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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

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.

Business Performance Measures

The industries with the highest approval rates and funding rates were Accommodation and Food Services followed by Retail.

Business Performance Measures

The industry with the highest average funded amount was Information Technology at $320,145.

Business Performance Measures

The industry with the highest average revenue and the highest owner’s credit score was also Information Technology.

Business Performance Measures

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

Accommodation and Food Services

57%
Approval Rate
26%
Funded Rate

Age of Business

Transportation
and Warehousing

54 mo.
Youngest Industry

Health Care & Social
Assistance

91 mo.
Oldest Industry

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

new jersey allocation

Information Technology

18%
of all Small
Business
Funding
* Measured in 2020 funding amount across all industries

Industry Highlights by Credit Score

The industry with the highest average credit score: Information Technology at 636

industry highlight by credit score

Information Technology

636
Average FICO
(Owners)

Note: Calculation of owner FICO scores is taken for all financing applications irrespective of approval or funding status.

Industry Highlights by Average Revenue

industry highlight

Note: This data represents averages based on all completed financing applications covered in the report.

States With Highest Funding In Industries With Highest Volume of Small Business Activity 2020:

state wise funding levels

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