Legence Bank
Legence Bank is an active SBA lender in Illinois, a bank offering SBA-guaranteed small-business loans. Currently rated 3.8 stars across 16 Google reviews.
$188M
in SBA approvals since 2010
225
SBA loans funded
Hotels & Lodging · General Retail · Gas Stations & Convenience
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Legence Bank
Legence Bank offers comprehensive SBA lending services tailored to meet the needs of small and medium-sized businesses. With a focus on supporting local entrepreneurs, the bank provides various loan programs including the SBA 7(a) loan program, which is ideal for business expansion, working capital, and equipment financing. Their experienced team guides clients through the application process, ensuring a smooth experience from start to finish. The bank's expertise in SBA loans helps businesses access funding that might otherwise be difficult to obtain through conventional channels. Located in Eldorado, Illinois, they serve a broad range of industries, emphasizing personalized service and flexible financing options. Whether you're looking to purchase real estate, finance inventory, or expand your operations, Legence Bank is committed to helping your business grow with tailored financial solutions.
Serves SBA borrowers in 7 states
Legence Bank has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries Legence Bank finances
Business types Legence Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Legence Bank
What is this place and what can I find here?
This is a financial institution offering SBA loan programs and small business financing solutions to help entrepreneurs grow their businesses.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment, but walk-ins are also welcome depending on availability. Calling ahead ensures dedicated time with a loan officer.
What are the hours of operation?
Legence Bank's lobby hours are typically Monday through Friday from 9:00 AM to 4:00 PM, with extended drive-thru hours starting at 8:00 AM. Hours vary by branch, so confirm your local branch's schedule by calling (800) 360-8044.
Is there a fee to use this?
There are no fees for simply visiting or consulting; fees apply only to specific loan processing and service charges.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small business owners in the Eldorado area, but also considers applicants from surrounding regions.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally preferred for loan qualification.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the loan and completeness of documentation.
Is this open on weekends?
Several Legence Bank locations offer Saturday drive-thru service from 9:00 AM to 12:00 PM, though lobby service is Monday through Friday. Contact your local branch or call (800) 360-8044 to confirm Saturday availability.
How do I get there and where do I park?
Legence Bank is located in Illinois — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.
Who owns or operates this listing?
This page is an independent directory listing for Legence Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Legence Bank itself, which runs its own lending under its own ownership. If you work at Legence Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Legence Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Legence Bank before applying. If you represent Legence Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Legence Bank by phone at (800) 360-8044 or submit a contact form at legencebank.com/about/contact-us.html — for SBA loans specifically, ask for their business lending department.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Legence Bank most often finances businesses in hotels & lodging, restaurants & food service, general retail, real estate & property management, construction & contractors, and salons, spas & personal care. This reflects Legence Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Legence Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Legence Bank participates in SBA Express depends on its specific SBA lending authority. Contact Legence Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
Legence Bank holds SBA Preferred Lender Program (PLP) status, which allows them to approve loans in-house without SBA review, typically resulting in faster decisions. Contact them at (800) 360-8044 to discuss your loan options.
Are start-up companies eligible for financing at this traditional institution?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Legence Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Legence Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Legence Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Legence Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Legence Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Legence Bank weighs this case by case under its own policy, so be upfront about your history and ask Legence Bank how it evaluates prior bankruptcies.
