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Impact of Economic Trends on Small Businesses in Illinois

Small business owners in Illinois are facing considerable challenges this year as they struggle to maintain the same level of income they earned in 2023. A recent survey conducted by the small business network Alignable revealed that a significant 58% of small businesses in Illinois are currently earning less than they did last year, marking a worrisome increase of 7% from the previous month.

Researcher Chuck Casto pointed out that despite discussions about potential interest rate cuts by the Federal Reserve in September, the repercussions of the economic downturn have already taken their toll. While the inflation rate may be decreasing, the lingering effects of past inflation and ongoing high prices are causing escalating concerns among small business owners.

Furthermore, the combination of high interest rates and rising rent payments is further exacerbating the situation by squeezing profit margins and hindering growth. A significant 41% of small businesses in Illinois were unable to pay their rent in full and on time in July, with 52% experiencing sudden spikes in rent costs.

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According to the Alignable report, a staggering 73% of small business owners nationwide are falling short of their revenue targets compared to the previous year. The trend of declining revenues is not limited to Illinois, as small business owners in 17 states across the country reported similar challenges, with the highest percentages observed in Virginia, California, and Arizona.

Specific sectors such as manufacturing, beauty salons, and real estate have been particularly hard hit, with over 80% of businesses in these industries reporting significant revenue declines. The findings of the survey are based on a comprehensive analysis of 6,155 survey responses collected from small business owners across the country between 7/1/24 and 7/31/24.

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