Chicago: quick-service restaurant

SBA records 722 quick-service restaurant loans for Chicago, with $372.2 million approved from FY2017 to FY2026. Chicago holds spot 4 of 779 among metro areas on 722 loans; in Chicago, the class holds 2 of 39. Chicago: the 1.08x quotient shows a somewhat heavier concentration. With 722 loans behind it, $342,000 in Chicago sits near its parents; ranks and the 1.08x quotient decide.

$342,000 in Chicago, a little above the national median (1.10x), is its median; Chicago's middle half spans $145,000 to $590,900. Program choice in Chicago: 631 used 7(a), 91 used 504. 51.7% of the 722 loans went to franchisees.

Chicago's 7(a) table, 138 loans held by The Huntington National Bank, $38.0 million; 85 held by Byline Bank, $73.1 million; 34 Village Bank and Trust, National Association, $12.4 million; 23 held by U.S. Bank, National Association, $2.6 million; 22 held by Centier Bank, $4.5 million. Chicago's 504 table, 41 loans held by SomerCor 504, Inc., $26.9 million; 27 held by Small Business Growth Corporation, $24.4 million; 13 held by Regional Development Company, $6.8 million; 5 held by Wessex 504 Corporation, $3.3 million. Chicago leaves holders under 5 loans unnamed. Chicago counties, of 722 loans: Cook County, IL 348; DuPage County, IL 73; Lake County, IN 65; Will County, IL 55; Lake County, IL 52; Kane County, IL 39; McHenry County, IL 36; Porter County, IN 32; DeKalb County, IL 10.

Outcome floors in Chicago and approvals

13.3% or more of Chicago approvals were cancelled by FY2024 (16.9% with undisbursed loans). Among 311 FY2017 to FY2021 loans disbursed, 5.8% or more stand charged off; Chicago's five-year figure: withheld, not zero. Chicago open loans may raise floors. Chicago, moving from 85 loans and $36.9 million in FY2017, ended on 52 loans and $42.9 million in FY2026; the peak was 94 loans and $41.6 million in FY2024, the trough 52 in FY2026. Loans by year in Chicago: FY2017 85, FY2018 70, FY2019 58, FY2020 61, FY2021 88, FY2022 62, FY2023 74, FY2024 94, FY2025 78, FY2026 52. Dollars per year: FY2017 $36.9 million, FY2018 $33.3 million, FY2019 $35.3 million, FY2020 $32.4 million, FY2021 $43.8 million, FY2022 $39.4 million, FY2023 $25.6 million, FY2024 $41.6 million, FY2025 $41.2 million, FY2026 $42.9 million.

Chicago: what a feasibility study must prove

Chicago's quotient, 1.08x: count rivals by drive time. Across 722 loans, drive through volume in Chicago carries $342,000. Chicago: facing slow starts, debt service holds with $372.2 million approved. For 722 loans in Chicago, kitchen costs outside $145,000 to $590,900 need cases. For 722 approvals in Chicago, appraisers split business from building. Chicago approvals ran from 52 in FY2026 to 94 in FY2024; for Chicago, plan for slow starts.

Chicago counts 722 loans by project county. Chicago borders follow the July 2023 delineation. Chicago omits counties it cannot place. 722 loans are a rough guide to Chicago, not a census.

SBA limited-service restaurant loans in the Chicago-Naperville-Elgin, IL-IN Metro Area

Loans approved, FY2017 to FY2026	722
Gross dollars approved	$372.2 million
Median loan	$342,000
Middle half of loans, from	$145,000
Middle half of loans, to	$590,900
SBA 7(a) loans	631
SBA 504 loans	91
Franchise share of loans	51.7%
Rank among metro and micro areas for limited-service restaurant loans	4 of 779
Rank of limited-service restaurant among the classes in this area	2 of 39
Location quotient (share of loans against the national share)	1.08x
Median loan against the national median for the class	1.10x

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	13.3%
The same, counting loans still undisbursed as cancelled (a ceiling)	16.9%
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	5.8%
Charged off within five years of approval	withheld
Loans in that cohort	311

Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.

SBA limited-service restaurant loans approved in the Chicago-Naperville-Elgin, IL-IN Metro Area, by fiscal year

Fiscal year	Loans	Dollars
FY2017	85	$36.9 million
FY2018	70	$33.3 million
FY2019	58	$35.3 million
FY2020	61	$32.4 million
FY2021	88	$43.8 million
FY2022	62	$39.4 million
FY2023	74	$25.6 million
FY2024	94	$41.6 million
FY2025	78	$41.2 million
FY2026	52	$42.9 million

Most active SBA lenders

SBA 504: lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
SomerCor 504, Inc.	41	$26.9 million
Small Business Growth Corporation	27	$24.4 million
Regional Development Company	13	$6.8 million
Wessex 504 Corporation	5	$3.3 million

SBA 7(a): lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
The Huntington National Bank	138	$38.0 million
Byline Bank	85	$73.1 million
Village Bank and Trust, National Association	34	$12.4 million
U.S. Bank, National Association	23	$2.6 million
Centier Bank	22	$4.5 million

Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.

Where the loans are, by county

County	Loans
Cook County, IL	348
DuPage County, IL	73
Lake County, IN	65
Will County, IL	55
Lake County, IL	52
Kane County, IL	39
McHenry County, IL	36
Porter County, IN	32
DeKalb County, IL	10

Counties with 5 or more loans; smaller ones are not listed.

Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.

A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.

Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MA-16980-C35.

Related feasibility study pages

Loan Analytics prepares the feasibility study a lender reads before it commits: for a limited-service restaurant project in the Chicago-Naperville-Elgin, IL-IN Metro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Quick Service Restaurant Feasibility Study in the Chicago-Naperville-Elgin, IL-IN Metro Area