Running a small business is no walk in the park. Between juggling limited resources, fierce competition, and the ever-present need for growth, small business owners have their work cut out for them. The right financial partner can make all the difference in navigating these challenges, but finding that bank in Illinois can be its own challenge. With over 800 banks, Illinois has the highest number of banks of any state in the U.S., giving business owners an overwhelming number of options to choose from.

A financial institution that provides the right tools, access to capital, and essential support services can significantly contribute to small business growth. To help you find the right business banking partner, we’ve compiled a list of the best banks for small businesses in Illinois.

The Top Banks for Illinois Small Businesses

We evaluated banks for their financial tools, loan options, online and mobile banking features, and customer service, focusing on account features, fees, and overall support for small businesses. Here are the institutions that made our short list:

1. North One 

North One is a fintech company offering innovative business banking solutions tailored for Illinois-based businesses. While North One operates entirely online, customers can conveniently withdraw and deposit cash at any of the 90,000 GreenDot locations nationwide, including at major retailers like CVS and Walmart. 

What sets North One apart is its specialization in serving startups and growing businesses by providing flexible lines of credit and business term loans, mobile-first banking, and comprehensive financial tools for budgeting and cash flow management. Their connected bank account is designed to save small business owners time and money while offering exceptional control over their finances.

With a straightforward and free application process, North One is distinguished by its user-friendly approach. Although North One itself is not a traditional bank, all banking services are provided by The Bancorp Bank, N.A., ensuring that customers’ funds are FDIC insured.

North One’s suite of features is crafted to meet the needs of small business owners in Illinois. Services include sending and depositing paper checks, standard and same-day ACH transfers, and domestic wire transfers, enabling businesses to manage their financial transactions efficiently. 

The platform supports team banking by offering unique logins and debit cards for all co-owners, which enhances transparency, simplifies expense management and helps businesses build credit. Furthermore, their mobile and desktop applications allow business owners to manage their finances anytime, anywhere, with dedicated customer support available to assist.

2. The Bank of Springfield 

The Bank of Springfield (BOS) has a rich history dating back to 1965, when it was founded by Jack A. Marantz. Since then, BOS has continually expanded to serve a wider community in Illinois and Missouri. The bank prides itself on being a privately held institution focused on meeting the needs of the communities it serves through various sponsorships, volunteer activities and educational programs.

For small business owners, BOS offers robust services tailored to support business growth and financial management. The bank provides a range of business checking accounts, including free options specifically designed for small businesses with fewer transactions. BOS also supports business owners through its Small Business Administration (SBA) loan programs, offering funding to help start or expand businesses. Their merchant services, including credit card processing and lockbox services, provide essential tools for efficient payment processing and receivables management.

BOS also stands out for its commitment to technology and convenience. Through services like online banking, ACH originations, remote deposit and innovative digital tools like Finli, BOS helps business owners manage their finances efficiently from anywhere. These features, combined with their personalized customer service and financial expertise, make BOS a valuable partner for small businesses looking to thrive in today’s competitive market.

3. BMO Harris Bank 

BMO Harris Bank offers extensive support for small business owners through its comprehensive branch network and tailored banking solutions. With a significant presence throughout Illinois and more than 1,000 branches nationwide, BMO Harris provides convenient access to banking services, ensuring that business owners can easily manage their financial needs locally and beyond.

For small business owners, BMO Harris Bank provides a robust suite of banking solutions designed to support their unique needs. These include various business checking accounts, such as BMO Simple Business Checking for budget-conscious owners and BMO Elite Business Checking for those needing higher transaction volumes and interest-earning capabilities. Additionally, their cash management services, such as mobile deposits and automated payment tools, streamline financial operations, allowing business owners to focus on growth and innovation. 

BMO Harris also offers competitive loan options and sophisticated online banking tools, enhancing financial flexibility and control. Their digital banking platform ensures secure, round-the-clock access to accounts, enabling business owners to pay bills, transfer money and manage finances from any device.

4. Heartland Bank & Trust 

Heartland Bank and Trust is a strong contender for the best bank for small businesses in Illinois due to its strong emphasis on personalized customer relationships and its dedication to supporting local businesses in Illinois. As a community bank rooted in Central Illinois, Heartland Bank has made a name for itself in building strong relationships with clients, understanding their unique needs and providing efficient, localized decision-making.

The bank’s commitment to small businesses is evident in its wide array of customized financial solutions, investment options and cash flow management tools. Heartland Bank offers various business checking accounts designed to meet the needs of businesses at different stages of growth. It also offers competitive business loans, including SBA loans and commercial real estate financing. Their Business Connect and Treasury Services provide robust digital banking solutions and comprehensive cash management services, helping businesses streamline operations and improve financial efficiency.

Furthermore, Heartland Bank’s local decision-making process ensures that business owners receive timely responses to their loan applications and other banking needs, fostering a sense of trust and reliability. This combination of personalized service, local expertise and a wide range of financial tools makes Heartland Bank and Trust a smart choice for small business owners.

5. Fifth Third Bank 

Fifth Third Bank has a notable presence in Illinois, offering banking services tailored for small businesses. As part of a broader network spanning 11 states and with 1,087 full-service locations, Fifth Third is well-positioned to provide robust support to businesses across various stages of growth.

For small business owners, Fifth Third Bank offers a range of valuable services designed to streamline financial management and support business growth. Notably, they provide free checking accounts for qualifying businesses, which include benefits such as online banking, mobile deposits with immediate funds availability, and text alerts. Their business checking accounts cater to different needs, from startups with minimal transactions to established businesses requiring advanced cash management solutions. These accounts also feature access to over 40,000 fee-free ATMs and discounted payroll solutions, enhancing operational efficiency and cost savings.

Moreover, Fifth Third Bank’s small business services extend beyond checking accounts. They offer comprehensive business loan options, enabling businesses to secure the necessary capital for expansion and operations. Their business credit cards provide powerful money management tools, including rewards programs and fraud protection features tailored to enhance cash flow management. 

Additionally, Fifth Third Bank’s merchant services, powered by Worldpay, ensure businesses can efficiently accept and process customer payments. Overall, Fifth Third Bank’s wide range of services and customer-centric approach make it a valuable partner for small business owners seeking to optimize their financial operations and drive growth.

Methodology: How We Chose the Best Bank for Small Business in Illinois

To identify the top small business banks in Illinois, we looked closely at the financial tools and services they offered. We compared business checking and savings accounts, including features, fees and minimum balance requirements. Loan options were a major focus, with an emphasis on variety (startup funding, equipment purchases) and competitive interest rates. We also prioritized banks with user-friendly online and mobile banking platforms that allowed for real-time account monitoring, bill pay and mobile deposits. Finally, we factored in customer service reputation, giving weight to banks known for responsiveness, helpfulness and a commitment to building relationships with small businesses. 

Work With the Best Bank for Small Business in Illinois

From free checking accounts to user-friendly online banking and competitive loan options, Illinois small businesses have a diverse range of financial partners to choose from. Remember, the “best” bank depends on your unique needs. Consider factors like transaction volume, growth plans and preferred online features. Take advantage of the information provided here, delve deeper into each bank’s offerings and find the Illinois banking partner that perfectly complements your entrepreneurial vision.