Bigger not always better: North Chicago among best small cities to start a business, analysis shows

North Chicago ranked first in Illinois and 56th in the U.S. among the “Best Small Cities to Start a Business,” according to information released by WalletHub.

The personal finance company compared 1,334 cities with populations between 25,000 and 100,000 residents on three key dimensions: business environment; access to resources and business costs, according to the analysis released April 13.

WalletHub used 18 metrics, such as growth rate of the number of small businesses, investor access and labor cost to compare the cities.

“This distinction reflects our ongoing commitment to cultivating a strong economic environment, supporting entrepreneurs at every stage of business development and fostering sustainable growth,” said Mayor Leon Rockingham Jr., in a news release announcing the recognition.

St. George, Utah, ranked as the best small city for starting a business. North Chicago was the first Illinois city on the list, appearing at No. 56.

Landing that spot affirms progress the city has made in creating a business-friendly environment, Rockingham added, through strategic partnerships, accessible resources and forward-thinking policies to attract and retain entrepreneurs.

Recent successes include Indiana candy manufacturer MSI Express Inc., locating in the closed Jelly Belly factory (formerly Goelitz Confectionary Company) and the openings of Mia’s Pancake House & Grill at 2314 Green Bay Road and Drive Performance, a 10,000-square-foot baseball and sports training academy at 29850 N. Skokie Highway, according to Chief of Staff Gregory Jackson.

“This ranking is well deserved because it reflects the intentional work happening every day in North Chicago,” said Ron Lanz, senior director of business development for Lake County Partners, the county’s economic development organization.

The city supports entrepreneurs and fosters growth and opportunity by streamlining processes and investing in partnerships and infrastructure, for example, Lanz added.

According to WalletHub, data used to create the ranking was collected March 16 from the U.S. Census Bureau, Bureau of Labor Statistics, Federal Deposit Insurance Corporation, AreaVibes, Yelp, Indeed, Tax Foundation, LoopNet and company research.

According to WalletHub, a smaller city can offer a greater chance of success and the best ones can even help new businesses survive economic shocks.