Along the same lines, according to the SBCS, the Seventh District includes a larger proportion of high-revenue small businesses than the country as a whole. In Seventh District states, 6 percent of firms reported more than $10 million in revenue during the previous year. This rate is higher than the 4 percent reported nationally, and led by the 7 percent of Wisconsin firms reporting at least $10 million in revenue. Other states above the national average at 5 percent in Illinois and 6 percent in Indiana, Iowa and Michigan. When comparing Seventh District states with the rest of the country in lower revenue divisions, the differences are less striking; 17 percent of firms in the Seventh District earned $100,000 or less in revenue during the previous year, versus 18 percent nationally. Both nationally and in the Seventh District, 51 percent of firms earned between $100,000 and $1 million in revenue, and 26 percent of Seventh District firms earned between $1 million and $10 million, while 27 percent reached that revenue range nationally.
Broadly speaking, businesses in the Seventh District report similar challenges and levels of financial health compared with businesses around the country. In the country as a whole 29 percent of businesses surveyed said they were growing, while 28 percent of businesses in the Seventh District reported growth. Michigan firms were standouts in growth within the Seventh District, with 33 percent reporting growing, while 27 percent of Wisconsin firms, 28 percent of Iowa firms and 26 percent of both Indiana and Illinois firms reported growth. Forty percent of firms in the Seventh District did not report financial challenges in the past year, better than the 36 percent reporting no financial challenges nationally. Both nationwide and in the Seventh district, the number one financial challenge was paying operating expenses and wages, with 37 percent of businesses in the Seventh District calling it a challenge; 40 percent of businesses nationally agreed. Fewer Midwest businesses faced challenges with inventory purchases than the national average, with only 14 percent of Seventh District firms considering it a challenge while 18 percent of firms nationwide considered inventory and materials to be a financial challenge. One very important distinction for firms in the Seventh District was in credit access, with only 25 percent reporting that credit availability was a challenge compared with 30 percent of businesses nationally.