Illinois has the fifth-largest gross domestic product (GDP) over 900 billion, the sixth-largest population, and the 25th largest land area of the United States. Illinois has been noted as a microcosm of the entire United States. With Chicago in northeastern Illinois, small industrial cities and immense agricultural productivity in the north and center of the state, and natural resources such as coal, timber, and petroleum in the south, Illinois has a diverse economic base and major transportation hub. The Port of Chicago connects the state to international ports via two main routes: from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean, and from the Great Lakes to the Mississippi River, via the Illinois River, through the Illinois Waterway. For decades, Chicago’s O’Hare International Airport has been ranked as one of the world’s busiest airports.
Illinois’ workforce and labor are diverse, including agriculture, manufacturing, financial services and markets, and energy such as petroleum, coal, nuclear power, wind, and biofuels. In the 21st century, most of the growth is fueled by service industries. As an Illinois business owner, you know that access to capital is essential for growth. Whether you're looking to expand your operations, purchase new equipment, or hire additional staff, a business loan can give you the financial boost you need. At Advancepoint Capital, we offer a variety of business loans to meet the needs of Illinois businesses. We offer competitive rates and terms, and our experienced lenders will work with you to find the right loan for your business.
How Do I Get A
Small Business Loan in Illinois?
There are a few things you should know before you apply for a small business loan in Illinois. First, you'll need to have a solid business plan. This will help you determine how much money you need and what you'll use it for. Next, you'll need to find the right lender. There are many lenders out there, so we've compiled a list of the best ones for small businesses in Illinois.
Our network of lenders offers business loans up to $1,000,000 for businesses of any size for almost any need. We know that every business is different, so we offer a variety of loan options to meet your specific needs. We have lots of options for businesses in Illinois, so we can help you get the best possible rate. Give us a call today to get started!
The 9 Best
Financing Options and Resources for
Illinois Small Businesses
Small Business Loans for Illinois
SBA Loans in Illinois
Merchant Cash Advance in
Business Cash Advance in
Business Line of Credit in
Invoice Financing in Illinois
Short Term Small Business
Loans in Illinois
Long Term Business Loans for Illinois
U.S. Small Business Administration
How to Grow Your Business in Illinois
View the Illinois Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
Find local assistance
Why Does Your Illinois Business Need a Business Loan?
The most common reasons Illinois small businesses acquire capital for their business:
- Loan for Working Capital-General purpose cash flow needs of a small business
- Loan for Business Expansion-Funds business opportunities to expand business or take advantage of business opportunities that require upfront capital.
- Loan for Equipment Purchases- The purchase of equipment essential to a small business’s process and/or workflow.
- Loan for Advertising/Marketing costs-Money to implement marketing strategies and methods to increase customer base and add customers continuously.
- Loan for Emergencies-Money for the unexpected. There will always be issues in running a small business that can arise without notice.
The Bottom Line: Advice, Tips, Information, and Warnings About Business Loans in Illinois
Illinois Department of Commerce & Economic Opportunity (DCEO) – Illinois Small Business Emergency Loan Fund— Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000 for working capital, with at least 50% of loans proceeds to be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave, and group healthcare benefits.
Illinois Department of Commerce & Economic Opportunity (DCEO)- Loans and Financing Options— Access to capital and locating funding are often the most difficult tasks for any company seeking to develop their products and services and grow their company. The Illinois Department of Commerce can work with your small business to identify and secure financing opportunities and build a financial support network that will meet your present needs and prepare you for future growth.
Coronavirus 2019 (COVID-19) Relief Information and Help for Small Business— DCEO is working diligently to secure access to helpful resources for small businesses throughout the State of Illinois and has compiled these links regarding COVID 19 resources for small businesses to help through a difficult time.
Illinois State Treasurer Small Business COVID-19 Relief Program— The Business Invest – Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer has made up to $500 million in deposits available to banks and credit unions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.
Chicago Community COVID-19 Relief Response Fund— On March 16, The Chicago Community Trust (CCT) and United Way of Metro Chicago launched the Chicago Community COVID-19 Relief Response Fund. The organizations saw the need for rapid relief help in Chicago and shared a desire to support nonprofits on the front lines. United Way and CCT, with the support and assistance of the city of Chicago, quickly created the fund as a means for the philanthropic community, corporations, and individuals across the Chicago region to support and help their neighbors in need.
A Better Chicago-Emergency Relief Fund— COVID-19 relief and help in Chicago to provide lifesaving support where it is needed most. The Chicago Emergency Relief Fund provides immediate assistance and financial support to the nonprofits working on Chicago’s frontlines during the COVID-19 pandemic.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.