SBA loans in Chicago: who lends, what gets bought
Since FY2018, SBA lenders have approved 1,167 7(a) loans to buy an existing business in the Chicago area, totaling $1.4B. The median loan was $688,000, 7% higher than the $645,250 national median. The area is Cook, Dupage, Lake, Will and Kane Counties, Illinois, which together make 66% of the state's acquisition loans.
- Loans, FY2018-FY2026
- 1,167
- Median loan
- $688,000 (middle half $306,000 to $1,631,900)
- Top lender
- The Huntington National Bank (14%, 159 loans)
- Top industry
- Full-Service Restaurants
- Charge-off, FY2018-FY2021 loans
- 5.5% (all-acquisition: 3.5%)
- FY2026 loans (latest complete year)
- 139 (-33% vs FY2025)
SBA lenders approved 1,167 7(a) loans to buy a business in the Chicago area from FY2018-FY2026, with a median of $688,000 and a middle half of $306,000 to $1,631,900. The Huntington National Bank made 14% of them. FY2026 had 139 loans, down 33% from FY2025.
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SBA lenders in Chicago
The lenders that made the most SBA 7(a) acquisition loans in the Chicago area, FY2018 to FY2026. Many lend in more than one state; open a lender page to see where else it lends.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 159 | 13.6% | $110M | |
| 2 | Byline Bank | 148 | 12.7% | $201M | |
| 3 | Live Oak Banking Company | 109 | 9.3% | $151M | |
| 4 | CenTrust Bank, A Division of SmartBiz Bank National Association | 42 | 3.6% | $55.4M | |
| 5 | Village Bank and Trust, National Association | 38 | 3.3% | $25.7M | |
| 6 | Merchants Bank of Indiana | 32 | 2.7% | $52.5M | |
| 7 | Old National Bank | 30 | 2.6% | $43.3M | |
| 8 | GBank | 24 | 2.1% | $74.4M | |
| 9 | CIBC Bank USA | 22 | 1.9% | $28.6M | |
| 10 | Busey Bank | 21 | 1.8% | $29.9M |
What gets bought in Chicago
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Full-Service Restaurants | 65 | 5.6% | $44M | |
| 2 | Limited-Service Restaurants | 53 | 4.5% | $47.9M | |
| 3 | Hotels (except Casino Hotels) and Motels | 50 | 4.3% | $160M | |
| 4 | Beer, Wine, and Liquor Retailers | 40 | 3.4% | $41.1M | |
| 5 | General Automotive Repair | 33 | 2.8% | $34.7M | |
| 6 | Gasoline Stations with Convenience Stores | 32 | 2.7% | $57.8M | |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 25 | 2.1% | $24.6M | |
| 8 | All Other Specialty Trade Contractors | 24 | 2.1% | $23M | |
| 9 | Offices of Certified Public Accountants | 23 | 2.0% | $20.8M | |
| 10 | Home Health Care Services | 21 | 1.8% | $18.3M |
Franchise brands bought in Chicago
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The UPS Store | 19 | 1.6% | $9.3M | |
| 2 | Parent Petroleum | 7 | 0.6% | $15.3M | |
| 3 | Papa John's | 7 | 0.6% | $9.3M | |
| 4 | Signarama | 7 | 0.6% | $2.7M | |
| 5 | BrightStar Care | 6 | 0.5% | $9.3M | |
| 6 | Country Inn and Suites by Radisson | 5 | 0.4% | $22.6M | |
| 7 | Quality Inn | 5 | 0.4% | $15.5M | |
| 8 | World Fuel Services | 5 | 0.4% | $6.1M | |
| 9 | The Goddard School | 5 | 0.4% | $5.1M | |
| 10 | Servpro | 5 | 0.4% | $4.1M | |
| 11 | Subway | 5 | 0.4% | $1.3M | |
| 12 | Red Roof Inn | 4 | 0.3% | $14.6M | |
| 13 | Motel 6 | 4 | 0.3% | $10.8M | |
| 14 | Meineke Car Care Center | 4 | 0.3% | $5.4M | |
| 15 | Ace Hardware | 4 | 0.3% | $3.9M |
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Chicago acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 108 | $98M | $497,000 | |
| FY2019 | 134 | $117M | $545,500 | |
| FY2020 | 109 | $123M | $729,000 | |
| FY2021 | 120 | $141M | $704,900 | |
| FY2022 | 116 | $167M | $921,000 | |
| FY2023 | 90 | $115M | $641,550 | |
| FY2024 | 145 | $160M | $677,500 | |
| FY2025 | 206 | $256M | $749,250 | |
| FY2026 | 139 | $185M | $757,000 |
How often do these acquisition loans fail?
