States › Illinois › Madison County
County8th of 92 in Illinois by approvalsFIPS 17119
SBA loans in Madison 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 Madison County, Illinois, received 206 SBA loan approvals worth $127M in FY2021 to FY2025 (175 7(a), 31 504).
That is 36.4 approvals per 1,000 business establishments (5,659 establishments in 2023), close to the Illinois figure of 38.5 and close to the national 41.0.
It ranks 8th of 92 Illinois counties with approvals. In FY2025 there were 44, up 13% on FY2024.
54 lenders had approvals here; the most active were Small Business Growth Corporation (22), First Mid Bank & Trust, National Association (21) and U.S. Bank, National Association (16). 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 Madison County
By number of approvals to businesses in the county, FY2021–FY2025; 54 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Small Business Growth CorporationSpringfield, IL · CDC | 22 | $24.8M | 10.7% | |
| 2 | First Mid Bank & Trust, National AssociationMattoon, IL | 21 | $9.1M | 10.2% | |
| 3 | U.S. Bank, National AssociationCincinnati, OH | 16 | $2.8M | 7.8% | |
| 4 | Bank of SpringfieldSpringfield, IL | 13 | $2.3M | 6.3% | |
| 5 | The Huntington National BankColumbus, OH | 10 | $2.3M | 4.9% | |
| 6 | BayFirst National BankSaint Petersburg, FL | 10 | $1.4M | 4.9% | |
| 7 | The Bank of HoustonHouston, MO | 7 | $5.0M | 3.4% | |
| 8 | Midwest Regional BankFestus, MO | 7 | $4.8M | 3.4% | |
| 9 | Busey BankChampaign, IL | 7 | $4.2M | 3.4% | |
| 10 | St. Louis BankSt. Louis, MO | 6 | $4.5M | 2.9% | |
| 11 | Readycap Lending, LLCBerkeley Heights, NJ | 6 | $1.1M | 2.9% | |
| 12 | SomerCor 504, Inc.Chicago, IL · CDC | 5 | $5.4M | 2.4% | |
| 13 | Bank of BellevilleBelleville, IL | 5 | $1.1M | 2.4% | |
| 14 | Newtek Bank, National AssociationMiami, FL | 5 | $525K | 2.4% | |
| 15 | PNC Bank, National AssociationWilmington, DE | 4 | $1.5M | 1.9% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 33 | 16.0% | |
| 2 | Child Day Care ServicesNAICS 6244 | 10 | 4.9% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 10 | 4.9% | |
| 4 | Lessors of Real EstateNAICS 5311 | 8 | 3.9% | |
| 5 | General Freight TruckingNAICS 4841 | 7 | 3.4% | |
| 6 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 7 | 3.4% | |
| 7 | Services to Buildings and DwellingsNAICS 5617 | 7 | 3.4% | |
| 8 | Traveler AccommodationNAICS 7211 | 6 | 2.9% | |
| 9 | Offices of Other Health PractitionersNAICS 6213 | 6 | 2.9% | |
| 10 | Personal Care ServicesNAICS 8121 | 5 | 2.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 43 | 20.9% | |
| 2 | Retail Trade | 27 | 13.1% | |
| 3 | Professional, Scientific, and Technical Services | 24 | 11.7% | |
| 4 | Health Care and Social Assistance | 20 | 9.7% | |
| 5 | Other Services (except Public Administration) | 18 | 8.7% | |
| 6 | Manufacturing | 14 | 6.8% | |
| 7 | Arts, Entertainment, and Recreation | 13 | 6.3% | |
| 8 | Construction | 13 | 6.3% |
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* | 12 | $11.3M | $500K | 3 | $5.7M | 15 | 178 |
| FY2025 | 39 | $13.3M | $221K | 5 | $9.0M | 44 | 325 |
| FY2024 | 32 | $16.7M | $154K | 7 | $14.4M | 39 | 462 |
| FY2023 | 40 | $19.8M | $240K | 6 | $3.4M | 46 | 898 |
| FY2022 | 31 | $20.0M | $319K | 7 | $7.7M | 38 | 512 |
| FY2021 | 33 | $19.0M | $297K | 6 | $3.8M | 39 | 413 |
| FY2020 | 22 | $15.3M | $244K | 6 | $1.8M | 28 | 357 |
| FY2019 | 22 | $10.3M | $234K | 3 | $1.2M | 25 | 171 |
| FY2018 | 22 | $10.0M | $178K | 7 | $8.0M | 29 | 253 |
| FY2017 | 35 | $17.2M | $150K | 2 | — | 37 | 385 |
| FY2016 | 17 | $3.1M | $75K | 5 | $3.6M | 22 | 102 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 141 approvals.
Against Illinois and the country
| FY2021–FY2025 | Madison County | Illinois | United States |
|---|---|---|---|
| Approvals | 206 | 12,417 | 342,825 |
| Approvals per 1,000 establishments | 36.4 | 38.5 | 41.0 |
| Median 7(a) approval | $232K | $200K | $190K |
| Median 504 approval | $906K | $578K | $657K |
| Average approval | $617K | $581K | $573K |
| 504 share of approvals | 15.0% | 14.2% | 11.0% |
| Jobs supported per approval, as reported | 12.7 | 11.4 | 10.5 |
| Share of state approvals | 1.7% | 100.0% | — |
Approval sizes
- $50,000 or less14.6%30
- $50,001 to $150,00020.9%43
- $150,001 to $350,00019.4%40
- $350,001 to $1 million27.7%57
- $1 million to $2 million8.3%17
- Over $2 million9.2%19
Age of the businesses
- Existing, more than 2 years old56.3%116
- New business, 2 years or less11.7%24
- Startup, loan funds will open the business18.9%39
- Change of ownership13.1%27
Questions and answers
Which lenders make the most SBA loans in Madison County?
By approvals in FY2021 to FY2025: Small Business Growth Corporation (22), First Mid Bank & Trust, National Association (21), U.S. Bank, National Association (16), Bank of Springfield (13), The Huntington National Bank (10). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Madison County?
The median 7(a) approval was $232K and the median 504 approval $906K; the Illinois 7(a) median was $200K.
Which industries get the most SBA loans in Madison County?
Restaurants and Other Eating Places (33); Child Day Care Services (10); Other Amusement and Recreation Industries (10); Lessors of Real Estate (8); General Freight Trucking (7).
Is SBA lending in Madison County rising?
Approvals in the three latest complete fiscal years total 129, against 105 in the three before: rising (+23%).
How does Madison County compare with the rest of Illinois?
36.4 approvals per 1,000 establishments against 38.5 statewide, and 206 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