Washington, or see all states.