Chicago’s small businesses are optimistic about their own future but have less confidence in the city's economy. This sentiment was revealed in the 2024 Chicagoland Small Business Outlook, a survey conducted by the Chicagoland Chamber of Commerce and the University of Illinois Chicago College of Business Administration.
At an event held at mHUB innovation center on Thursday, Sept. 26, leaders from these organizations, along with executives from TikTok and Wintrust, discussed the findings. Jack Lavin, President and CEO of the Chicagoland Chamber, emphasized the resilience of small businesses: “You are the backbone of our community,” he said.
Dr. John Lynch from UIC Business presented key results from the survey. He noted that while 71% of businesses are optimistic about their prospects over the next 12 months, only 57% expect Chicago's economy to remain stable or improve during that period. “I wouldn’t characterize it as pessimistic,” Lynch said, but he acknowledged a notable difference in optimism between individual business outlooks and views on the broader economy.
Sofia Hernandez, Global Head of Business Marketing at TikTok, highlighted how small businesses can use the platform effectively. She stated, “In four years we’ve reached 170 million monthly active users,” emphasizing content creation over virality.
Beata Gesicki from Wintrust Bank addressed access to capital for small businesses. She advised meticulous preparation: “Always talk to your accountant… The biggest thing I see in the market right now is lines of credit.”
Adrienne McFarland from Illinois Small Business Development Center praised survey participants for sharing their challenges: “Small businesses sharing their challenges through surveys like this help… bring the right resources to support them more effectively.”
Brad Tietz, VP of Strategy and Government Relations at the Chamber, discussed public policy impacts on small businesses. He mentioned positives such as iGrow scholarships for STEM graduates and a tax credit for hiring returning citizens but also warned about potential property tax hikes.
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