2014 Best Small Business Cities in America for Women - Biz2Credit
Biz2Credit Identifies 2014's Best Small Business Cities for Women in AmericaMay 12, 2014

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Analysis Examined Markets with the Highest Annual Revenue, Credit Scores and Other Factors

Biz2Credit, the leading online credit marketplace, today released the results of a study of bank failures sorted by state and their impact on small business borrowers.

"The failure of so many small banks in Georgia and in Florida created a credit desert," said Rohit Arora, CEO of Biz2Credit, who oversaw the research. "The housing market bust hit particularly hard in the Southeast, which resulted in bank failures and risk averse lending behaviors by those banks that survived. Thus, small business owners were stymied in their attempts to secure capital -- even when their companies had solid credit scores."

A result of the bank reluctance to fund small business ventures was the rise of alternative lenders -- merchant cash advance, factors and other non-bank entities -- in the marketplace. While these lending institutions made financing available, often the money came at a high interest rate.

"Small business owners were caught between a rock and a hard place. If they needed money, many times the only willing lenders were cash advance companies that charged interest rates of 30 to 40 percent," Arora added. "Borrowing money at those rates and terms simply is not a sustainable funding option in the long term."

States with the Highest Percentages of Bank Failures

  1. Denver, CO
  2. Riverside-San Bernardino, CA
  3. Los Angeles-Long Beach-Anaheim, CA
  4. Las Vegas, NV
  5. Charlotte, NC
  6. Washington DC metro area
  7. Baltimore, MD
  8. New York metro area
  9. San Francisco-Oakland, CA
  10. Portland, OR
  11. Atlanta, GA
  12. Miami-Fort Lauderdale-West Palm Beach, FL
  13. Indianapolis, IN
  14. Chicago, IL
  15. Seattle, WA
  16. Tampa-St. Petersburg, FL
  17. Philadelphia, PA
  18. Phoenix, AZ
  19. Pittsburgh, PA
  20. Houston, TX
  21. Milwaukee, WI
  22. Charleston, SC
  23. Orlando, FL
  24. Dallas-Fort Worth, TX
  25. Jacksonville, FL

The Top 25 metro areas by Annual Revenue were: Jacksonville, FL; Charlotte-Concord-Gastonia, NC-SC; Chicago, IL-IN-WI; Denver, CO; Pittsburgh, PA; Atlanta GA; Los-Angeles-Long Beach-Anaheim, CA; Las Vegas, NV; Dallas-Fort Worth, TX and San Francisco-Oakland CA


Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Credit Score Average of Age in Months Average BizAnalyzer Score
Jacksonville, FL $1,395,927576 32.6 45.2
Charlotte-Concord-Gastonia, NC-SC$1,146,263591 46.652.3
Chicago-Naperville-Elgin, IL-IN-WI$1,076,55762140.449.5
Denver-Aurora-Lakewood, CO$1,011,458 63862.054.6
Pittsburgh, PA$547,12562038.047.6
Atlanta-Sandy Springs-Roswell, GA$504,944601 46.749.9
Los Angeles-Long Beach-Anaheim, CA$464,623632 43.3 52.6
Las Vegas-Henderson-Paradise, NV$427,297 62833.352.5
Dallas-Fort Worth-Arlington, TX$400,47460034.745.4
San Francisco-Oakland-Hayward, CA$395,72063360.850.1
Washington-Arlington-Alexandria, DC-VA-MD-WV$359,48460963.851.2
Miami-Fort Lauderdale-West Palm Beach, FL$273,92060541.649.7
Houston-The Woodlands-Sugar Land, TX$223,96458922.747.1
New York-Newark-Jersey City, NY-NJ-PA$199,88162635.050.1
Orlando-Kissimmee-Sanford, FL$198,00659431.345.7
Tampa-St. Petersburg-Clearwater, FL$192,44860945.848.3
Baltimore-Columbia-Towson, MD $188,71359655.551.1
Portland-Vancouver-Hillsboro, OR-WA$167,391643 15.750.0
Phoenix-Mesa-Scottsdale, AZ$166,963611 55.747.8
Riverside-San Bernardino-Ontario, CA$165,07160737.953.9
Seattle-Tacoma-Bellevue, WA$110,84361528.248.9
Milwaukee-Waukesha-West Allis, WI$109,07160023.446.1
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD$102,31361240.448.2
Charleston-North Charleston, SC$97,71458930.246.0
Indianapolis-Carmel-Anderson, IN$68,000 61553.349.7
National Average $282,99161137.648.7

"Centers of technological innovation are booming. Cities like Jacksonville are taking advantage of their slower pace, lower costs and good standard of living offered to residents," explained Arora.

When sorted by Age of Business (in months), Portland was the leader.

Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Credit Score Average of Age in Months Average BizAnalyzer Score
Portland-Vancouver-Hillsboro, OR-WA $167,391 643 15.7 50.0
Houston-The Woodlands-Sugar Land, TX $223,964 589 22.7 47.1
Milwaukee-Waukesha-West Allis, WI $109,071 600 23.4 46.1
Seattle-Tacoma-Bellevue, WA $110,843 615 28.2 48.9
Charleston-North Charleston, SC $97,714 589 30.2 46.0
Orlando-Kissimmee-Sanford, FL $198,006 594 31.3 45.7
Jacksonville, FL $1,395,927 576 32.6 45.2
Las Vegas-Henderson-Paradise, NV $427,297 628 33.3 52.5
Dallas-Fort Worth-Arlington, TX $400,474 600 34.7 45.4
New York-Newark-Jersey City, NY-NJ-PA $199,881 626 35.0 50.1
Riverside-San Bernardino-Ontario, CA $165,071 607 37.9 53.9
Pittsburgh, PA $547,125 620 38.0 47.6
Chicago-Naperville-Elgin, IL-IN-WI $1,076,557 621 40.4 49.5
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $102,313 612 40.4 48.2
Miami-Fort Lauderdale-West Palm Beach, FL $273,920 605 41.6 49.7
Los Angeles-Long Beach-Anaheim, CA $464,623 632 43.3 52.6
Tampa-St. Petersburg-Clearwater, FL $192,448 609 45.8 48.3
Charlotte-Concord-Gastonia, NC-SC $1,146,263 591 46.6 52.3
Atlanta-Sandy Springs-Roswell, GA $504,944 601 46.7 49.9
Indianapolis-Carmel-Anderson, IN $68,000 615 53.3 49.7
Baltimore-Columbia-Towson, MD $188,713 596 55.5 51.1
Phoenix-Mesa-Scottsdale, AZ $166,963 611 55.7 47.8
San Francisco-Oakland-Hayward, CA $395,720 633 60.8 50.1
Denver-Aurora-Lakewood, CO $1,011,458 638 62.0 54.6
Washington-Arlington-Alexandria, DC-VA-MD-WV $359,484 609 63.8 51.2
National Average $282,991 611 37.6 48.7

"Portland is a low-cost, friendly place to live. There is also a thriving organic food revolution going on there, which has resulted in many women that have opened new businesses in the food industry," Arora explained. "Midwestern cities like Milwaukee are growing in the high-tech and medical technology industries. High end IT startup companies are beginning to emerge in this area. Further, traditional manufacturing hubs are evolving and supporting IT companies, and many of them are women-owned."

When sorted by Credit Score, Portland was the leader. Rounding out the Top 25 were Denver, San Francisco-Oakland, Los Angeles-Long Beach-Anaheim, Las Vegas, New York metro, Chicago, Pittsburgh, Indianapolis, and Seattle.

Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Credit Score Average of Age in Months Average BizAnalyzer Score
Portland-Vancouver-Hillsboro, OR-WA $167,391 643 15.7 50.0
Denver-Aurora-Lakewood, CO $1,011,458 638 62.0 54.6
San Francisco-Oakland-Hayward, CA $395,720 633 60.8 50.1
Los Angeles-Long Beach-Anaheim, CA $464,623 632 43.3 52.6
Las Vegas-Henderson-Paradise, NV $427,297 628 33.3 52.5
New York-Newark-Jersey City, NY-NJ-PA $199,881 626 35.0 50.1
Chicago-Naperville-Elgin, IL-IN-WI $1,076,557 621 40.4 49.5
Pittsburgh, PA $547,125 620 38.0 47.6
Indianapolis-Carmel-Anderson, IN $68,000 615 53.3 49.7
Seattle-Tacoma-Bellevue, WA $110,843 615 28.2 48.9
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $102,313 612 40.4 48.2
Phoenix-Mesa-Scottsdale, AZ $166,963 611 55.7 47.8
Washington-Arlington-Alexandria, DC-VA-MD-WV $359,484 609 63.8 51.2
Tampa-St. Petersburg-Clearwater, FL $192,448 609 45.8 48.3
Riverside-San Bernardino-Ontario, CA $165,071 607 37.9 53.9
Miami-Fort Lauderdale-West Palm Beach, FL $273,920 605 41.6 49.7
Atlanta-Sandy Springs-Roswell, GA $504,944 601 46.7 49.9
Milwaukee-Waukesha-West Allis, WI $109,071 600 23.4 46.1
Dallas-Fort Worth-Arlington, TX $400,474 600 34.7 45.4
Baltimore-Columbia-Towson, MD $188,713 596 55.5 51.1
Orlando-Kissimmee-Sanford, FL $198,006 594 31.3 45.7
Charlotte-Concord-Gastonia, NC-SC $1,146,263 591 46.6 52.3
Charleston-North Charleston, SC $97,714 589 30.2 46.0
Houston-The Woodlands-Sugar Land, TX $223,964 589 22.7 47.1
Jacksonville, FL $1,395,927 576 32.6 45.2
National Average $282,991 611 37.6 48.7

"Indianapolis is growing because it has become a transportation hub, and certified women-owned businesses are taking advantage of opportunities there," Arora said. "In Pittsburgh, companies are benefitting in the transformation from a steel and manufacturing industry to a medical and financial services hub. There are more than twice as many women working in the health care service industry than men in Pittsburgh, a city that is on the rise."

About the Biz2Credit Best Small Business Cities in America Study

Biz2Credit analyzed 12,000 businesses with less than 250 employees and less than $10 million in annual revenues from across the country that have been in operation for more than 1 year.