Top 10 Small Business Lenders in Illinois

According to the U.S. Small Business Administration, the ten largest SBA lenders to small businesses in Illinois as of September, 2013 are:


Lender Name Number of Loans Gross Approval Headquarters Founded
Ridgestone Bank 147 $97,806,000.00 Brookfield, WI 1995
Small Business Growth Corporation 138 $97,025,000.00 Springfield, IL 1988
SomerCor 504, Inc. 97 $74,002,000.00 Chicago, IL 1992
U.S. Bank National Association 108 $24,785,775.00 Minneapolis, MN 1850
JPMorgan Chase Bank, National 231 $15,204,975.00 NYC, NY 2000 (merger)
Village Bank and Trust 64 $14,101,700.00 Arlington Heights, IL 1995
Live Oak Banking Company 13 $12,583,500.00 Wilmington, NC 2008
Wessex 504 Corporation 20 $11,903,000.00 Chicago, IL 2012
Rockford Local Development Corp. 16 $11,359,000.00 Rockford, IL 1979
The Bancorp Bank 10 $10,503,375.00 Wilmington, DE 2000


Five of these top ten lenders are headquartered in Illinois.  Three are headquartered in the Chicagoland Area.  Consider Village Bank and Trust of Arlington Heights, for example, founded in 1995, this bank has six staff members devoted to SBA lending and three to small business development.

Biz2Credit, an online loan broker which analyzes lending data, reports that ‘big banks’, or, banks with greater than $10 billion in assets approve a smaller percentage of loan applications than ‘small banks’ with fewer than $10 billion in assets.  Credit unions and alternative lenders also approve a higher percentage of loan applicants than the big banks.  While it is worth noting that big banks were approving 17.4% of loans this July, up from 11.3% last year, the percentage of loans small banks approve has been around 49% for the past year. ❒

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