On February 11, the West Central Association (WCA) Chamber of Commerce welcomed business leaders, entrepreneurs, and community partners to the latest installment of our Speaker Series, hosted at the University of Illinois Chicago (UIC). The event featured a timely and data-driven presentation of the 2025 Chicagoland Small Business Outlook, a regional study conducted by UIC’s Institute for Leadership Excellence and Development (iLEAD) in partnership with the Chicagoland Chamber of Commerce .
With 148 small businesses across Chicago and the surrounding suburbs participating, the study offers a clear snapshot of how local businesses are performing today—and how they are preparing for the next 12 months.
A Data-Driven Look at Small Business Conditions
Professor John Lynch, Associate Professor at UIC and Director of iLEAD, walked attendees through the key findings. While many businesses remain resilient, the data shows a more cautious outlook than in prior years.
According to the study, 49% of businesses are optimistic that their business will perform just as well or better over the next year—down from 71% the year before. Similarly, optimism about the broader Chicagoland economy declined, reflecting ongoing concerns around economic uncertainty, taxes, and access to capital .
Despite these challenges, more than half of surveyed businesses (54%) plan to pursue a growth strategy, with the most common actions focused on improving existing products and services and increasing marketing and promotion .
“What we’re seeing is not a lack of ambition,” said Professor John Lynch. “Small businesses are still focused on growth, but they’re doing so more strategically—prioritizing marketing, operational improvements, and careful financial planning in a more uncertain environment.”
Marketing, Capital, and Talent Remain Key Pressure Points
One of the most notable insights from the survey is that marketing was the top reason businesses anticipate needing additional capital in the coming year. At the same time, businesses reported feeling least confident in their ability to recruit and hire qualified employees and to offer competitive pay and benefits .
External pressures also continue to weigh heavily on small businesses. Taxes, tariffs, and economic uncertainty ranked among the highest concerns, reinforcing the importance of strong advocacy and localized business support.
“This data reinforces what we hear every day from our members,” said Patti Doyle, Executive Director of the West Central Association Chamber of Commerce. “Small businesses are resilient and forward-looking, but they need access to capital, visibility in their communities, and policies that support—not hinder—their growth. That’s exactly why WCA prioritizes programming like this that connects real data to real action.”
A Meaningful Partnership with UIC
The WCA was proud to hold this conversation at UIC and deepen our partnership with one of Chicago’s leading academic institutions.
Turning Insight into Action
The Chicagoland Small Business Outlook is more than a report—it’s a tool. It helps chambers, policymakers, and business support organizations better understand where resources are needed and how to align services with the realities facing small businesses today.
At the WCA, we will continue using insights like these to shape our advocacy, education, and business-building programs throughout the year. We thank UIC, Professor Lynch, and all the small business owners who contributed their time and perspective to this important study.
To stay informed about upcoming Speaker Series events and business resources, visit wcachicago.org and follow us on social media.