LOCAL: Study names North Chicago #1 small city in Illinois for starting a business

WalletHub evaluated cities across the country based on key metrics, including business environment, access to resources and business costs.

“The City of North Chicago is honored to be recognized by WalletHub as the first ‘Best Small City in Illinois’ and 56th nationwide for starting a business. This distinction reflects our ongoing commitment to cultivating a strong economic environment, supporting entrepreneurs at every stage of business development, and fostering sustainable growth. We remain dedicated to advancing policies and partnerships that make North Chicago an attractive destination for businesses to launch and succeed,” North Chicago Mayor Leon Rockingham, Jr. said.

“Being ranked first in Illinois and 56th nationwide affirms the progress we have made in creating a business-friendly environment. We will continue to prioritize initiatives that support innovation, investment, and long-term success for our business community,” Rockingham said.

North Chicago officials say the ranking shows their “dedication to creating opportunities” for small businesses through strategic partnerships, accessible resources and forward-thinking policies designed to attract entrepreneurs.

WalletHub compared more than 1,300 cities with fewer than 100,000 residents across 18 key metrics to determine the most business-friendly small markets in the U.S.

The data set ranges from small business growth rates and the accessibility of financing to investor access and labor costs.

“The benefits of starting a business in a small city include lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond,” WalletHub Analyst Chip Lupo said.

City officials say they remain committed to building on the momentum by continuing to invest in economic development initiatives that strengthen the local economy and enhance the quality of life for residents.

Among other Illinois cities, WalletHub ranked Quincy, Bloomington, Schaumburg, Moline and Champaign below North Chicago.