ILLINOIS · NAICS 811192
Illinois car wash projects pencil against one of the country's most consistent demand cycles, with road salt, snow, and winter grime driving year-round express volume monetized through membership models. Studies translate vehicle counts, capture rates, format choice, and member-program economics into defensible revenue and resolve site cost and equity against state and municipal environmental standards.
FEASIBILITY TRIGGER
Car washes are special-purpose under SOP 50 10 8, so a third-party feasibility study is normally required, the appraisal must come from an industry-experienced going-concern appraiser, and elevated equity applies.
From FY2010 through FY2026, Illinois recorded 193 SBA-disbursed car wash loans across the 7(a) and 504 programs, representing $234.1 million in approved financing at an average loan size of $1.2 million. The state sits at rank #7 of 38 for car wash SBA lending volume and holds 4.1% of the national car wash dollar pool. 7(a) accounts for 58.0% of the count, 504 for the rest, with 24 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 193 |
| Approved volume | $234.1 million |
| Average loan size | $1.2 million |
| 7(a) share | 58.0% |
| Approvals since FY2024 | 24 |
| State rank by loan count | #7 of 38 |
Among the 150 seasoned loans in this segment (approvals FY2010–FY2021), 6.0% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for car wash is 5.4%, against 7.3% across all industries. That performance runs above the national benchmark for this asset class, which is a factor lenders weigh in their credit decision.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 6.0% adverse-resolution rate against the national car wash benchmark of 5.4% tells credit committees to scrutinize revenue projections and coverage assumptions closely on Illinois deals in this class. A rigorous third-party feasibility study — built on documented demand, defensible pricing, and stressed coverage — carries meaningful weight in that underwriting conversation, particularly at an average loan size of $1.2 million across 193 loans.
Every Illinois car washes 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.
Illinois ranks among the top five states by car wash count, and the Midwest winter cycle of salt, snow, and grime sustains year-round express demand monetized through membership models.
For a national view of this asset class, see our car wash SBA feasibility overview, and read our related analysis in the car wash lending research on our blog.
Public SBA and CDC program records, cited as program evidence
Four SBA 504 loans through SomerCor
Most recently land purchase at 8644 South Kedzie Avenue and construction of a 4,774 square foot automatic car wash with equipment, an 18-location Chicago operator
Chicago, Cook County
Fifteen-minute scoping call, written proposal inside one business day, firm fixed fee before you sign.
Book a MeetingOur SBA feasibility study consultants prepare express tunnel, in-bay automatic and self-serve car wash studies for lenders, CDCs and sponsors. See pricing, methodology or request a fixed fee quote.
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