WalletHub Ranks North Chicago First in Illinois for Starting a Business, 56th Nationwide
The City of North Chicago was just ranked 1st in the State of Illinois and 56th in the nation as the “Best Small Cities to Start a Business” by WalletHub. WalletHub, an award-winning personal finance company, 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,” said Leon Rockingham, Jr., Mayor.
“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,” Mayor Rockingham added.
North Chicago’s ranking reflects its dedication to creating opportunities for small businesses through strategic partnerships, accessible resources, and forward-thinking policies designed to attract and retain entrepreneurs.
To determine the most business-friendly small markets in the U.S., WalletHub compared more than 1,300 cities with fewer than 100,000 residents across 18 key metrics. The data set ranges from small business growth rates and the accessibility of financing to investor access and labor costs.
According to WalletHub Analyst Chip Lupo, “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.”
As stated in a press release from WalletHub, “Size matters when choosing a city in which to launch a startup. As many veteran entrepreneurs and failed startups understand well, bigger is not always better. A city with a smaller population can offer a greater chance of success, depending on an entrepreneur’s personal preferences and the type of business they’re starting. The best cities can even help new businesses survive economic shocks such as pandemics or inflation.”
City officials remain committed to building on this momentum by continuing to invest in economic development initiatives that strengthen the local economy and enhance quality of life for residents.
According to WalletHub, data used to create this ranking were collected as of March 16, 2026, from the U.S. Census Bureau, Bureau of Labor Statistics, Federal Deposit Insurance Corporation, AreaVibes, Yelp, Indeed, Tax Foundation, LoopNet, and WalletHub research.
WalletHub research is quoted by major news outlets daily, and WalletHub experts regularly appear on television, radio, podcasts and other mediums to discuss the latest personal finance tips and trends, as well as the results of WalletHub’s latest studies and reports. WalletHub reviews are honest and straightforward, based on a rigorous methodology forged through years of testing and access to the largest database of offers.