An analysis of more than 60,000 companies across the United States found that the Silicon Valley hub is the top city for small businesses. In second place is San Francisco.
New entrants include Colorado Springs, Colorado; Greater Bridgeport, CT. Salt Lake City, Utah. Oxnard, California. Minneapolis, Minnesota. Port St. Lucie, Florida. Hartford, Connecticut. and Phoenix, Arizona.
NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) — The 2024 Biz2Credit Small Business Top Cities Study ranks San Jose, California, as the top city for small businesses in an annual financial analysis using 2023 data. It has been identified that there is. According to Biz2Credit, the other cities in the top five according to our analysis are: San Francisco, California. Colorado Springs, Colorado. Seattle, Washington. Greater Bridgeport, CT.
The study looked at financial metrics such as: revenue, credit score, business ageand the Unique BizAnalyzer® Score The analysis found that average revenue for small businesses increased from $560,000 to $618,000 in 2022, average credit scores rose 11 points (from 641 to 652), and over 12 months – the average age of businesses increased. Rise (from 57 to 69 years).
Main findings:
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of Major industries Top cities include accommodation and food services, other services (excluding government), and construction.
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average annual revenue increased It increased 10.4% to $618,000 compared to the 2023 ranking of $560,000.
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Average spending also increases 13.8% increase from $430,000 to $489,000, resulting in 1.1% Decrease in average incomeIt decreased from $130,000 in 2023 to $129,000 in the 2024 report.
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Average credit score increases 11 points difference from 641 to 652.
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of The average age of businesses is rising It will be reduced from 57 months to 12 to 69 months.
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Eight new cities were added to the list this year.: Colorado Springs, CO (3); Bridgeport, CT (5); Salt Lake City, Utah (11); Oxnard, CA (13); Minneapolis, MN (19); Port St. Lucie, FL (20); Hartford, CT (23); Phoenix, AZ (25)
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8 cities removed from the 2023 list: Milwaukee, WI; Kansas City, MO. San Antonio, Texas. Austin, Texas. Tampa, Florida. Orlando, Florida. Las Vegas, Nevada; and Miami, Florida. This year’s list does not include Texas, and Florida is represented only by newcomer Port St. Lucie. Minneapolis is the only Midwestern city on the 2024 list.
Among the new cities on the list, Colorado Springs’ economy is growing in military, defense, aerospace, software/IT, and tourism. It is home to the U.S. Olympic Training Center, the Air Force Academy, and several military bases. Colorado Springs boasts a highly educated, diverse and hard-working workforce.
The Greater Bridgeport MSA includes Bridgeport, Norwalk, and Stamford, CT. Bridgeport has a thriving SMBE sector that supports small, women-owned, and minority-owned businesses by addressing their unique challenges through customized resources and initiatives. Stanford’s business community is a tight-knit ecosystem, dominated by Stanford’s diverse industries such as finance and real estate, technology, management and consulting, digital media, and healthcare, and the jobs that Stanford’s diverse industries provide. Opportunities attract a highly educated and talented workforce.
In the Biz2Credit rankings, five cities improved from last year, including San Jose (No. 1). Seattle (4); Portland (7); Providence, Rhode Island (9); and Baltimore (10). Nashville remains in 22nd place.
Eleven cities dropped in the annual rankings: No. 2 San Francisco (No. 1); 6th San Diego (3); 8th New York City (4) 12th Boston (5) 14th Pittsburgh (10) 15th Denver (11). 16th Washington DC (12) 17th Los Angeles (6) 18th Sacramento (2); 21st Philadelphia (19) 24th Riverside, California (13).
This year’s top 25 small business cities (2023 rankings in parentheses) are:
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San Jose, California (7)
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San Francisco, California (1)
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Colorado Springs, Colorado (unranked)
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Seattle, Washington (9)
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Greater Bridgeport, CT (unranked)
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San Diego, California (3)
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Portland, Oregon (8)
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New York City (4)
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Providence, Rhode Island (20)
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Baltimore, Maryland (14)
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Salt Lake City, Utah (unranked)
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Boston, Massachusetts (Five)
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Oxnard, California (unranked)
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Pittsburgh, Pennsylvania (Ten)
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Denver, Colorado (11)
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Washington DC (12)
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Los Angeles, California (6)
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Sacramento, California (2)
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Minneapolis, MN (unranked)
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Port St. Lucie, Florida (unranked)
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Philadelphia, Pennsylvania (19)
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Nashville, Tennessee (22)
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Hartford, CT (unranked)
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Riverside, California (13)
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Phoenix, Arizona (unranked)
*Greater Bridgeport includes Bridgeport and Stamford, Norwalk, CT.
“San Jose small businesses are mature businesses with higher average annual revenue ($1,008,279) and higher average credit scores (672),” says Biz2Credit CEO and national small business finance expert. said Rohit Arora, one of them. “It’s clear that San Jose and San Francisco, which rank No. 1 and No. 2 in our analysis, remain the epicenters of America’s technology industry, with strong corporate and individual performance and high tides lifting all boats. , non-tech companies are also benefiting.”
methodology
Data included in this study were collected from cases submitted from January 1, 2023 to December 31, 2023. The study included more than 60,000 applications. Biz2Credit has set a threshold of 150 MSA (Metropolitan Statistical Area) claims to be included in the 2024 study. As a result, the MSA level analysis was based on 42,677 cases above the threshold. Data on state name, MSA, and zip code is from the U.S. Census.
The 2024 Top 25 Cities study is based on actual verified merchant cash flows on online financing platform Biz2Credit during 2023. Submitted deals with annual revenue exceeding $5 million were excluded from the revenue analysis. The ranking of cities in this study was established using Biz2Credit’s proprietary BizAnalyzer scores. The BizAnalyzer score looks at your credit score, annual revenue, business age, debt-to-income ratio, and cash flow analysis with Bank Statement Analyzer.
About Biz2Credit
Founded in 2007, Biz2Credit has arranged over $8 billion in small business loans. The company is expanding its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors and service providers. For more information, please visit www.biz2credit.com, LinkedIn, Instagram, or Facebook.
media contact: John Mooney, (908) 720-6057, john@overthemoonpr.com.
