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Buying a Business in Illinois

The Numbers

FY2025 Acquisition Loans

311

$370M approved

Median Loan

$692k

FY2020 through FY2025

Loans Since FY2020

1,321

$1.54B in total approvals

Share of U.S. Activity

3.7%

Of change-of-ownership loans

What the Data Says

Illinois ranks 7th of 53 states and territories for change-of-ownership SBA 7(a) lending: 1,321 loans since FY2020, 4% of the national total.

The typical deal is mid-market: its $692k median loan is close to the $650k midpoint across states.

Activity is accelerating: FY2025's 311 loans ran ahead of the state's own ~220 a year pace since FY2020.

The most-financed target is full-service restaurants (93 loans), and the 5 most active lenders wrote about 38% of the state's acquisitions, a broad lender field.

Most Active Acquisition Lenders in Illinois

  1. 1. The Huntington National Bank158 loans
  2. 2. Byline Bank147 loans
  3. 3. Live Oak Banking Company126 loans
  4. 4. GBank38 loans
  5. 5. Old National Bank37 loans

A lender being active in Illinois does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.

Buying near Chicago? The Metro Target Scans rank this region's strongest industries.

What Gets Bought in Illinois

  • Full-Service Restaurants93 loans
  • Hotels (except Casino Hotels) and Motels80 loans
  • Gasoline Stations with Convenience Stores62 loans
  • Limited-Service Restaurants58 loans
  • Beer, Wine, and Liquor Retailers49 loans

Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Illinois, by county, is in the Illinois buying guide.

By Metro Area in Illinois

  • Chicago-Naperville-Elgin, IL-IN

    1,018 purchase loans, median $700k. Bought most: Full-Service Restaurants. Most active lender: The Huntington National Bank (143).

  • St. Louis, MO-IL

    357 purchase loans, median $595k. Bought most: Full-Service Restaurants. Most active lender: Midwest Regional Bank (39).

  • Davenport-Moline-Rock Island, IA-IL

    47 purchase loans, median $450k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: IH Mississippi Valley Credit Union (6).

  • Rockford, IL

    43 purchase loans, median $556k. Bought most: Limited-Service Restaurants. Most active lender: Midland States Bank (7).

  • Springfield, IL

    32 purchase loans, median $288k. Bought most: Full-Service Restaurants. Most active lender: Bank of Springfield (11).

  • Decatur, IL

    23 purchase loans, median $400k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: First Mid Bank & Trust, National Association (10).

  • Peoria, IL

    22 purchase loans, median $1.09M. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: GBank (4).

  • Champaign-Urbana, IL

    21 purchase loans, median $618k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: Busey Bank (5).

Every metro area that drew 20 purchase loans, with three lenders each, is in the metro table.

Method & Source

Computed from the SBA 7(a) FOIA loan-level dataset (FY2020 through FY2025), filtered to approvals flagged change of ownership with a Illinois project address. Approvals, not closings; excludes conventional and 504 financing.