Small Business Loans in Illinois

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10 Small Business Loans in Illinois

This list contains our in-house research about small business lenders in Illinois, anchored in solid, confirmable data. The lenders are arranged by the number of small business loans they've granted this year.

To clarify, these are the financial institutions and lenders that are actively providing the bulk of loans to small businesses in Illinois.

(This differs from several other websites, which often limit their articles to nonprofits that seldom lend or government initiatives that are inaccessible to many businesses.)

Takeaway: In Illinois, the bulk of small business lending is handled by large banks. You can see them below.

Methodology: Our analysis is rooted in SBA 7a loan data, meaning each listed lender offers these loans. Moreover, we've compiled information on other small business loans advertised on their websites.

A notable point is that traditional banks often have stringent requirements, such as high credit scores and a minimum of two years in business. Therefore, we've included two alternative financing options at the start of our list to cater to small business owners dealing with poor credit or those who have not been in business for long.

1. Credit Suite

Credit Suite specializes in business credit consulting and software, and it also brings to the table two unconventional financial offerings.

Their Cash Flow Financing option caters to business owners with bad credit. It enables you to use your business's cash flow as a means for accessing flexible financial support. Instead of standard monthly payments, repayment is linked to a proportion of your regular cash flow.

Additionally, their Credit Line Hybrid is focused on providing funding purely based on individual credit standing, without the need for exhaustive financial records, bank statements, or business plans. With available funding ranging from $5,000 to $150,000, it's an ideal fit for businesses in their early stages and even more established businesses.

Business financing options offered:

Credit Suite Cash Flow Financing
Credit Suite Credit Line Hybrid

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2. The Huntington National Bank

Huntington National Bank goes beyond being a leading small business lender in this state; it's also the foremost issuer of SBA 7a loans in the entire United States.

This distinction earns them a spot among the top 10 lenders in almost all other states - a clear indicator of their enthusiasm for supporting small businesses.

Beyond SBA loans, Huntington offers an extensive range of other financial services for small businesses, encompassing options like equipment leasing, agricultural financing, and a diverse spectrum of real estate loans.

Business financing options offered:

SBA 7a Loans
Equipment Leasing
Church Lending
Greek House Financing
Agricultural Loans
Warehouse Lending
Real Estate Loans, Term Loans, and Lines of Credit

3. US Bank

US Bank stands as a large, nationwide banking institution offering a diverse array of business loans. With its extensive network of physical branches, it's likely a familiar sight in your local area.

You can see below that they offer business loans for businesses of all types.

Business financing options offered:

US Bank Quick Loan
Business Term Loan
Commercial Real Estate Loan
Equipment Financing
SBA Loans
Dental, Medical, and Vet Practice Loans
Business Line of Credit
Manage Cash Flow
Business Equity Line of Credit
Business Reserve Line
4 Business Credit Cards

4. JP Morgan Chase Bank

Chase Bank ranks among the largest banks nationwide, making it unsurprising that they are heavily involved in small business lending in Illinois.

They are well-known among small business owners, particularly for their widely recognized business credit cards. These cards are notable for their attractive rewards programs. Chase has also teamed up with major airlines and hotel chains, enhancing the benefits and rewards available with several of their credit cards.

Business financing options offered:

2 Business lines of credit
3 Business loans
Commercial real estate financing
4 business credit cards, plus 6 co-branded airline/hotel cards

5. Byline Bank

Byline Bank’s Byline Express Loans are an interesting and different offering. For loans under $150,000, no financials are needed, but they do require IRS revenue verification.

For loans up to $500,000, they have a streamlined process with some documentation required.

Business financing options offered:

Byline Express Loans
Business term loans
Business lines of credit
Commercial mortgages

6. BayFirst National Bank

BayFirst National specializes in providing SBA loans. Their website proclaims “Lightning Fast Business Loans!” and boasts of an “In-house team, quick funding”. Their advantage lies in having an internal underwriting team, ensuring both rapid processing and specialized knowledge.

Given that SBA loans are typically known for their lengthy funding process, BayFirst National's ability to expedite this is a significant benefit.

Business financing options offered:

SBA Loans
Commercial Real Estate Loans
Commercial Term Loans
Commercial Lines of Credit
Construction Loans
Heavy Equipment Financing

7. Village Bank and Trust

Village Bank and Trust is a community bank owned by the larger Wintrust Community Bank. They were founded in Illinois and pride themselves on being connected to the local communities in which they reside.

Business financing options offered:

SBA Loans
Small Business Real Estate
Small Business Lending
Asset Based Lending
Commercial Lending

8. PNC Bank

PNC, a substantial national banking entity, operates numerous retail outlets. Its extensive scale naturally leads to a comprehensive array of small business lending options and a selection of five business credit cards.

On their website, you can find fundamental details about the loan amounts and terms for each type of financing. PNC enables the convenience of online applications and provides a detailed checklist of necessary business documents required for each specific business loan application.

Business financing options offered:

Term Loans
Unsecured Small Business Loans
Secured Small Business Loans
Small Business Commercial Real Estate Loans
Secured Vehicle Finance Loans
Small Business Lines of Credit
5 Business Credit Cards

9. Newtek Small Business Finance

Newtek might not be as familiar as traditional banks with physical branches, but it's a significant, publicly traded corporation heavily involved in small business lending.

While their website showcases just a few small business financing choices, their range of financial products is much broader. They provide a variety of financial services and products specifically designed for small businesses, such as payment processing, insurance, employee benefits, and payroll processing services, among others.

Business financing options offered:

Term Loans
Asset Based Financing
Inventory Based Financing
SBA Loans

10. Cadence Bank

Cadence is a small regional bank with limited business loan offerings. They did issue enough SBA Loans to secure their placement on this list.

Business financing options offered:

Small Business Administration Loans
Business Loans & Lines of Credit
1 Business Credit Card

How to apply for a small business loan in Illinois

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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