This Chicago suburb ranked No.1 in Illinois for starting a business, report says

NORTH CHICAGO - North Chicago is being recognized as one of the best places in the country for entrepreneurs to launch a business. 

What we know:

A new report from WalletHub ranks the Lake County city first in Illinois and No. 56 nationwide among small cities for starting a business. 

The rankings compare more than 1,300 cities with populations under 100,000 and evaluated communities across several key factors, including business environment, access to financing and overall costs of starting and operating a business. 

Dig deeper:

According to WalletHub analyst Chip Lupo, smaller cities can offer advantages that larger markets cannot. 

Lower overhead costs, closer relationships with customers and less competition can help new businesses gain traction more quickly, he said. 

The report also notes that small markets can be more resilient during economic challenges, giving startups a better chance to survive periods of uncertainty such as inflation or broader economic downturns. 

North Chicago’s location along Lake Michigan and its proximity to Naval Station Great Lakes and Rosalind Franklin University also contribute to its business ecosystem. 

What they're saying:

"This distinction reflects our ongoing commitment to cultivating a strong economic environment and supporting entrepreneurs," Leon Rockingham Jr, Mayor of North Chicago said in a statement. 

"We remain focused on policies and partnerships that make North Chicago a place where businesses can launch and succeed." 

What's next:

City officials say they plan to build on the momentum, continuing to invest in initiatives aimed at attracting new businesses while supporting those already operating in the community.