Small business loans in Chicago, IL
Short answer
The most active SBA lenders in Chicago, IL since FY2024 are The Huntington National Bank (308 loans) and U.S. Bank (110). The median loan was $150,000, and half fell between $50,000 and $500,000. For free help, see the Illinois Small Business Development Center Network. Source: SBA 7(a) loan data.
- SBA loans since FY2024
- 1,158
- approved since FY2024
- $532.23M
- median loan
- $150,000
- through SBA Express
- 34.4%
Lenders making SBA loans in Chicago
The Huntington National Bank made the most loans in Chicago, 27% of the total. The five largest lenders together made 51%.
| Lender | Loans | Share |
|---|---|---|
| The Huntington National Bank | 308 | 26.6% |
| U.S. Bank | 110 | 9.5% |
| JPMorgan Chase Bank | 75 | 6.5% |
| Byline Bank | 53 | 4.6% |
| Northeast Bank | 50 | 4.3% |
Share is the percent of all Chicago loans in that period. Each name links to that lender's page for Illinois where one exists.
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Local help near Chicago
Chicago borrowers can start with SBA's district office for Illinois, an SBDC or SCORE.
30% of Chicago borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.
SBA has one district office for Illinois. Its page points to state and federal resources and to lenders in the area. The Illinois Small Business Development Center Network gives free counseling across Illinois.
- SBA Illinois District Office (Chicago)SBA district office
- Illinois Small Business Development Center NetworkSmall Business Development Center
- SCORE mentors in IllinoisBusiness mentoring
Alongside SBA loans, Illinois runs a loan program. The Illinois page describes it, and the official page is linked here.
Loan counts and sizes in Chicago
Chicago ranks 1st by loans since FY2024 among the 14 Illinois cities with 100 or more SBA loans since FY2020. Nationally it is the 5th busiest of the 580 cities that reach 100 loans.
The 1,158 loans, 20.4% of the 5,663 in Illinois, were approved for $532.2 million in all. The medianThe middle figure. Half the loans were larger and half were smaller. loan was $150,000, close to the national median of $150,300. Half of the loans fell between $50,000 and $500,000. The Chicago median is 6% below the Illinois median of $160,000.
| Measure | Chicago | Illinois | U.S. |
|---|---|---|---|
| Loans | 1,158 | 5,663 | 162,355 |
| Median loan | $150,000 | $160,000 | $150,300 |
| 25th percentile | $50,000 | $60,000 | $50,000 |
| 75th percentile | $500,000 | $500,000 | $500,000 |
| Via SBA Express | 34.4% | 31.7% | 35.8% |
| Lines of credit | 27.3% | 25.6% | 28.1% |
| Startups | 15.8% | 15.2% | 16.1% |
| Ownership changes | 6.9% | 11.5% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.75 | 2.5 | 2.75 |
| Charged off | 4.6% | 3.1% | 3.6% |
A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.
78% of the loans were $500,000 or less, the size SBA Express covers. 34.4% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 27.3% of loans, close to the national 28.1%.
Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.
By business age, 62.9% of loans went to businesses more than two years old and 14.4% to businesses two years old or younger. Startups received 15.8% and changes of ownership 6.9%.
Fiscal years run October to September. The last bar covers nine of its twelve months.
Volume rose 8% from FY2024 (451 loans) to FY2025 (487), the two latest full years. The busiest full year in the file was FY2025, with 487 loans. FY2026 already shows 220 loans through June 30.
Of the 824 loans Chicago borrowers received in FY2020 to FY2022, 4.6% were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026, against 3.6% nationally. Lenders reported 14,148 jobs supported across the 1,158 loans since FY2024, about 12.2 per loan. SBA does not audit these estimates.
What businesses in Chicago borrow for
Full-Service Restaurants was the largest borrower group in Chicago, with 83 loans or 7.2% of the total.
The five largest industries made up 19% of all Chicago loans. Child Care Services stands out: its 41 loans are 3.5% of Chicago loans, against 1.5% nationally, 2.4 times its national share.
| Industry | Loans | Share | U.S. share |
|---|---|---|---|
| Full-Service Restaurants | 83 | 7.2% | 4.6% |
| Child Care Services | 41 | 3.5% | 1.5% |
| Limited-Service Restaurants | 35 | 3.0% | 3.3% |
| Beauty Salons | 31 | 2.7% | 1.5% |
| Fitness and Recreational Sports Centers | 30 | 2.6% | 2.1% |
Share is the percent of all Chicago loans in that period. Industry is the NAICS code on each loan. A name links to the Illinois page for that industry where one exists.
A typical loan payment in Chicago
The median Chicago loan was $150,000 with a median term of 10 years.
The median variable-rate loan in Chicago was priced at Prime plus 2.75 percentage points at approval. At today's Prime that spread works out to 9.75%. On $150,000 over 10 years, principal and interest would come to about $1,962 a month. That is arithmetic on past loans, not a rate a lender is offering.
| Loan | Amount | Monthly payment |
|---|---|---|
| 25th percentile loan | $50,000 | $654 |
| Median loan | $150,000 | $1,962 |
| 75th percentile loan | $500,000 | $6,539 |
Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.
SBA's rate ceiling for this loan size
SBA's maximum for a loan of $150,000 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.2 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).
Chicago loans approved since FY2024 had a median starting rate of 10.25% at approval, matching the national median. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.
Run your own numbers: payments on a $150,000 loan and SBA Express payment calculator.
SBA 504 loans near Chicago
Chicago has 124 SBA 504 loans since FY2024, with $106.0 million in SBA and CDC dollars.
The median 504 loan in Chicago was $523,000 in SBA and CDC dollars, 10% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.
Small Business Growth Corporation is the Certified Development CompanyA nonprofit that SBA certifies and regulates to arrange 504 loans together with a bank. (CDC) named on the most loans since FY2024, with 63. SomerCor 504, Inc. follows with 58. The two CDCs listed are named on 121 loans between them.
| Certified Development Company | 504 loans |
|---|---|
| Small Business Growth Corporation | 63 |
| SomerCor 504, Inc. | 58 |
How a 504 loan is split
A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a list of Certified Development Companies.
Illinois cities near Chicago
Chicago made up 20.4% of Illinois's SBA loans since FY2024.
Chicago is one of 14 Illinois cities with 100 or more SBA loans since FY2020. The Illinois page covers all 5,663 loans in Illinois. The closest come first, ranked by county and ZIP code on their loans.
Common questions about SBA loans in Chicago
Which lenders make the most SBA loans in Chicago?
The Huntington National Bank leads with 308 loans in Chicago since FY2024. U.S. Bank (110) and JPMorgan Chase Bank (75) follow. Only lenders with five or more Chicago loans are counted.
Which industries get SBA loans in Chicago?
Full-Service Restaurants leads with 83 loans in Chicago since FY2024. Child Care Services (41) and Limited-Service Restaurants (35) follow.
How to read this
Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. How we build these pages.
Sources
- SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- SBA, 504 loans
- SBA, resource partners: SBDCs and SCORE
- SBA Illinois District Office (Chicago)
- Illinois Small Business Development Center Network
- SCORE, Illinois
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)
- sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)
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Cite this page: Small business loans in Chicago, IL. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/illinois-small-business-loans/chicago/
Ask lending partners about a loan in Chicago
Tell us what you need and we refer your request to lending partners.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.