ILLINOIS · NAICS NAICS 6233 family
Illinois assisted living projects are study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected. Studies translate demographic and competitive supply data into defensible occupancy curves and align the file with the state's licensing framework.
FEASIBILITY TRIGGER
Special-purpose senior housing is study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected.
From FY2010 through FY2026, Illinois recorded 27 SBA-disbursed assisted living loans across the 7(a) and 504 programs, representing $41.1 million in approved financing at an average loan size of $1.5 million. The state sits at rank #20 of 38 for assisted living SBA lending volume and holds 1.1% of the national assisted living dollar pool. 7(a) accounts for 77.8% of the count, 504 for the rest, with 6 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 27 |
| Approved volume | $41.1 million |
| Average loan size | $1.5 million |
| 7(a) share | 77.8% |
| Approvals since FY2024 | 6 |
| State rank by loan count | #20 of 38 |
The state-level seasoned cohort in this segment is below our publication threshold of 30 loans, so no state rate is shown. Nationally, seasoned assisted living loans (approvals FY2010–FY2021) show an adverse-resolution rate of 4.1%, against 7.3% across all industries.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
An adverse-resolution rate of 4.1%, close to the national assisted living benchmark of 4.1%, puts Illinois deals in this class on ordinary SBA credit footing. Across 27 loans averaging $1.5 million, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Illinois assisted living project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Illinois projects often fit SBA 504 where owner-occupied real estate anchors the deal, with the 50/40/10 structure delivering up to 90 percent financing at a fixed debenture rate, while SBA 7(a) covers acquisitions, working capital, and equipment. From July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Statewide aging demographics and Chicagoland private-pay capacity make occupancy ramp and staffing the central modeling problem for Illinois operators.
For a national view of this asset class, see our assisted living SBA feasibility overview, and read our related analysis in the assisted living lending research on our blog.
Public SBA and CDC program records, cited as program evidence
$4.5M total project through Florida First Capital
Expansion from 38 to 92 beds with refinance, national program evidence
Florida
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