Of the 471 the Chicago area acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 26 have been charged off by the SBA, a rate of 5.5% by loan count and 3.7% by dollars. 240 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so the Chicago area is 57% higher than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
How Chicago compares
| Measure | Chicago | Illinois, all | All acquisitions |
|---|---|---|---|
| Median loan | $688,000 | $650,000 | $645,250 |
| Middle half of loans | $306,000 to $1,631,900 | $300,000 to $1,551,000 | $283,000 to $1,465,000 |
| Average initial rate | 7.86% | 7.78% | 7.76% |
| Median term | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 5.5% | 4.5% | 3.5% |
| Loans in sample | 1,167 | 1,779 | 48,902 |
The median for Chicago-area acquisition loans is $688,000, slightly above the $650,000 median for all Illinois acquisitions and slightly above the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $306,000 to $1,631,900, against $283,000 to $1,465,000 nationally; the median term is 10 years, the same as the national median; the average initial rate is 7.86%, in line with the 7.76% national average.
Seasoned loans were charged off at 5.5%, above the 4.5% rate for all Illinois acquisitions and well above the 3.5% rate for all acquisition loans.
Loan size distribution
| Loan size | Chicago | All acquisitions |
|---|---|---|
| Under $350K | 28% | 30% |
| $350K to under $1M | 33% | 33% |
| $1M to under $2M | 19% | 19% |
| $2M and over | 20% | 17% |
Most Chicago-area acquisition loans (62%) were under $1M, and the largest single band is $350K to under $1M at 33%, against 33% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
The Huntington National Bank made 14% of Chicago-area acquisition loans, and the top three lenders together made 36%. 70 of the 138 lenders involved made three or more. Repeat experience is spread across many banks. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 345 Chicago-area acquisition loans were approved. That is 47% more than the 235 approved in FY2023 and FY2024. The median was $755,000, slightly above the $688,000 median across all years.
Terms signed in the LOI shape the purchase agreement that follows.
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Counties in the Chicago area
Loans are assigned to the area by the project county the lender recorded, not the borrower's mailing address. The counties used, with loans in each:
| County | Loans |
|---|---|
| Cook, IL | 621 |
| Dupage, IL | 224 |
| Lake, IL | 126 |
| Will, IL | 89 |
| Kane, IL | 107 |
Questions buyers ask
How much do buyers borrow to buy a business in the Chicago area?
The median SBA 7(a) acquisition loan in the Chicago area was $688,000 across 1,167 loans (FY2018 to FY2026), 7% higher than the $645,250 national median. The middle half of loans ran from $306,000 to $1,631,900. A loan is not the purchase price: it is net of the buyer's equity injection and usually includes some working capital.
Which banks make the most SBA acquisition loans in Chicago?
The Huntington National Bank (159), Byline Bank (148), Live Oak Banking Company (109), CenTrust Bank, A Division of SmartBiz Bank National Association (42), Village Bank and Trust, National Association (38). The Huntington National Bank accounts for 14% of Chicago-area acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Chicago?
Full-Service Restaurants (65), Limited-Service Restaurants (53), Hotels and Motels (50), Beer, Wine, and Liquor Retailers (40), General Automotive Repair (33). Industry is the NAICS code the lender recorded.
How often do SBA acquisition loans fail in Chicago?
In the seasoned cohort (FY2018 to FY2021), among 471 Chicago-area acquisition loans: 5.5% charged off, 57% higher than the 3.5% national acquisition average.
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Related
- All Illinois acquisitions
- Full-Service Restaurants nationally
- Limited-Service Restaurants nationally
- Hotels and Motels nationally
- The Huntington National Bank
- Byline Bank
- Live Oak Banking Company
- All metro areas
- SBA lenders by state
The metro area is a fixed list of counties chosen for this site, not an official statistical area. State is the project state recorded by the lender.
Cite this data
SBA Acquisition Data, "Chicago, IL: SBA acquisition loan data", https://sbaacquisitiondata.com/metro/chicago (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/metro/chicago.json.