Millennium Bank

This is a financial institution offering SBA loan programs designed to help small and medium-sized businesses access capital for growth, acquisitions, or working capital needs. You can find personalized lending solutions, expert guidance through the application process, and support for various business financing needs. The bank specializes in SBA 7(a) loans and provides tailored services to meet your specific business goals.

It's recommended to schedule an appointment to ensure dedicated time with a loan specialist, but walk-in consultations may be available during business hours. Contact the bank in advance to confirm availability and to prepare your documentation for a smoother process.

Millennium Bank maintains lobby hours Monday–Friday 9 AM–5 PM and Saturday 9 AM–12 PM, with drive-up service Monday–Friday 8 AM–5 PM and Saturday 8 AM–12 PM across all three Illinois locations. Confirm specific hours with the bank as they may vary by holiday closures.

There are no fees to access basic information or initial consultations. However, processing fees, guarantee fees, and closing costs may apply depending on the loan specifics. Always review the fee structure with your loan officer before proceeding.

This institution primarily serves small and medium-sized businesses across the country, regardless of residency, as long as they meet the lending criteria. Business owners should have a valid operating history and meet credit requirements.

Typically, a minimum personal credit score of 650 is preferred, though higher scores improve the chances of approval. The bank evaluates the overall creditworthiness of the guarantor and the business.

The underwriting process generally takes between 30 to 60 days, depending on the completeness of your application and the complexity of your financial situation. Working closely with your loan officer can help expedite the process.

Yes, Millennium Bank is open on Saturdays: lobby 9 AM–12 PM and drive-up 8 AM–12 PM. Confirm holiday weekend hours directly with the bank.

Millennium 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.

This page is an independent directory listing for Millennium Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Millennium Bank itself, which runs its own lending under its own ownership. If you work at Millennium Bank, you can claim this listing from this page to manage it.

The core details for Millennium 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 Millennium Bank before applying. If you represent Millennium Bank, claim this listing to keep its information up to date.

You can reach Millennium Bank by phone at (847) 296-9500 or online at mb.bank — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Millennium Bank before relying on them.

Based on its approved SBA loans, Millennium Bank most often finances businesses in hotels & lodging, gas stations & convenience, general retail, automotive repair & services, restaurants & food service, and salons, spas & personal care. This reflects Millennium 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 Millennium Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Millennium Bank participates in SBA Express depends on its specific SBA lending authority. Contact Millennium Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Millennium Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

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. Millennium Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Millennium Bank directly whether it considers start-up loans.

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 Millennium Bank what down payment it expects for your specific commercial real estate purchase.

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 Millennium Bank to spell out any prepayment penalties before you sign.

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 Millennium Bank to confirm it qualifies and how to document it.

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. Millennium Bank weighs this case by case under its own policy, so be upfront about your history and ask Millennium Bank how it evaluates prior bankruptcies.