(The Center Square) – Illinois’ small businesses are in a better position to cope with the COVID-19 pandemic than those in most other states.
Illinois has the 7th least affected small business marketplace, according to a study from Wallethub.
To identify the states in which businesses were hit hardest by the pandemic, WalletHub compared the 50 states and the District of Columbia across 12 metrics. The data set included the share of small businesses operating in highly affected industries to small business credit conditions and the state’s small business friendliness.
Illinois scored well in the share of small businesses operating in high-risk industries, ranking 46th, and also high risk among total small business employees, ranking 45th.
Analyst Jill Gonzalez said Illinois fared better than most states because of big companies.
“Illinois was helped out due to the fact that there are a lot of larger corporations based in Illinois,” Gonzalez said. “That’s not to say that they are not also struggling in some way, but typically not as much as small businesses are.”
According to the study, the best states for small businesses during the pandemic are the District of Columbia, Massachusetts and Pennsylvania. The worst are Hawaii, Nevada and South Dakota.