Illinois Small Business Loans

For nearly 70 years Pursuit has empowered small businesses through affordable financing and resources. As we enter Illinois, we’re working hard to ensure all entrepreneurs have a path to success.

Your New Go-To Resource for Small Business Financing in Illinois

Pursuit is excited to now offer Illinois small businesses flexible, affordable, innovative financing solutions and resources. When you work with us, you’re tapping into seven decades of small business lending expertise and a team of dedicated employees who want to see you succeed.

With 1.2 million small businesses throughout Illinois, it’s no wonder why so many entrepreneurs are calling the Prairie State home. You’ve got access to major cities like Chicago with easy access to anywhere in the midwest, plus a large, skilled workforce that’s ready to grow the economy. We can’t wait to work with you to achieve your small business dreams!

SBA and CDFI logo

Pursuit is approved to offer SBA loan products in Illinois under SBA’s Preferred Lenders Program & SBA Express Program.

Empowering Businesses in Illinois

Pursuit enters the Illinois small business market through the Advantage Illinois program and the Entrepreneurs of Color Fund, but we also offer SBA 7(a) financing in the state up to $350,000. We’ve worked with entrepreneurs in major cities, small towns, and rural areas to get the financing needed to reach higher and grow, and we’re excited to learn more about your needs in Illinois! Whether you’re in retail, hospitality, manufacturing, healthcare, or another industry, you’ll find support with Pursuit. You can apply for financing for working capital, equipment, inventory, and more and our team of lending experts will find the best program for your needs.

Business Loan Programs in Illinois

Frequently Asked Questions

There’s a wide variety of business loans available in Illinois from banks and alternative lenders like Pursuit. You can start by speaking with your business bank to find out what they offer and if you qualify. If you need more flexible terms and requirements, you can talk with Pursuit to learn more about your options. We offer SBA 7(a) loans as well as financing through Advantage Illinois and the Entrepreneurs of Color Fund.

Interest rates vary by program. For the SBA 7(a) loan program, the rate is calculated using the Prime Rate. Our community lending programs have interest rates between 7 – 11.9% depending on the program that best fits your needs. Talk to us today to learn more!

Yes! The Advantage Illinois program gives Illinois businesses access to low-rate term loan financing to grow, expand, and create new jobs in the state. The Entrepreneurs of Color Fund has been supporting business owners in Chicago since 2018 with a special focus on the West Side, Austin, and South Shore neighborhoods. Reach out to your business bank, Small Business Development Center (SBDC), or chamber of commerce for more information on programs specifically for Illinois businesses.

Each Illinois loan program has its own requirements but many are standard across the board. You’ll likely need your most recent personal and business tax returns, a copy of your driver’s license or other photo ID for all owners, information about your existing business debts, interim financial statements, and business bank statements, among other required documents. Talk to your lender to make sure you have a full understanding of what’s required so you can submit a complete application.
It depends on the program! Some loan programs are better suited for certain needs than others, and some have specific requirements on how the funds can be used. For example, SBA 7(a) loans are great for startup expenses, purchasing fixed assets, buying a business, and refinancing debt (among many other uses). Other programs might be a better fit for short-term working capital, inventory, technology improvements, and other needs. Be clear with your lender on how you plan to use your loan proceeds and they’ll make sure you’re in the right loan program.

Our Illinois Loan Officers

Alex Felton, Pursuit Lending

Alex Felton
Vice President, Senior Business Development Officer

(331) 343-9585

Find the right loan for your business today

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