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County3rd of 92 in Illinois by approvalsFIPS 17097
SBA loans in Lake County, Illinois
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Lake County, Illinois, received 830 SBA loan approvals worth $551M in FY2021 to FY2025 (706 7(a), 124 504).
That is 41.3 approvals per 1,000 business establishments (20,076 establishments in 2023), close to the Illinois figure of 38.5 and close to the national 41.0.
It ranks 3rd of 92 Illinois counties with approvals. In FY2025 there were 205, about level with FY2024.
102 lenders had approvals here; the most active were The Huntington National Bank (210), Small Business Growth Corporation (70) and SomerCor 504, Inc. (50). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Lake County
By number of approvals to businesses in the county, FY2021–FY2025; 102 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 210 | $38.7M | 25.3% | |
| 2 | Small Business Growth CorporationSpringfield, IL · CDC | 70 | $90.0M | 8.4% | |
| 3 | SomerCor 504, Inc.Chicago, IL · CDC | 50 | $55.7M | 6.0% | |
| 4 | U.S. Bank, National AssociationCincinnati, OH | 47 | $9.1M | 5.7% | |
| 5 | Byline BankChicago, IL | 41 | $71.8M | 4.9% | |
| 6 | Northeast BankLewiston, ME | 30 | $4.6M | 3.6% | |
| 7 | JPMorgan Chase Bank, National AssociationColumbus, OH | 26 | $5.4M | 3.1% | |
| 8 | Live Oak Banking CompanyWilmington, NC | 20 | $28.3M | 2.4% | |
| 9 | BayFirst National BankSaint Petersburg, FL | 19 | $5.7M | 2.3% | |
| 10 | Newtek Bank, National AssociationMiami, FL | 16 | $6.8M | 1.9% | |
| 11 | State Bank of the Lakes, National AssociationAntioch, IL | 15 | $8.5M | 1.8% | |
| 12 | Village Bank and Trust, National AssociationArlington Heights, IL | 12 | $12.4M | 1.4% | |
| 13 | Celtic Bank CorporationSalt Lake City, UT | 11 | $4.8M | 1.3% | |
| 14 | Readycap Lending, LLCBerkeley Heights, NJ | 11 | $4.2M | 1.3% | |
| 15 | Libertyville Bank & Trust Company, National AssociationLibertyville, IL | 11 | $3.7M | 1.3% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 66 | 8.0% | |
| 2 | General Freight TruckingNAICS 4841 | 40 | 4.8% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 35 | 4.2% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 34 | 4.1% | |
| 5 | Building Equipment ContractorsNAICS 2382 | 31 | 3.7% | |
| 6 | Offices of Other Health PractitionersNAICS 6213 | 31 | 3.7% | |
| 7 | Automotive Repair and MaintenanceNAICS 8111 | 29 | 3.5% | |
| 8 | Other Specialty Trade ContractorsNAICS 2389 | 23 | 2.8% | |
| 9 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 20 | 2.4% | |
| 10 | Personal Care ServicesNAICS 8121 | 19 | 2.3% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 109 | 13.1% | |
| 2 | Construction | 109 | 13.1% | |
| 3 | Accommodation and Food Services | 87 | 10.5% | |
| 4 | Health Care and Social Assistance | 82 | 9.9% | |
| 5 | Other Services (except Public Administration) | 79 | 9.5% | |
| 6 | Manufacturing | 72 | 8.7% | |
| 7 | Professional, Scientific, and Technical Services | 66 | 8.0% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 56 | 6.7% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 98 | $68.2M | $300K | 13 | $11.9M | 111 | 1,339 |
| FY2025 | 185 | $72.1M | $150K | 20 | $31.2M | 205 | 1,358 |
| FY2024 | 173 | $109M | $250K | 20 | $13.8M | 193 | 2,253 |
| FY2023 | 139 | $69.2M | $150K | 23 | $34.3M | 162 | 1,724 |
| FY2022 | 94 | $62.5M | $220K | 30 | $35.3M | 124 | 1,403 |
| FY2021 | 115 | $87.7M | $365K | 31 | $35.9M | 146 | 2,434 |
| FY2020 | 84 | $47.5M | $200K | 20 | $16.8M | 104 | 1,528 |
| FY2019 | 113 | $53.7M | $250K | 13 | $16.0M | 126 | 1,393 |
| FY2018 | 151 | $86.0M | $200K | 17 | $11.2M | 168 | 1,932 |
| FY2017 | 142 | $83.3M | $150K | 33 | $26.4M | 175 | 2,166 |
| FY2016 | 136 | $72.3M | $225K | 21 | $11.3M | 157 | 1,714 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 730 approvals.
Against Illinois and the country
| FY2021–FY2025 | Lake County | Illinois | United States |
|---|---|---|---|
| Approvals | 830 | 12,417 | 342,825 |
| Approvals per 1,000 establishments | 41.3 | 38.5 | 41.0 |
| Median 7(a) approval | $226K | $200K | $190K |
| Median 504 approval | $822K | $578K | $657K |
| Average approval | $664K | $581K | $573K |
| 504 share of approvals | 14.9% | 14.2% | 11.0% |
| Jobs supported per approval, as reported | 11.1 | 11.4 | 10.5 |
| Share of state approvals | 6.7% | 100.0% | — |
Approval sizes
- $50,000 or less16.6%138
- $50,001 to $150,00022.0%183
- $150,001 to $350,00020.1%167
- $350,001 to $1 million23.4%194
- $1 million to $2 million9.5%79
- Over $2 million8.3%69
Age of the businesses
- Existing, more than 2 years old61.0%506
- New business, 2 years or less11.0%91
- Startup, loan funds will open the business17.5%145
- Change of ownership10.6%88
Questions and answers
Which lenders make the most SBA loans in Lake County?
By approvals in FY2021 to FY2025: The Huntington National Bank (210), Small Business Growth Corporation (70), SomerCor 504, Inc. (50), U.S. Bank, National Association (47), Byline Bank (41). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Lake County?
The median 7(a) approval was $226K and the median 504 approval $822K; the Illinois 7(a) median was $200K.
Which industries get the most SBA loans in Lake County?
Restaurants and Other Eating Places (66); General Freight Trucking (40); Other Amusement and Recreation Industries (35); Services to Buildings and Dwellings (34); Building Equipment Contractors (31).
Is SBA lending in Lake County rising?
Approvals in the three latest complete fiscal years total 560, against 374 in the three before: rising (+50%).
How does Lake County compare with the rest of Illinois?
41.3 approvals per 1,000 establishments against 38.5 statewide, and 830 of the state's 12,417 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error