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The business networking platform Alignable’s survey shows 41% of
small business owners nationwide anticipate revenue losses, with
18% expecting significant declines as a result of tariffs.
Researcher Chuck Casto said in January, 35% of Illinois small
businesses were concerned about the effects of tariffs.
“That’s significant, that’s more than a third, but now it’s up
to 47%,” said Casto. “They’re worried about many different
effects, they’re worried about what this will do in terms of
inflation, in terms of consumer spending.”
Now the state has the fifth-highest percentage in the country of
surveyed businesses with concerns, behind Georgia, Minnesota,
Colorado and Oregon.
The top three sectors of businesses worried about tariffs are
architecture, manufacturing and retail.
Casto said small businesses continued to face challenges in the
past few years, from the COVID-19 pandemic to inflationary
pressures.
“It’s hard for them to pinpoint exactly all of the problems they
need to tackle along the way,” said Casto.
Casto noted that those who are in favor of tariffs said that
they will force people to buy more U.S. products and encourage
local commerce.
Goldman Sachs “10,000 Small Businesses Voices” recently brought
60 small business owners from rural communities to Washington,
D.C. to deliver a message that they’re poised for growth but
need Congress to address the persistent challenges faced by
entrepreneurs in America’s heartland.
The group said in their survey of rural small business owners
that 74% have plans to grow, and 45% expect to create new jobs
in 2025.
“Rural small businesses are engines of economic growth and job
creation, and that’s why it’s critical for policymakers in
Washington to understand the challenges they face,” said David
Solomon, CEO of Goldman Sachs. “If we can create a favorable
operating environment and policy landscape, small businesses
will thrive and communities across America will benefit.”
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