McHenry Times

State Sen. Dan McConchie (R-Lake Zurich) recently took to Facebook to acknowledge National Small Business Week.

"The small businesses in our community add a character and distinction that make the 26th District a fantastic place to live, work, and shop. They've survived many challenges these past few years and I pledge to always support policies that will help our local businesses grow and thrive," McConchie posted.

Small businesses in Illinois make up 99.6% of the state's private enterprise, but the economy is growing at a very slow rate, according to Business News Daily. Illinois' poor credit rating and large deficit have led to major problems to the businesses operating in the state. "The state of Illinois faces a gargantuan pension liability of more than $200 billion," said Jim Collins, Datamation co-founder and president. "This lack of fiscal management breeds concern among small business, and it is likely that the state will need to cut key functions and services."

As of March 2021 – a year into Gov. Pritzker's mandated COVID lockdowns – 35% of Illinois small businesses had been forced to close, which is the eighth-highest number in the nation, Illinois Policy reported. 

Nearly 500,000 Illinoisans have lost work, which has made the state post the highest unemployment rate in the Midwest. More small businesses closed in Illinois compared to any other Midwestern state except for Michigan.

"The taxation situation in our state is extremely disappointing," said Justin Carrol, president of Perfect Home Services, as reported by Business News Daily. "Statistics show that people are fleeing from Illinois, and I believe taxation is a large contributor to that. We're one of the highest-taxed states in the country and our state is still broke. I pray that someone will come in and get this state turned around soon."

At the start of 2022, less than one-third of Illinois' small businesses reported going back to their pre-pandemic revenue, according to Advantage News. "What this does tell us overall is that Illinois is slower to recover than many other states in the country," said Alignable head of research Chuck Casto.

National Small Business Week has been celebrated every year for more than 50 years, according to the Small Business Association (SBA). The SBA aims to recognize the vital role that entrepreneurs and small business owners play in the U.S.