Chicago’s small businesses are feeling pretty optimistic about their future — it’s the city’s economy they’re less confident about.

That’s just one of the notable takeaways of the 2024 Chicagoland Small Business Outlook, a survey put together by the Chicagoland Chamber of Commerce in partnership with the University of Illinois Chicago College of Business Administration.

Leaders from these organizations, as well as executives from TikTok, Wintrust, and other entities, discussed the study at a release event at mHUB innovation center in the West Loop on Thursday, Sept. 26.

Jack Lavin, President and CEO of the Chicagoland Chamber, kicked off the event by emphasizing the importance of small businesses: “You are the backbone of our community,” he said, nodding to the several small businesses in attendance. “Even though Chicago’s business environment has changed quite a bit over the last several years, our city’s small business owners remain strong and confident.”

Dr. John Lynch from UIC Business presented the main results of the survey and highlighted some key findings — notably the discrepancy between business owners’ optimism about their own future as compared to the city’s. For instance, 71% of the businesses indicate that they were optimistic that their businesses will go well over the next 12 months. However, a smaller percentage, 57%, of them expect the Chicago economy stay the same or become stronger over the next 12 months.

“I wouldn’t characterize it as pessimistic, but the difference though is pretty striking in terms of many of these small businesses see their own outlook as very, very positive, as opposed to the overall economy — less so,” he said.

The event also featured Sofia Hernandez, Global Head of Business Marketing at TikTok (and proud Chicago native), who shared insights on how small businesses can leverage the platform. She emphasized the platform’s reach, stating, “In four years we’ve reached 170 million monthly active users, and 7 million U.S. businesses are on the platform.”

She also created a TikTok video as she spoke, demonstrating how easily it can be done. “It’s not about going viral, it really is about just creating content that’s going to attract your audience,” she said.

Beata Gesicki from Wintrust Bank addressed the group and emphasized critical issue of access to capital, advising the most important element is meticulous preparation. “Always talk to your accountant, get your books ready, get in front of your bankers, and have a conversation of what can you obtain. The biggest thing I see in the market right now is lines of credit, or an infusion to your business to get you to that next step. So be prepared,” she said.

Adrienne McFarland, Center Director for the Illinois Small Business Development Center at the Chicagoland Chamber of Commerce, praised the participants of this year’s survey: “Small businesses sharing their challenges through surveys like this help the Chamber and SBDC bring the right resources to support them more effectively.” McFarland also highlighted the importance of staying abreast of ever-changing government regulations: “The SBDC supports your business with staying in compliance with the government,” she said.

And while the event focused on the confidence Chicago’s small businesses feel, Brad Tietz, VP of Strategy and Government Relations at the Chamber, said “on the public policy front for small businesses, as with most things, there’s the good and there’s the bad.”

Tietz pointed out some positives to help small businesses build and retain a quality workforce, such as the passage of iGrow — a recently-established program to award scholarships to STEM graduates that agree and live and work in Illinois — and a modernization of the state’s returning citizen hiring tax credit that allows businesses to receive a tax credit of up to $7,500 for hiring to returning citizens.

However, he also noted that there are challenges ahead: “The unfortunate reality is… we are barreling towards a massive property tax hike — and this is before we get to public transit, state government, and other spending priorities,” he said. “My ask of all of you is if you’re talking to your local elected officials, make sure they know you, they know your business, they know your employees and all the good that you’re doing in the community [as Chicago City Council, the Illinois General Assembly and others begin tough budget and tax negotiations].”

Check out more photos from the survey release event!