# Small business loans in Springfield, IL

**Short answer:** The most active SBA lenders in Springfield, IL since FY2024 are Bank of Springfield (33 loans) and First Bankers Trust Company (7). The median loan was $100,000, and half fell between $45,000 and $306,600. For free help, see the Illinois Small Business Development Center Network. Source: SBA 7(a) loan data.

Canonical page: https://www.sbaexpress.loans/illinois-small-business-loans/springfield/
Data as of: 2026-06-30

## Lenders making SBA loans in Springfield

Bank of Springfield made the most loans in Springfield, 46% of the total. The four largest lenders together made 70%.

**Lenders with five or more SBA loans in Springfield, IL, FY2024 to June 2026**

| Lender | Loans | Share |
| --- | --- | --- |
| [Bank of Springfield](https://www.sbaexpress.loans/sba-express-lenders/bank-of-springfield/) | 33 | 46.5% |
| First Bankers Trust Company | 7 | 9.9% |
| [Morton Community Bank](https://www.sbaexpress.loans/sba-express-lenders/morton-community-bank/) | 5 | 7.0% |
| United Community Bank | 5 | 7.0% |

Share is the percent of all Springfield loans in that period. Each name links to that lender's page for Illinois where one exists.

Springfield has four lenders with five or more loans since FY2024. Others had fewer, and the Illinois page counts 224 lenders with at least one approved loan statewide.

## Local help near Springfield

Springfield borrowers can start with SBA's district office for Illinois, an SBDC or SCORE.

45% of Springfield 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](https://www.sba.gov/district/illinois)
- [Illinois Small Business Development Center Network: Small Business Development Center](https://sbdc.illinois.gov/)
- [SCORE mentors in Illinois: Business mentoring](https://www.score.org/il/)

Alongside SBA loans, Illinois runs a loan program. The [Illinois page](https://www.sbaexpress.loans/illinois-small-business-loans/#loan-programs-in-illinois) describes it, and the official page is linked here.

- [Advantage Illinois](https://dceo.illinois.gov/smallbizassistance/advantageillinois)

## Loan counts and sizes in Springfield

Springfield ranks 6th by loans since FY2024 among the 14 Illinois cities with 100 or more SBA loans since FY2020. Nationally it is the 346th busiest of the 580 cities that reach 100 loans.

The 71 loans, 1.3% of the 5,663 in Illinois, were approved for $26.2 million in all. The median loan was $100,000, 33% below the national median of $150,300. Half of the loans fell between $45,000 and $306,600. The Springfield median is 38% below the Illinois median of $160,000.

**Springfield, IL compared with Illinois and the nation, loans from FY2024 to June 2026**

| Measure | Springfield | Illinois | U.S. |
| --- | --- | --- | --- |
| Loans | 71 | 5,663 | 162,355 |
| Median loan | $100,000 | $160,000 | $150,300 |
| 25th percentile | $45,000 | $60,000 | $50,000 |
| 75th percentile | $306,600 | $500,000 | $500,000 |
| Via SBA Express | 36.6% | 31.7% | 35.8% |
| Lines of credit | 29.6% | 25.6% | 28.1% |
| Startups | 22.5% | 15.2% | 16.1% |
| Ownership changes | 19.7% | 11.5% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 1.0 | 2.5 | 2.75 |
| Charged off | Fewer than 5 | 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.

86% of the loans were $500,000 or less, the size SBA Express covers. 36.6% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 29.6% of loans, close to the national 28.1%.

SBA loans in Springfield, IL by size, FY2024 to June 2026

- $50,000 or less (42%): 30
- $50,001 to $150,000 (13%): 9
- $150,001 to $350,000 (21%): 15
- $350,001 to $500,000 (10%): 7
- $500,001 to $1,000,000: Fewer than 5
- $1,000,001 to $2,000,000: Fewer than 5
- Over $2,000,000: Fewer than 5

Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.

By business age, 35.2% of loans went to businesses more than two years old and 22.5% to businesses two years old or younger. Startups received 22.5% and changes of ownership 19.7%. The national startup share is 16.1%.

SBA loans in Springfield, IL by fiscal year

- FY2020: 29
- FY2021: 26
- FY2022: 19
- FY2023: 20
- FY2024: 21
- FY2025: 29
- FY2026 (through June 30): 21

Fiscal years run October to September. The last bar covers nine of its twelve months.

Volume rose 38% from FY2024 (21 loans) to FY2025 (29), the two latest full years. The busiest full year in the file was FY2020, with 29 loans. FY2026 already shows 21 loans through June 30.

Of the 74 loans Springfield borrowers received in FY2020 to FY2022, fewer than 5 were charged off by June 30, 2026, against 3.6% nationally. Lenders reported 1,032 jobs supported across the 71 loans since FY2024, about 14.5 per loan. SBA does not audit these estimates.

