SBA 504 Loans in Peoria, IL
Find lenders offering sba 504 loans in the Peoria, including Bloomington, Normal, East Peoria, and surrounding areas. Compare rates, terms, and programs from 21 lenders.
Which SBA 504 lenders serve Peoria?
21 lenders offering sba 504 loans in the Peoria, IL area.
Byline Bank
Local SBACHICAGO, IL
Chicago-based bank and one of the top SBA 7(a) lenders in the Midwest. Provides SBA loans, commercial real estate financing, equipment loans, and government-guaranteed lending for small and mid-sized businesses.
Small Business Growth Corporation
Local SBASpringfield, IL
Illinois-based Certified Development Company (CDC) specializing in SBA 504 loans. Helps small businesses acquire commercial real estate and major equipment with long-term, below-market fixed-rate financing.
SomerCor 504, Inc.
Local SBAChicago, IL
Chicago-based Certified Development Company specializing in SBA 504 loans for small businesses in the Midwest. Provides long-term, fixed-rate financing for commercial real estate acquisition and renovation.
Rockford Local Development Corporation
Local SBARockford, IL
Wessex 504 Corporation
Local SBAArlington Heights, IL
Live Oak Banking Company
SBAWILMINGTON, NC
One of the nation's top SBA 7(a) lenders, specializing in lending to small businesses across healthcare, veterinary, beverage, self-storage, and other industries. Offers SBA loans, USDA loans, conventional business loans, and commercial real estate financing.
The Huntington National Bank
SBACOLUMBUS, OH
Major regional bank and consistently one of the top SBA lenders in the country by number of loans. Offers SBA 7(a) and 504 loans alongside conventional business lending, commercial real estate, and treasury management services.
U.S. Bank, National Association
SBACincinnati, OH
Fifth-largest commercial bank in the U.S. and a top SBA preferred lender. Offers SBA 7(a) and 504 loans, conventional commercial lending, commercial real estate, and a full suite of business banking products.
Readycap Lending, LLC
SBABERKELEY HEIGHTS, NJ
Non-bank SBA preferred lender offering SBA 7(a) and 504 loans nationwide. Specializes in commercial real estate, business acquisition, and expansion financing for small businesses. Known for fast closings and flexible underwriting.
Bank of Hope
SBALOS ANGELES, CA
One of the largest Korean-American banks in the U.S. and a top SBA 7(a) lender. Offers commercial real estate loans, SBA lending, trade finance, and full-service commercial banking with branches across major metro areas.
Wells Fargo Bank National Association
SBASioux Falls, SD
One of the largest banks in the U.S. and a major SBA preferred lender. Offers the full range of SBA programs including 7(a) and 504 loans, alongside conventional commercial lending, commercial real estate, and equipment financing.
Fifth Third Bank
SBACINCINNATI, OH
Major regional bank and SBA preferred lender with operations across the Midwest and Southeast. Offers SBA 7(a) and 504 loans, conventional commercial lending, equipment financing, and commercial real estate loans.
Cadence Bank
SBATUPELO, MS
Regional bank serving the Southeast and Texas, and an active SBA preferred lender. Offers SBA 7(a) and 504 loans, commercial real estate lending, equipment financing, and full-service business banking.
Zions Bank, A Division of
SBASALT LAKE CITY, UT
Major Western U.S. bank and SBA preferred lender. Offers SBA 7(a) and 504 loans, conventional commercial lending, commercial real estate, equipment financing, and agricultural lending across the Mountain West.
United Community Bank
SBAGreenville, SC
Regional bank serving the Southeast and an SBA preferred lender. Offers SBA 7(a) and 504 loans, conventional commercial lending, commercial real estate, equipment financing, and comprehensive business banking.
What does the Peoria commercial real estate market look like?
Peoria's commercial real estate market revolves around Caterpillar's historic presence — though the company relocated its global headquarters to Irving, Texas, it retains substantial R&D, manufacturing, and administrative operations in the metro that continue to anchor industrial and office demand. The Warehouse District downtown has been the focus of adaptive reuse and revitalization efforts, with restaurants and creative office space replacing former industrial buildings. OSF HealthCare and UnityPoint Health are the metro's largest employers after Caterpillar and drive significant medical office and campus expansion. The I-74 corridor through East Peoria and Morton serves as the primary retail and suburban commercial artery.
Key Economic Drivers
- ●Caterpillar R&D and manufacturing operations remaining in the metro
- ●OSF HealthCare and UnityPoint Health medical campus expansion
- ●Bradley University and Illinois Central College institutional spending
- ●Warehouse District downtown revitalization and adaptive reuse
Market Insight
Peoria's Enterprise Zone offers a property tax abatement of up to 100% for ten years on improvements to commercial and industrial properties, making it one of the most aggressive incentive programs in downstate Illinois for CRE investors.
How do sba 504 loans work in Peoria, Illinois?
SBA 504 loans provide long-term, fixed-rate financing for major fixed assets like commercial real estate and heavy equipment. The loan is split between a bank (50%), a Certified Development Company (40%), and your down payment (10%), resulting in below-market rates on the CDC portion. In the Peoria metro area, borrowers can access 21 lenders offering SBA 504 financing, including Bloomington, Normal, East Peoria, and surrounding areas. Loan amounts typically range from $125K to $17M with rates from Below market (CDC portion ~5-6%).
Who should consider sba 504 loans?
- Owner-occupied commercial real estate
- Heavy equipment purchase
- Business expansion
- New construction
What are the key requirements?
- For-profit business
- Net worth under $15M
- Average net income under $5M (after taxes) for prior 2 years
- 51%+ owner occupancy
- Create or retain jobs (1 per $90,000 CDC)
Advantages
- ✓Only 10% down payment
- ✓Below-market fixed rate on CDC portion
- ✓Long terms (20-25 years for RE)
- ✓No balloon payments
Considerations
- •Must be owner-occupied (51%+ for existing, 60%+ for new construction)
- •Cannot be used for working capital
- •Longer closing timeline
- •Two closings (bank + CDC)
SBA 504 Loans in Peoria FAQ
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What are SBA 504 loan rates in Peoria? ▼
What is a Certified Development Company (CDC)? ▼
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