As of 2019, the U.S. Small Business Administration’s Office of Advocacy reported that there were more than 1.2 million small businesses operating in the state of Illinois, employing 2.5 million people, which accounted for 45.1% of the state’s workforce and nearly 20% of the entire population. At that time, small businesses accounted for 99.6% of the state’s private enterprise, making them a vital part of Illinois’s economy. The pandemic was hard on small businesses, and updated figures have not been released, so these numbers may well be lower today. Still, the state clearly has a thriving culture of entrepreneurship and is welcoming to small businesses. That said, based on total economic activity, economic health and innovation potential, the state’s economy lags compared to the rest of the Midwest. Illinois’ government has had a history of fiscal trouble, which has not gone unnoticed by the business community. Currently, the state has a BBB+ bond rating, and Gov. J.B.