Limited-Service Restaurants acquisitions in Illinois: SBA loan data
Since FY2018, SBA lenders have approved 90 7(a) loans to buy an existing business classified as Limited-Service Restaurants in Illinois, totaling $74.4M. The median loan was $412,500. That is 5.1% of the 1,779 acquisition loans in Illinois.
- Loans, FY2018-FY2026
- 90
- Median loan
- $412,500 (middle half $227,025 to $1,040,250)
- Top lender
- Byline Bank (14%, 13 loans)
- Charge-off, FY2018-FY2021 loans
- 4.3% (all-acquisition: 3.5%)
- FY2026 loans (latest complete year)
- 9
SBA lenders approved 90 7(a) loans to buy a business classified as Limited-Service Restaurants in Illinois from FY2018-FY2026, with a median of $412,500 and a middle half of $227,025 to $1,040,250. 4.3% of 46 seasoned loans were charged off, 24% higher than the 3.5% all-acquisition rate. FY2026 had 9 loans.
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How Limited-Service Restaurants in Illinois compares
| Measure | Limited-Service Restaurants in... | Illinois, all industries | Limited-Service Restaurants, nationwide | All acquisitions |
|---|---|---|---|---|
| Median loan | $412,500 | $650,000 | $350,000 | $645,250 |
| Middle half of loans | $227,025 to $1,040,250 | $300,000 to $1,551,000 | $202,500 to $693,375 | $283,000 to $1,465,000 |
| Average initial rate | 7.97% | 7.78% | 7.83% | 7.76% |
| Median term | 10 years | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 4.3% | 4.5% | 5.3% | 3.5% |
| Loans in sample | 90 | 1,779 | 2,222 | 48,902 |
The median for loans to buy fast-food restaurants in Illinois is $412,500, below the $650,000 median for all Illinois acquisitions, above the $350,000 median for Limited-Service Restaurants acquisitions nationwide and below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $227,025 to $1,040,250, 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 7.97%, above the 7.76% national average.
Seasoned loans were charged off at 4.3%, in line with the 4.5% rate for all Illinois acquisitions, below the 5.3% rate for Limited-Service Restaurants acquisitions nationwide and above the 3.5% rate for all acquisition loans.
Loan size distribution
| Loan size | Limited-Service Restaurants in... | All acquisitions |
|---|---|---|
| Under $350K | 46% | 30% |
| $350K to under $1M | 28% | 33% |
| $1M to under $2M | 17% | 19% |
| $2M and over | 10% | 17% |
Most loans to buy fast-food restaurants in Illinois (73%) were under $1M, and the largest single band is Under $350K at 46%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Byline Bank made 14% of loans to buy fast-food restaurants in Illinois, and the top three lenders together made 33%. 11 of the 37 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, 15 loans to buy fast-food restaurants in Illinois were approved. That is 32% fewer than the 22 approved in FY2023 and FY2024. The median was $600,000, well above the $412,500 median across all years.
Limited-Service Restaurants acquisition loans in Illinois by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 12 | $8.8M | $287,000 | |
| FY2019 | 13 | $12.6M | $275,000 | |
| FY2020 | 12 | $9.4M | $589,850 | |
| FY2021 | 9 | $6.5M | $692,000 | |
| FY2022 | 7 | $6.5M | $350,000 | |
| FY2023 | 6 | $2.5M | $437,400 | |
| FY2024 | 16 | $9.4M | $391,500 | |
| FY2025 | 6 | $6.2M | $550,000 | |
| FY2026 | 9 | $12.5M | $1,005,000 |
How often do these acquisition loans fail?
Of the 46 Limited-Service Restaurants in Illinois acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 4.3% by loan count and 7.2% by dollars. 31 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 Limited-Service Restaurants in Illinois is 24% 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.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Byline Bank | 13 | 14.4% | $15.7M | |
| 2 | The Huntington National Bank | 10 | 11.1% | $7.1M | |
| 3 | Live Oak Banking Company | 7 | 7.8% | $10.1M | |
| 4 | First Mid Bank & Trust, National Association | 5 | 5.6% | $1.7M | |
| 5 | Village Bank and Trust, National Association | 5 | 5.6% | $1.3M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Papa John's | 8 | 8.9% | $10.4M | |
| 2 | Dairy Queen | 8 | 8.9% | $5.2M | |
| 3 | Subway | 5 | 5.6% | $954K | |
| 4 | Imo's Pizza | 4 | 4.4% | $1.2M | |
| 5 | Little Caesars | 3 | 3.3% | $2.8M |
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Questions buyers ask
How much do SBA loans for Limited-Service Restaurants acquisitions in Illinois run?
The median SBA 7(a) loan was $412,500 across 90 loans (FY2018 to FY2026), with the middle half between $227,025 and $1,040,250. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Limited-Service Restaurants acquisitions in Illinois?
Byline Bank (13), The Huntington National Bank (10), Live Oak Banking Company (7), First Mid Bank & Trust, National Association (5), Village Bank and Trust, National Association (5). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Limited-Service Restaurants acquisition loans fail in Illinois?
4.3% of 46 seasoned loans (FY2018 to FY2021) were charged off, against 3.5% for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Limited-Service Restaurants acquisitions in Illinois?
53 of the 90 loans (59%) involved a franchise brand, most often Papa John's (8).
How much do you need down for an SBA loan to buy a fast-food restaurant in Illinois?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for loans to buy fast-food restaurants in Illinois was $412,500, and the middle half ran $227,025 to $1,040,250.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 15 loans to buy fast-food restaurants in Illinois in FY2025 and FY2026.
Which banks make SBA loans for a fast-food restaurant in Illinois?
By loan count, FY2018 to FY2026: Byline Bank (13), The Huntington National Bank (10), Live Oak Banking Company (7), First Mid Bank & Trust, National Association (5), Village Bank and Trust, National Association (5). Byline Bank made 14% of loans to buy fast-food restaurants in Illinois. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
The purchase agreement decides what you bought, not the loan approval.
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Related
- All Illinois acquisitions
- Financing one? How to get an SBA loan to buy a fast food restaurant
- Limited-Service Restaurants nationally
- Limited-Service Restaurants in California
- Limited-Service Restaurants in Washington
- Limited-Service Restaurants in Texas
- Limited-Service Restaurants in Georgia
- Limited-Service Restaurants in Pennsylvania
- Limited-Service Restaurants in Michigan
- Limited-Service Restaurants in Florida
- Limited-Service Restaurants in Ohio
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Small samples move a lot: each loan in this combination is 1% of the count. Industry is the NAICS code the lender recorded. See the methodology.
Cite this data
SBA Acquisition Data, "Limited-Service Restaurants in Illinois: SBA acquisition loan data", https://sbaacquisitiondata.com/state/il/limited-service-restaurants-722513 (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/state/il/limited-service-restaurants-722513.json.