Small Business Loans In Illinois

Small Business Loans IllinoisIllinois is a state of two solitudes – urban and rural. On the shores of Lake Michigan, Chicago is one of America’s most dynamic cities. With more than 9.5 million people living there, it is unquestionably the hub of the Midwest.

Downstate, fertile farmland, and much smaller cities/towns predominate. Despite the stark difference between these two distinct regions, both are home to passionate small business owners. Every day, they keep Illinois running.

However, in good times and bad, there is always a need for capital. For years, the top business lenders in Illinois have been there for them, Whether it is for cash for improvements and payroll, the small business loans in Illinois that they provide are invaluable.

Are you looking for small business loans in Chicago, Illinois, or small business loans in Springfield, Illinois? Check out the list we’ve assembled below, as they are all licensed business loan broker Illinois.

If your goal is not to find a specific business lender but rather get the quickest business financing available in Illinois, we recommend using Become’s unique matching algorithm, connecting you with the best opportunities for you on the market.

→ Apply for a small business loan with 15 lenders in one click!

Best 3 Lenders in Illinois


#1 Flexible Loan Terms
  • Many Funding Options
  • Just One Application To Fill Out
  • Marketplace With 75+ Lenders
  • Live Chat Available
  • No Origination Fee
  • Personalized Epertise
#2 Low Interest Rates
  • No Prepayment Penalties
  • Monthly Payments Available
  • Speedy Funding
  • Low Interest Rates
  • Access to Large Loan Amounts
  • High Trustpilot Ratings
#3 Funded $10bn+ in Global Loans
  • One of The Biggest P2P Companies
  • No Minimum Revenue Requirement
  • High Borrowing Amounts
  • No Prepayment Penalty
  • Great for Consolidating Business Debt
  • Great Customer Service

Additional Business Loan Options in Illinois

On top of our list presenting the best business loans for small businesses in Illinois, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in Illinois. Read our short reviews below:

Illinois Business Financial Services ( offers a variety of loans to small businesses in Illinois. The company has landed over $1 million in loans since it was founded in 2014. Services offered by the company include business consulting, financial planning, and SBA business loans. The company is headquartered in Chicago, Illinois.

Ivanhoe Capital Advisors ( is a full-service commercial lender that provides financing for businesses of all sizes. The company has provided over $1 billion in loans to businesses across the United States. Ivanhoe Capital Advisors offers a variety of services, including working capital financing, equipment financing, and real estate financing. The company is headquartered in Chicago, Illinois.

LQD Business Finance ( is a company that offers loans to small businesses. The company has its headquarters in Chicago, Illinois. It has lent out over $1 billion in loans. The company offers a variety of loan products, and services including term loans, lines of credit, and SBA loans financial services, such as merchant cash advances and invoice financing.

Perfect Alliance Capital ( is a company that offers loans to small businesses. The company is headquartered in Chicago, Illinois. Perfect Alliance Capital has landed $1.2 million in loans from the Illinois Business Financial Services. The company offers services such as business consulting, financial planning, and business loans like SBA loans, mergers and acquisition financing, and equipment leasing.

Rockford Local Development Corporation ( is a company that offers loans to small businesses in the city of Rockford, Illinois. Rockford Local Development Corporation offers services such as business consulting, financial planning, but also SBA loans, micro loans, and even the VetLoan Advantage Program.

Allies for Community Business (ACB) ( is a nonprofit organization that provides loans and technical assistance to small businesses in the Chicago area. ACB has provided over $520 million in loans to small businesses in the 2020-2021 period. In addition to loans, ACB also offers business counseling and workshops to help small businesses start and grow.

Black Onyx Corporation ( is a small business lending institution based in Illinois. Black Onyx has provided over $500,000 in loans to small businesses in the area. Black Onyx offers a variety of loan products including invoice factoring, equipment loans, working capital loans, and many more.

Sky Business Credit ( helps businesses unlock the cash tied up in their invoices. By offering cash advances and invoice factoring, the company helps small businesses stay afloat and successfully handle and pay staff, buy equipment and supplies, and acquire materials or inventory that may require additional financial resources.

Elite Commercial Lending ( is a provider of commercial lending products and services. Their team of experienced commercial lending experts will work with you to find the best loan product for your business. Whether you need a loan for expansion, working capital, or equipment, Elite Commercial Lending can help.

Illinois Small Business At A Glance

Illinois is one of America’s wealthiest states. From its productive agricultural land to finance giants in Chicago, its many industries combined to produce a GDP of almost $900 billion in 2019. That put the state fifth in the nation and 21st in the world. If Illinois were its own country, its economy would be larger than nations like Turkey, Switzerland, or Taiwan.

