SBA loans by state
SBA loans in Illinois: 1,746 approvals in FY 2026, median $249,150
The state stood out for loans to general freight trucking, long-distance, truckload. Cook County had 45% of the state’s loans.
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Your loan against approvals in your state
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Illinois: 7(a) loans approved last year
1,746
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Illinois: median rate at approval, $50,001 to $250,000 | 9.75% |
| Illinois: median 7(a) loan last year | $249,150 |
| Payment over 10 years, SBA fee added to the loan | $3,365/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Illinois, FY 2026: 1,746 SBA 7(a) approvals for $1.1 billion (9th of the 50 states and DC, SBA file of September 30, 2026). The state stood out for loans to general freight trucking, long-distance, truckload. Cook County had 45% of the state’s loans. The state used 504 loans heavily: 267 approvals for $281.4 million. Only 13% of loans went to businesses under two years old. Only 155 lenders were active. 15% of approvals were later cancelled. Borrowers reported 11.4 jobs per loan. Start-ups took only 15% of approvals. 16% of loans ran 15 years or longer. Mid-size loans were priced at a median of 9.75%, above the national 9.75%. No lender dominated: the busiest made 15% of loans. Today’s cap on a $249,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| Huntington National Bank | 267 | $100,000 | 9.25% | Ohio |
| U.S. Bank | 171 | $50,000 | 10.49% | Ohio |
| Newtek Bank | 145 | $150,000 | 9.75% | Florida |
| Northeast Bank | 126 | $177,500 | 9.75% | Maine |
| Byline Bank | 90 | $1,145,000 | 9.50% | Illinois (in-state) |
More common here than nationally: general freight trucking, long-distance, truckload
43 Illinois loans went to general freight trucking, long-distance, truckload, 3.8 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and general freight trucking, long-distance, truckload. Vehicles and equipment wear out within a few years, so these loans stay short and small, often through SBA Express.
Lending centers on Cook County
Cook County alone had 785 approvals, 45% of the state’s total, ahead of Dupage County (236) and Lake County (136).
504 loans are well used
267 504 loans for $281.4 million were approved for Illinois projects, 15.3 for every 100 7(a) loans against 10.8 nationally, with a median debenture of $578,000. The busiest certified development companies were Small Business Growth Corporation (160), SomerCor 504, Inc. (90) and Rockford Local Development Corporation (8).
Mostly established borrowers
Businesses open two years or less took only 13% of Illinois’s approvals (15% nationally), leaving most of the volume to firms with a longer track record.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 355 | 10.50% | 13.50% |
| $50,001 to $250,000 | 572 | 9.75% | 13.00% |
| $250,001 to $350,000 | 205 | 9.50% | 11.50% |
| over $350,000 | 614 | 8.75% | 10.00% |
A few lenders do most of the work
Only 155 lenders were active for 1,746 Illinois loans, about 9 per 100 loans, a narrow field by national standards.
Many approvals cancelled
270 of Illinois’s approvals, 15%, were later cancelled (14% nationally). A cancelled loan was approved but not carried through, for example when the borrower chose other financing or the deal fell through.
More jobs per loan
Borrowers reported 19,897 jobs supported, 11.4 per loan against 10.3 nationally, a sign of larger employers among Illinois borrowers. The figure is the applicant’s own estimate at approval.
Few start-ups
Businesses not yet open took 15% of Illinois’s approvals, against 16% nationwide; established firms over two years old took 58%. A going concern is judged on its tax returns and cash flow and skips the 10% start-up equity rule.
Counties with the most approvals: Cook (785), Dupage (236) and Lake (136). Trades: full-service restaurants (108), limited-service restaurants (53), general freight trucking, long-distance, truckload (43), general automotive repair (43) and child care services (39).
All states compared.