Small Business Loans in Chicago, IL

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 providing a list of local organizations that focus on helping area entrepreneurs.

Illinois is home to 1.2 million small businesses, per the Small Business Administration (SBA), many in the Greater Chicago area. In most recent reports, after accounting for all business openings and closures, there was a net increase of nearly 8,000 new businesses year over year.   

According to the U.S. Bureau of Labor Statistics, the top 5 sectors in the Chicago metropolitan area that experienced the largest net change in employment over the year include the following: 

• Leisure and hospitality
• Professional and business services
• Trade, transportation and utilities
• Education and health services
• Manufacturing

1. Wintrust Bank

Wintrust Bank has earned the top-ranking spot on Forbes list of the best banks in Illinois.  It’s also accredited by the Better Business Bureau (BBB) and has an A+ rating. 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

2. BMO Harris Bank

Forbes ranked this local lender as the second-best bank in Illinois. Both variable and fixed-rate loans are available here. Additionally, loan amounts range from $100,000-$1 million, while small business lines of credit limits are available from $10,000-$1 million. Small business owners can also find business credit cards, real estate loans, SBA loans, truck and trailer financing and equipment leasing at this Chicago bank.

3. Byline Bank

This SBA lender in Chicago has earned an  A+ rating with the BBB and has also received the organization’s accreditation. Whether you’re seeking an SBA loan in Chicago or another type of small business loan, you’ll find it at this bank, where $10,000-$3 million in funding is available.

Other types of financing you’ll find here include:

• Business term loans
• Business lines of credit
• Commercial mortgages
• Asset-based lending
• Private equity financing
• Equipment loans
• Letters of credit

4. Marquette Bank

Marquette Bank opened its doors in 1945 and today offers 15 area branches. It’s been distinguished with BBB accreditation and an A+ rating. Additionally, more than 160 customer reviews have given this bank a 4.94-star rating on the site. It also made WalletHub’s Best Banks of Chicago, IL, earning a 4.7-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

5. Beverly Bank & Trust Company

This lender is part of the Wintrust Community Bank brand, which first opened in the northern Chicago suburbs in 1991. Beverly Bank & Trust Company is accredited with the BBB, earning an A+ rating. It also has a 4.1-star rating on WalletHub.

Loans for small businesses in Chicago available here include:

• SBA loans
• Real estate loans
• Asset-based lending
• Business credit cards

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:

• Equipment financing
• Merchant cash advances
• Business lines of credit
• Working capital loans
• Short-term loans

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. While interest rates are often higher, terms are typically much shorter and payments are more frequent, so the payoff is quicker.

• Applying for Alternative Financing Through Fast Capital 360

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

  Speed

  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

Now that you know of several resources for business capital loans in Chicago, here are a few local organizations you can turn to for additional assistance, whether you’re a startup or a seasoned business owner.

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

Founded in 1986 and headquartered in Chicago, IL, the Women’s Business Development Center offers a multitude of resources for entrepreneurs, including the following:

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

Business owners can also earn the organization’s Women’s Business Enterprise certification.

SCORE

In operation since 1964, SCORE is a nationwide nonprofit offering free business mentoring services. Complimentary or low-cost workshops are also available, as are various online resources, including articles, videos and document templates. Chicago’s SCORE chapter has 9 offices throughout Cook County.