Revenues are drying up for small businesses in Illinois.
According to a survey by the small business network Allignable, Illinois is the hardest hit state in the country, with 61% of local businesses earning half or less of their monthly pre-pandemic revenues in August. That is a 24% increase from July.
The only other states with a percentage higher than 60% are Massachusetts and Minnesota. Four states that experienced a drop in the percentage of small businesses with falling revenues included Georgia, Colorado, Ohio and Michigan.
The nationwide number is up to 50%, the most significant surge in revenue problems all year.
Head researcher Chuck Casto said interest rates may be partly to blame.
“Fifty-two percent of all small business owners say that the rate hikes over the last 17 months have started to really affect them in a lot of different ways,” said Casto.
Small business owners also listed inflation and a drop in consumer spending as reasons for the drop in revenues.
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