Tech, Finance, and Restaurant Businesses Lead the Way in 2021 Top Small Business Industry Lists
Information Technology: Highest amount of funding, highest average revenue, and highest average credit score
Accommodation and Food Services: Highest approval rate and funded rate
Financial Services: Fastest Covid-19 recovery
Key Findings: Business Performance Measures
Industries that had a high demand for credit, but low levels of distress were Finance, Insurance, Retail, Real Estate, Wholesale Trade, and Manufacturing.
The industries with the highest approval rates and funding rates were Accommodation and Food Services followed by Retail.
The industry with the highest average funded amount was Information Technology at $320,145.
The industry with the highest average revenue and the highest owner’s credit score was also Information Technology.
The industry with the youngest businesses which corresponds to the highest number of recent startups was Transportation and Warehousing.
In this report, we have quantified what we knew anecdotally about the state of small businesses in this country. Financial and realty businesses did exceptionally well at recovering from the pandemic. As the pandemic raged, Information Technology businesses boomed, seeing their average revenue and owners’ credit scores rise above other businesses. Meanwhile, the rise of startups in the Transportation Industry shows that American entrepreneurs have responded to the logistical challenges of ecommerce and pandemic-era travel shocks with a new wave of ventures.
Insight from Biz2Credit CEO, Rohit Arora
Approval and Funded Rates
Age of Business
Age of Business
Health Care & Social
Industry Highlights By Funding
The industry with the highest total volume of funding in 2020 was the Information Technology industry.
New Jersey was the state with the highest funding concentration in the IT industry in 2020.
New Jersey Allocation % to Industries
of all Small
Industry Highlights by Credit Score
The industry with the highest average credit score: Information Technology at 636
Note: Calculation of owner FICO scores is taken for all financing applications irrespective of approval or funding status.
Industry Highlights by Average Revenue
Note: This data represents averages based on all completed financing applications covered in the report.