How many small businesses are in Illinois?

Illinois has approximately 1.3 million small businesses, representing 99.6 percent of all businesses in the state. They employ 2.3 million workers — 43.6 percent of Illinois's private workforce. Source: SBA Office of Advocacy, 2024 Small Business Profile.

How active is SBA 7(a) lending in Illinois?

Illinois ranked fifth nationally in SBA 7(a) activity among the five largest states in FY2024: 2,469 loans approved for a total of $1.2 billion. The average loan size was approximately $476,000. Source: SBA FOIA loan dataset, FY2024 aggregate.

Does Illinois have a commercial financing disclosure law?

No. As of May 2026, Illinois has not enacted a statewide commercial financing disclosure law equivalent to California's SB 1235 or New York's S5470B. Commercial lending in Illinois is primarily governed by federal law and lender agreements. ClearValue Lending monitors state legislative developments and updates this page as the regulatory landscape evolves.

Why does Illinois have so many transportation small businesses?

Illinois is the geographic center of the US freight network — the largest rail hub and a major highway interchange. Chicago's O'Hare International Airport adds air cargo concentration. This makes transportation and warehousing Illinois's largest SMB sector by firm count, with 191,956 small businesses in the sector.

Is ClearValue Lending available in Illinois?

Yes. ClearValue Lending routes Illinois SMB applicants to lender partners operating across Chicago, the collar counties, and downstate Illinois markets including Rockford, Peoria, Springfield, and Champaign-Urbana. We are a funding platform, not a lender or broker.

What are typical eligibility minimums for Illinois SMB financing?

SBA 7(a) typically requires 2+ years in business, 650+ FICO, and $150,000+ annual revenue. Revenue-based financing may be available with 500+ FICO, 6+ months in business, and $10,000+ monthly revenue. All financing is subject to the funding lender's underwriting on your specific file.

Small Business Loans in Illinois

Illinois has 1.3 million small businesses employing 2.3 million workers — 43.6 percent of the state's private workforce. In FY2024, Illinois small businesses received 2,469 SBA 7(a) loans totaling $1.2 billion, with an average loan size of approximately $476,000. Chicago anchors the Illinois SMB economy as one of the largest business centers in the Midwest, while smaller metro areas — Rockford, Peoria, Springfield, Champaign — have significant industrial and professional-services SMB concentrations.