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Are you looking for Illinois’s best business loans & startup financing companies? For your small business in the Prairie State, many banks, credit unions, and unconventional lenders are offering different loan types. Official sources claim that 1.2 million small businesses operate in the Land of Lincoln, giving jobs to around 2.4 million citizens of the state of Illinois.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans & startup financing options in Illinois to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Illinois-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business.

2. Merchants Bank of Indiana

Yes, this bank is based in the Hoosier State but it also serves startups in Illinois. If you want to get the Merchants Bank to finance your startup, you can get funding for the following:

• Working capital
• Refinancing debt
• Purchase equipment, machinery, furniture, or fixtures
• Purchase or refinance real estate
• Acquisition of a business and/or assets

3. Byline Bank

We’ve mentioned this lender before when talking about Wisconsin’s top 10 best business loans & startup financing companies. This Chicago-based bank has been operating for the last 110 years, helping local businesses get the necessary funding to stay thriving. The interest rate is a bit high (5.88%) but the average payout amount is $1.139 million. They offer SBA loans starting at $350,000 for businesses across the US, especially in the Land of Lincoln.

4. Huntington National Bank

The average interest rate at this bank is 5.56% while the average payout amount is $217,000. Even though this lender is based in Columbus, Ohio, Illinois-based businesses can still apply for a hefty loan here. After all, it has almost $180 billion in assets to meet your lending needs. This is what they offer:

• Longer Terms to Increase Cash Flow
• No Balloon Payments
• Down Payments as Low as 10%
• No Loan Covenants or Monitoring Requirements
• Maximum Loan Amounts of $5 Million

5. VIP Capital Funding

We’ve mentioned this one before. This lender operates in Illinois, providing local businesses with the much-needed funding. VIP Capital Funding has also been helping startups in the Prairie State for the past seven years. You can get in touch with their sales team and ask about their lending options on the phone.

6. Village Bank & Trust

The average interest rate at this lender is 4.67% but the average loan amount that you can get from here is more than $700,000. As a subsidiary of the Wintrust Community Bank, you can get SBA 7(a) and 504 loans of amounts up to $5 million and $10 million respectively. Also, express loans up to $350,000 are also available here. Since its establishment in ‘91, this lender has now expanded to around 175 locations.

7. Illinois Bank & Trust

This lender operates as a subsidiary of HTLF Bank. Operating in Illinois, it helps startups and other local businesses get the much-needed funding to stay functional for a long time. So, you can apply for SBA 7(a) and 504 loans here. Illinois Bank & Trust will help you get the money you need to acquire another business, invest in commercial real estate, or buy office equipment.

8. Centier Bank

This lender has strict conditions when it comes to taking out business loans. The net worth of your startup must be below $15 million while the average net income is less than $5 million. So, you can apply for 7(a) and 504 loans here. In 504, the loan amount goes to $6.5 million when it comes to the Centier-financed portion. Term lengths are up to 20 years on real estate and up to 10 years on machinery or equipment.

9. First Mid Bank & Trust

This bank is 150+ years old, operating in Texas, Missouri, and – of course – the Prairie State. Also, this lender has more than $6 billion in assets. So, you can trust First Mid to provide you with the best lending opportunities imaginable. Their interest rate is 4.53% and $230k is the loan amount they often approve (on average).

10. Harvest Small Business Finance

With the interest rate here being 5.71% (on average), you can take out a loan from this lender in the amount of $818,000. They offer SBA 7(a) and 7(a) FAST loans with different conditions. So, you can get up to $500k as per the FAST route to invest in commercial real estate. But you still have to meet collateral needs.

11. First American Bank

This lender offers you a low interest rate (4.41%). The average loan amount approved by the First American Bank is $871,000. This lender operates in Wisconsin, Illinois, and Florida. So, you won’t face any difficulties getting a nice little loan from the First American Bank. You may apply for working capital loans, equipment financing loans, and other loan types. Get in touch with their sales team and explore your lending options.

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Illinois in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.