|At a glance —Illinois is a state where small businesses can thrive, as it’s one of the best places for start-ups to get a business loan. Its local laws allow for growth in the industry, with the average small business loan amount sitting at $37,971. Illinois currently has more than 1.23 million registered small businesses. Throughout the US, it’s ranked as the 38th state for owning or starting a small business. In fact, more than 45% of the workforce in Illinois is employed through small businesses. In this article, we will look at the top business loans in Illinois.|
Top Illinois Small Business Loan Options
Huntington Bancshares Incorporated is a major bank holding firm with assets of $101 billion. Individuals, small companies, and private corporations are all eligible for loans. Commercial term loans, lines of credit, and government-backed loans are the three types of corporate financing the entity provides.
Huntington Bank offers the 7(a) program, which requires insurance but offers the exact same enterprise cost loans for equipment, business debts, office furniture, and property loans. However, there are different rates and terms lasting up to 25 years. The 504 unsecured loans initiative focuses on property and equipment funding, with the creation of employment as a requirement.
Finally, Huntington offers SBA Express Loans, which enable small companies to get lines of credit. The rates and terms are flexible and help balance short and long-term requirements while also aiding enterprises in achieving their short and long-term objectives.
Chase is one of the country's leading private banks and a popular provider in Illinois. Despite the fact that institutions like Chase have become stricter in their lending requirements since 2008, the firm still offers a vast and competitive range of products that small companies can use. You must apply for a Chase business loan in person, unlike many of its smaller rivals.
Chase Bank is generally regarded as having some of the country's highest, if not the best, lending rates. Such elite prices are only open to a select group of people. Yet, if you have a healthy, successful business and excellent credit, it's certainly not a bad thing to speak with a loan officer at your nearest Chase Bank to see if you qualify for finance.
Getting a line of credit means you’re given a credit cap that you can use for as long as it’s active. You can take out as much money as you want just don’t exceed the total credit limit. You’ll only pay interest on the portion of credit that you use. Most credit lines are revolving, which means that when you pay off your balance, you'll have more funds available.
Business Term Loans
Term loans for businesses are a type of finance that allows you to borrow money for your enterprise. A term loan offers you a lump sum in return for a commitment to pay a fixed amount back over a certain period of time, plus interest. Payments are made over the course of that time span, which is referred to as the "term."
SBA loans are partly guaranteed by the Small Business Administration. This aspect entitles you to better terms and rates than your application profile usually permits. It’s an ideal choice for many small business owners in Illinois.
3. Byline Bank
If you need a big, government-backed business loan but don't have much in the way of assets, Byline Bank could be a good option. Its 7(a) loans are backed by the SBA in a range of 75% to 85%. Other lenders can require you to put up collateral to cover the remaining 15% to 25%. Byline Bank, on the other hand, doesn’t typically force you to put up the whole amount.
It's both an SBA Preferred Lender and one of the country's busiest SBA 7(a) loan providers. If you need supplies, real estate finance, or a line of credit, it also offers SBA 504 loans and CAPLines.
Besides SBA 7(a) loans, 504 loans, and CAPLines, Byline Bank provides a variety of other lending options. Eligible parties can also apply for Business and Industry (B&I) loans from the USDA. This government-guaranteed scheme, sponsored by the US Department of Agriculture, allows businesses in rural areas to borrow between $1 and $10 million for terms of up to 30 years.
Loans for franchises are available too. With a professional franchise lending team, you can get a customized SBA loan. If you’re a financial adviser, you can also get an SBA loan. Byline Bank offers finance in this regard of between $150,000 and $5 million over a 10-year period of up to 100% funding. It also offers flexible loan options for new equipment purchases, leasing buyouts, and provider payments.
Type of Financing
The Huntington National Bank
SBA 7(a) scheme
SBA 504 loans
SBA Express Loan
Between $5,000 and $5 Million
It varies depending on the loan amount
Up to 25 years
JP Morgan Chase Bank
Business Term Loans
$10,000 to $500,000
Starting at $5,000
$350,000 to $5,000,000
Variable and commercially indexed to LIBOR, can be fixed or adjustable
12 to 24 months
12 to 84 months
3 to 25 years
SBA 7(a) loans
SBA 504 loans
Business and Industry Loans
$1 to $10 million depending on loan type and the collateral that you are able to put up
Varies according to loan type, amount, and repayment term
Up to 30 years