Unquestionably, Chicago is the most significant contributor to the economy of Illinois. It is a world leader in finance, as institutions like the Mercantile Exchange and the Federal Reserve Bank of Chicago are based here.

Chicago is home to many major corporations. Within city limits, 34 Fortune 500 companies make their headquarters. As a result, the market for professional services here is strong. Also, the Chicagoland area is home to numerous manufacturing firms.

Downstate, agriculture dominates, with much of America’s corn crop being grown in Illinois. Smaller manufacturing hubs and a growing renewables sector can also be found outside of Chicago.

Despite the might of major corporations, Illinois small business is the key to its economy. 99.6% of companies in Illinois met the SBA definition of a small business in 2018. In total, these enterprises employed 45.5% of people in the state.

Despite their dominance, SMEs are far more vulnerable to economic shocks. For that reason, easy access to small business loans in Illinois is essential. Local business loan broker Illinois provides the capital these enterprises need to grow in good times. Additionally, they also help small businesses stay afloat in bad times.

Why Do Entrepreneurs Need Small Business Loans In Illinois?

Illinois is an exciting place to build a small business. With loads of capital floating around, successful entrepreneurs can make a good life for them and their employees. However, it isn’t without its challenges.

For business owners in the Chicagoland area, rents can be a massive source of stress. Downtown, average rents hovering around $36 per square foot. In more desirable areas, those numbers can be much higher. Downstate, farmers are at the mercy of bad growing seasons and unpredictable weather. One terrible season is all it takes to clean out one’s cash reserves.

In either situation, sudden money troubles can befall an owner. There are options, though – business lenders in Illinois are always there to help. Even if one’s financial history is less than perfect, many offer small business loans Illinois for bad credit.

When times are good, these same enterprises need business financing Illinois to achieve their goals. Whether its more efficient machinery or hiring more hands, brokers are there to supply small business funding Illinois.

The very best business lenders in Illinois not only offer these loans, but they also do so in record time. Often, entrepreneurs can have money in their hands in less than 24 hours. How to these lenders do it? Thanks to better algorithms that better assess risk, they can take more chances than the banks.

Want money, and fast? Check out our list of business loan broker Illinois at the top of this page.

Grants & SBA Lenders Available To Illinois Small Businesses

In any society, small businesses must be taken care of if we are to have a thriving economy. To address this need, the Illinois state government offers grants and other incentives designed to help SMEs.

All these tools help small businesses get through times of struggle and expansion. Below, we’ve pulled together the best grants and other programs designed to aid entrepreneurs.

  • The Employer Training Investment Program (ETIP) offers grants meant to subsidize the training of an applicant business’s employees. To receive funds, the applicant must commit to supplying 50% of the award amount in matching funds. Together, the applicant must use the capital to pay the trainer, as well as the wages of trainees.
  • The Downstate Small Business Stabilization Program provides grants to stabilize small businesses outside the Chicagoland area. Companies that employ 50 workers or less are eligible to apply for funding under this program. Successful applicants may receive upwards of $25,000 in working capital.
  • AgriFIRST is a grant program meant to increase innovation and profitability within the agricultural industry in Illinois. Both farmers and small agribusinesses are eligible for grants under this program. Technical assistance grants pay for up to 75% of a value-added project, while competitive assessment grants cover 50% of feasibility studies or marketing plans. As much as $25,000 is available per application.
  • The Recycling Expansion and Modernization (REM) Program offers grant funding to improve recycling and waste reduction by Illinois small businesses. Businesses in all sectors are eligible to apply for this grant. If successful, the applicant can receive $150,000 to $250,000.

Need money, but don’t have time to wait for a grant? Get an SBA small business loan in Illinois instead. There is plenty of business financing Illinois, as Chicago is a leading financial hub. And, thanks to the fact that the federal government backstops SBA loans, they are easy to get. They also offer attractive interest rates and repayment time frames.

Top business lenders in Illinois who offer SBA loans include the following:

  • S. Bank
  • The Huntington National Bank
  • JPMorgan Chase Bank
  • Byline Bank
  • CenTrust Bank


Illinois is the economic powerhouse of the Midwest. With its diversified economy, this state is an excellent place to start a business. If you do, you’ll be joining 1.2 million SMEs that contribute mightily to this place’s success.

If you require small business loans in Illinois, online brokers are there to help. Even if the banks aren’t, chances are good business lenders in Illinois can find a funding solution for you. Start your search by browsing our list of lenders at the top of this guide and get the best Illinois business loans.

Nearby States

Business Loans in Pennsylvania

Business Loans in North Carolina

Business Loans in Georgia