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Chicago businesses faced with rough economy

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While the national economy is beginning to turn around slightly, many business owners in Chicago have a poor outlook about the local business climate, according to a recent survey conducted by Cole Taylor Bank.

The survey found 85 percent of respondents believe the state of the Chicago economy is fair to poor, while 30 percent have considered moving their businesses to another state.

"I'm pleased to see Cole Taylor Bank initiate this survey of local business owners' attitudes regarding the Chicago area business climate," said Lance Pressl, Ph. D., president of the Chicagoland Chamber of Commerce Foundation. "Understanding their expectations and perceptions is important information for the area's civic and business decision makers."

The survey also found 23 percent of respondents said low demand and government and regulatory burdens are the greatest concerns their business faces, while 70 will pay more for goods during the next three months.

With Chicago businesses facing a tough economic climate, it is important for them to be equipped with the right business insurance policies to ensure they do not suffer further financial hardship due to unforeseen events.

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