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Illinois Small Business Loans on the Rise: Report

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Illinois Small Business Loans on the Rise: Report

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We all know the economy sucks. You don’t need me to tell you that. I wouldn’t say it’s exactly been recovering, but there are signs that things are looking up for small businesses -- at least when it comes to getting loans. According to the Illinois Innovation Index

“In 2009, 5.7 million companies with fewer than 500 employees accounted for 50 percent of total employment in the United States. Nearly a quarter million of these businesses are located in Illinois... While the total amount of lending fell after 2007, the average loan amount grew significantly, jumping from around $28,000 in 2007 to nearly $46,000 in 2011. This shift indicates a change in the types of loans being made and likely the types of businesses securing loans.” 

This is especially interesting or might somehow be connected with the 66 percent income tax increase that came in 2011. The reason for it might be immaterial since the getting’s good right now, but if you were wondering what types of businesses are most predominant in Illinois currently, the Illinois Department of Employment Security has this handy statewide workforce report indicating that manufacturing, retail trade and health care/social assistance are among the most prevalent businesses — as of 2010.

So what's the takeaway? The economy might suck, but it might not suck right now to get your business off the ground.

David Wolinsky is a freelance writer and a lifelong Chicagoan. In addition to currently serving as an interviewer-writer for Adult Swim, he's also a comedy-writing instructor for Second City. He was the Chicago city editor for The Onion A.V. Club where he provided in-depth daily coverage of this city's bustling arts/entertainment scene for half a decade. His first career aspirations were to be a game-show host.

Related Topics Marketing, Survey Says, Loans
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