## What businesses in Springfield borrow for

Full-Service Restaurants was the largest borrower group in Springfield, with 13 loans or 18.3% of the total.

Full-Service Restaurants stands out: its 13 loans are 18.3% of Springfield loans, against 4.6% nationally, 4.0 times its national share.

**Industries with the most SBA loans in Springfield, IL, FY2024 to June 2026**

| Industry | Loans | Share | U.S. share |
| --- | --- | --- | --- |
| [Full-Service Restaurants](https://www.sbaexpress.loans/industries/full-service-restaurants/) | 13 | 18.3% | 4.6% |
| [Tax Preparation Services](https://www.sbaexpress.loans/industries/tax-preparation-services/) | 5 | 7.0% | 0.4% |

Share is the percent of all Springfield 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 Springfield

The median Springfield loan was $100,000 with a median term of 10 years.

The median variable-rate loan in Springfield was priced at Prime plus 1.0 percentage points at approval. At today's Prime that spread works out to 8.00%. On $100,000 over 10 years, principal and interest would come to about $1,213 a month. That is arithmetic on past loans, not a rate a lender is offering.

**Payment at today's rate on three Springfield loan sizes over 10 years**

| Loan | Amount | Monthly payment |
| --- | --- | --- |
| 25th percentile loan | $45,000 | $546 |
| Median loan | $100,000 | $1,213 |
| 75th percentile loan | $306,600 | $3,720 |

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 $100,000 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 5.0 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).

Springfield loans approved since FY2024 had a median starting rate of 8.75% at approval, against 10.25% nationally. 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 $100,000 loan](https://www.sbaexpress.loans/loan-amounts/100000-business-loan/) and [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

## SBA 504 loans near Springfield

Springfield has 9 SBA 504 loans since FY2024, with $6.5 million in SBA and CDC dollars.

The median 504 loan in Springfield was $460,000 in SBA and CDC dollars, 9% 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 Company (CDC) named on the most loans since FY2020, with 12. SomerCor 504, Inc. follows with 10. The two CDCs listed are named on 22 loans between them.

**CDCs named on five or more 504 loans in Springfield, FY2020 to June 2026**

| Certified Development Company | 504 loans |
| --- | --- |
| Small Business Growth Corporation | 12 |
| SomerCor 504, Inc. | 10 |

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 capital or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a [list of Certified Development Companies](https://www.sba.gov/loans/504-loans/list-of-certified-development-companies/).

## Illinois cities near Springfield

Springfield made up 1.3% of Illinois's SBA loans since FY2024.

Springfield is one of 14 Illinois cities with 100 or more SBA loans since FY2020. The [Illinois page](https://www.sbaexpress.loans/illinois-small-business-loans/) covers all 5,663 loans in Illinois. The closest come first, ranked by county and ZIP code on their loans.

- [Rockford: 58 loans, median $158,000](https://www.sbaexpress.loans/illinois-small-business-loans/rockford/)
- [Chicago: 1,158 loans, median $150,000](https://www.sbaexpress.loans/illinois-small-business-loans/chicago/)
- [Plainfield: 60 loans, median $125,000](https://www.sbaexpress.loans/illinois-small-business-loans/plainfield/)
- [Naperville: 148 loans, median $150,000](https://www.sbaexpress.loans/illinois-small-business-loans/naperville/)
- [Aurora: 75 loans, median $150,000](https://www.sbaexpress.loans/illinois-small-business-loans/aurora/)
- [Schaumburg: 107 loans, median $150,000](https://www.sbaexpress.loans/illinois-small-business-loans/schaumburg/)
- [Elgin: 68 loans, median $200,000](https://www.sbaexpress.loans/illinois-small-business-loans/elgin/)
- [Skokie: 59 loans, median $280,000](https://www.sbaexpress.loans/illinois-small-business-loans/skokie/)

## Common questions about SBA loans in Springfield

### Which lenders make the most SBA loans in Springfield?

Bank of Springfield leads with 33 loans in Springfield since FY2024. First Bankers Trust Company (7) and Morton Community Bank (5) follow. Only lenders with five or more Springfield loans are counted.

### Which industries get SBA loans in Springfield?

Full-Service Restaurants leads with 13 loans in Springfield since FY2024. Tax Preparation Services (5) follows.

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](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SBA, 504 loans](https://www.sba.gov/loans/504-loans/)
- [SBA, resource partners: SBDCs and SCORE](https://www.sba.gov/counseling/local-assistance/resource-partners/)
- [SBA Illinois District Office (Chicago)](https://www.sba.gov/district/illinois)
- [Illinois Small Business Development Center Network](https://sbdc.illinois.gov/)
- [SCORE, Illinois](https://www.score.org/il/)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)](https://www.sba.gov/loans/504-loans/)
- [SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)](https://www.ecfr.gov/current/title-13/section-120.214)