HR0655 97TH GENERAL ASSEMBLY

HR0655 LRB097 15003 AJO 60047 r

HOUSE RESOLUTION

WHEREAS, The current difficult economic conditions have heavily impacted the small businesses in our nation through decreased sales and difficulties in obtaining small business financing; and

WHEREAS, The National Bureau of Economic Research (NBER), noting the significant role that small business plays in the U. S. economy, found that: (1) roughly 6 million small businesses with fewer than 20 employees account for 20 percent of aggregate paid employment and about 15 percent of all sales receipts and payroll in the United States; and (2) if small business firms with fewer than 100 employees are considered, the firms comprised 35 percent of aggregate employment in the country; and

WHEREAS, The National Federation of Independent Business (NFIB) has collected small business economic trends data with surveys since 1973; in October 2011, the NFIB reported that its Index of Small Business Optimism fell again to its fourth-lowest reading in the 38-year history of the survey; and

WHEREAS, The NFIB's October 2011 survey further revealed low ratings in the small business sector's expectations concerning employment (overall reduction in employment for fifth month in a row), inventories and sales (26 percent of the owners indicated, "poor sales" is their top business problem), and improved business conditions (the net percent of owners expecting better business conditions in 6 months was a negative 16 percent, 6 points better than September, but still 26 points worse than January); and

WHEREAS, The NFIB October 2011 analysis also noted that consumer confidence posted only marginal gains over the last few months and consumer confidence in economic policies remains at 50-year record low levels according to the University of Michigan's consumer confidence survey; and

WHEREAS, Small businesses in the State of Illinois have been greatly impacted by the weak economic conditions, with many small business owners becoming uncertain of their future prospects and seeing diminishing returns as the difficult economic circumstances continue; and

WHEREAS, Small businesses serve as the backbone of the economies of the State of Illinois and the nation at large and are deserving of the State's full support and encouragement; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we designate the month of January 2012 as "Small Business Month" in the State of Illinois in honor of the small business owners of this State and their vital role in the economy.