Find the best business loan rates (2021)

Small Business Loans in Chicago, IL

  • Apply in under 2 minutes
  • Get funds as fast as 24 hours
  • Applying won’t impact your credit score
Decision in minutes

See if you qualify.

Loan Overview

Loan Amount Up to $500,000
Estimated Repayment Terms 1-5 Years
Interest Rate Starting at 7%
Speed of Funding As fast as 1 day
Apply to multiple lenders with just one application Learn More

Running a business in the Windy City can be rewarding but also challenging. To succeed, it’s vital to adapt to changes in the market and stand out from the competition, which often requires capital. 

That’s why we’re letting you in on top lenders offering financing and small business loans in Chicago. We’re also offering a list of local organizations that focus on helping area entrepreneurs.

Chicago’s Business Landscape

The city of Chicago is home to more than 291,000 businesses with total retail sales accounting for approximately $22.6 million in revenue, according to the U.S. Census Bureau. 

Other top revenue-producing industries include the following: 

  • Merchant wholesale sales: $33.1 million
  • Healthcare and social assistance: $20 million
  • Accommodation and food service sales: $8.9 million

The U.S. Bureau of Labor Statistics also notes the following as top-employing industries in the Chicago metropolitan area: 

  • Trade, transportation and utilities
  • Professional and business services
  • Education services
  • Manufacturing
  • Financial activities

5 Best Banks for Small Business Loans in Chicago, IL

1. First Midwest Bank

This bank made’s list of America’s Best Banks for 2020 and was ranked No. 2 on its Best-In-State Banks (Illinois) list. It’s also been awarded the Better Business Bureau’s (BBB) A+ rating.

Loans are available from $25,000-$750,000 and include SBA loans, term loans and real estate loans. Entrepreneurs can also pursue a revolving business line of credit with this Chicago lender.

2. BMO Harris Bank ranked this local lender No. 5 on its 2020 list of Best-In-State Banks. Both variable and fixed-rate loans are available here. Additionally, loan amounts range from $25,000-$1 million, while small business lines of credit limits are available from $10,000-$1 million. Small business owners can also find business real estate loans, SBA loans and equipment financing at this Chicago bank.

3. Wintrust Bank

Wintrust Bank has earned the No. 4 spot on Forbes’ 2020 list for Best-In-State Banks. It’s also accredited by the BBB and has an A+ rating too. The bank boasts expertise in niche financing, catering to various business owners and types of loan applications. 

Available small business loans at this Chicago, IL, bank include the following:

  • SBA loans
  • Commercial business loans
  • Commercial real estate loans
  • Renovation loans
  • Construction loans
  • Commercial building refinancing
  • Bridge loans
  • Business credit cards

4. Byline Bank

Not only does this area bank have an A+ rating with the BBB, but it’s also climbed to the No. 1 spot and a 4.5-star rating on Yelp’s Best Small Business Bank in Chicago list. Whether you’re seeking equipment financing in Chicago or another type of small business loan, you’ll find it at this bank, where up to $1 million in funding is available.

Other loans you’ll find here include:

  • SBA loans
  • Commercial loans
  • Working capital loans
  • Lines and letters of credit
  • Property loans
  • Real estate association loans

5. Marquette Bank

Marquette Bank opened its doors in 1945 and today offers 15 area branches. It’s been distinguished with an A+ rating from the BBB and has also made WalletHub’s Best Banks of Chicago, IL, earning a 4.5-star rating. 

You’ll find commercial loans at this Chicago bank as well as the following:

  • Collateralized loans
  • Business credit cards
  • Commercial lines of credit
  • Commercial mortgages
  • Construction loans
  • Vehicle loans
  • Term loans

Alternative Forms of Financing in Chicago

When you’re in the market for commercial loans in Chicago, consider alternative lenders too. They can offer small business and SBA loans as well as these funding options:

Compared to conventional lenders, alternative lenders typically offer faster funding, sometimes the same business day as approval. In many cases, there are also less stringent qualifications to be approved. The tradeoff for this streamlined process often means a shorter repayment period and more frequent payments.

Applying for Alternative Financing Through Fast Capital 360

Whether you’d like a merchant cash advance for your Chicago business or equipment financing, apply for funding with Fast Capital 360. Here’s how we’re different.

A few minutes is all it takes to complete our online application.

Multiple Offers
When you apply with us, you could be approved for multiple financing options from our nationwide network of lending partners.

Expert Guidance
Our Business Advisor will take the time to review your offers with you and answer your questions, so you can make the best decision.

Get Your Business Loan Options in Minutes

Get Started

Small Business Resources in Chicago

Here are several local organizations you can turn to for additional assistance, whether you’re a startup or a seasoned business owner.


When you’re searching for small business loans in Chicago, IL, take a look at this nonprofit organization. It offers term loans from $300 to $250,000, with annual percentage rates fixed and ranging from 7%-34%. 

Accion also offers various small business resources, including workshops, webinars and mentorship opportunities. Additionally, entrepreneurs can view helpful videos and find articles of interest on the organization’s website.

Illinois Small Business Development Center

This organization, funded in part by the U.S. Small Business Administration, offers a wealth of assistance to small business owners. In addition to benefiting from individualized business advice, entrepreneurs can get help with the following:

  • Business planning 
  • Training and education
  • Financial analysis
  • Financial planning
  • Marketing planning

Women’s Business Development Center

Take advantage of this organization’s loan assistance and direct lending services. Business owners can earn the organization’s Women’s Business Enterprise certification. 

Other resources include these:

  • E-learning library
  • Workshops (e.g., marketing, financing planning, sales)
  • Networking events
  • Childcare business services
  • Business consulting
  • Business document templates
  • COVID-19 business training

One application. Multiple loan offers.

Quickly compare loan offers from multiple lenders without impacting your credit score.

Back to Top