Lender · SBA 7(a) record
Bank of Springfield
IL · lends in 10 states · 260 SBA loans since 2010, 155 in the last five years.
How fast they approve. Bank of Springfield made 70% of its recent SBA 7(a) loans under Preferred Lender (PLP) authority — it can approve them in-house without sending your file to the SBA to re-underwrite, which is the biggest single driver of how fast a loan closes. Why approval speed comes down to the lender.
What stands out about Bank of Springfield
vs every other SBA lenderBank of Springfield lives at the small end. Its median loan is just $144k, well under the $347k typical of SBA lenders — one of the banks genuinely willing to write small.
Its practical minimum of $19k is lower than most lenders will go; it looks at loans others wave off as too small.
Borrowers here paid a median of prime + 0.73% — cheaper than the prime + 1.99% typical across lenders.
This read is built from 155 funded 7(a) loans over the last five fiscal years; outside its core states the sample thins out, so weigh the rest accordingly.
Will they talk to you?
loan sizes fundedThe spread of loan sizes tells you where this lender is comfortable. Ask for something far outside it and expect friction.
Do they fund businesses like yours?
last 5 yearsA lender who already knows your industry asks better questions and closes faster. One who doesn't will treat your file as an education.
Middle of the road on risk
2.16% charged off, close to the 2.11% across all SBA lending. Neither unusually tight nor unusually loose.
What rate people got
median markup over primeThe median borrower here paid prime + 0.73%. Compare that against what you have been quoted — the markup is the negotiable part, and most borrowers never try.
Their loans, year by year
cumulative % of dollars charged off| Approved | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 0.0 | 0.0 | 0.0 | 0.0 | 4.1 | · | · | · | · | · |
| 2021 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · |
| 2022 | 0.0 | 0.0 | 0.9 | · | · | · | · | · | · | · |
| 2023 | 0.0 | 0.0 | · | · | · | · | · | · | · | · |
| 2024 | 0.0 | · | · | · | · | · | · | · | · | · |
| 2025 | · | · | · | · | · | · | · | · | · | · |
Each row is one year's lending. Read down a column to compare years at the same age — that is the only fair comparison, because losses take three to five years to appear and a fast-growing lender always looks clean on a raw average.
What this page cannot tell you
Federal records show what was approved, not how long it took, how the bank communicated, or whether your loan officer returned calls. Ask any lender directly: are you a preferred lender, how many deals like mine did you close last year, and who underwrites it.
Check your eligibility first → Decode what they say to you →
Lenders worth comparing against this one
Picked for writing loans of a similar size in similar places.
Common questions
Does Bank of Springfield make SBA startup and acquisition loans?
Yes — its recent SBA 7(a) record includes 36 startups, 26 business acquisitions, 7 commercial real-estate loans, 6 franchise loans. If your deal is one of these, it has funded that kind of loan many times before. See how it ranks for your exact deal.
What is the smallest SBA loan Bank of Springfield will make?
Its practical minimum — the 5th percentile of what it has actually funded — is about $19,100, and the typical (median) Bank of Springfield loan is $144,000. If your loan is well below its practical minimum, it is unlikely to be interested however strong your file.
What interest rate do Bank of Springfield SBA borrowers get?
On variable-rate loans, recent Bank of Springfield borrowers paid a median of prime + 0.73%. The markup over prime is the negotiable part of any SBA quote. Check a rate you have been quoted.
What states does Bank of Springfield lend in?
Most of Bank of Springfield's recent SBA lending is concentrated in Illinois, Missouri, among 10 states in total. Compare lenders by state.