top cities for small businesses in america

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Biz2Credit is an online marketplace that equips small and medium size businesses with tools needed to analyze their financial health and equips banks with the tools to more efficiently manage their small business lending process

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  • 1. A Biz2Credit Research Report On 2014s Best Small Business Cities in America May 14th 2014 Rohit Arora, CEO Helping Small Businesses Grow
  • 2. 1Biz2Credit in a few words Biz2Credit is an online marketplace that equips small and medium size businesses with tools needed to analyze their financial health and equips banks with the tools to more efficiently manage their small business lending process. Proprietary technology streamlines the loan application process and connects borrowers to lenders using a patented credit algorithm.
  • 3. Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelClick to edit Master text styles Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelClick To Edit Master Text Styles Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelBullet 1 Bullet 2 Bullet 3 Bullet 4 Normal Text Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelClick to edit Master text styles Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelClick To Edit Master Text Styles Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelBullet 1 Bullet 2 Bullet 3 Click to edit the outline text format Second Outline Level Third Outline Level Fourth Outline Level Fifth Outline Level Sixth Outline Level Seventh Outline Level Eighth Outline Level Ninth Outline LevelClick to edit Master text styles Funded over $1 Billion to date Over 1,200 lenders on our platform, including 50+ micro-lenders Has direct reach to over 1.6 million small and medium sized business owners 2012 - Entrepreneur.com Top Small Business Finance Resource 2011 - Crains Top Entrepreneur 2Biz2Credit in a few words
  • 4. Small Businesses: The Backbone of The American Economy 3
  • 5. 4Small Businesses: Facts Over half of Americas workers own or work for a Small Business Small Businesses have generated over 64% of new jobs in the last 15 years Small businesses create 2 out of every 3 jobs today Add greatly to the economic growth of the country From Farmers to Mechanics to Doctors Small Businesses are everywhere! Source: U.S. Department of Housing and Urban Development
  • 6. Biz2Credit Study: 2014s Top Cities for Small Businesses in America 5
  • 7. 6Small Businesses: Facts For this study, Biz2Credit Analyzed over 12,000 Small Businesses across America to determine the best cities for small businesses, women owned businesses and Minority owned businesses. Factors studied to determine the rankings include: 250 Employees or Less Less than $10 million in Annual Revenues Annual Busines Revenues Business Credit Scores Debt-to-Income Ratio Age of Business Type of Business Business Owners Personal Credit Scores
  • 8. Results: 2014s Top Cities for Small Business 7 After Analyzing over 100 cities, the results for the top cities for Small Businesses: Rank Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Credit Score Average of Age in Months Average BizAnalyzer Score 1 San Jose-Sunnyvale-Santa Clara, CA $ 499,811 685 67.4 57.7 2 Detroit-Warren-Dearborn, MI $ 730,013 637 39.4 55.5 3 Denver-Aurora-Lakewood, CO $ 482,434 649 46.0 55.1 4 Los Angeles-Long Beach-Anaheim, CA $ 752,154 641 58.6 53.9 5 San Francisco-Oakland-Hayward, CA $ 274,164 637 51.9 53.7 6 Las Vegas-Henderson-Paradise, NV $ 497,677 649 39.4 53.6 7 New York-Newark-Jersey City, NY-NJ-PA $ 574,801 637 47.3 52.6 8 Atlanta-Sandy Springs-Roswell, GA $ 384,282 623 45.4 52.5 9 Washington-Arlington-Alexandria, DC-VA-MD-WV $ 224,982 629 34.9 52.5 10 Miami-Fort Lauderdale-West Palm Beach, FL $ 375,856 625 46.9 52.2
  • 9. San Jose remains the center of innovation and new business job creation in the U.S. Surprisingly, Detroit-Dearborn scored very well in large part because of the auto industrys rebound and the growing technology sector in the area. While revenue figures are usually higher for New York-based companies, so are the costs of operation. The minimum wage is higher, and now Mayor DeBlasio has expanded paid sick leave. This hinders small business owners, Results: 2014s Top Cities for Small Business 8
  • 10. "San Jose remains the center of innovation and new business job creation in the U.S., Surprisingly, Detroit-Dearborn scored very well in large part because of the auto industrys rebound and the growing technology sector in the area. - Biz2Credit CEO Rohit Arora, While revenue figures are usually higher for New York-based companies, so are the costs of operation. The minimum wage is higher, and now Mayor DeBlasio has expanded paid sick leave. This hinders small business owners, When fixed and marginal costs are high, it impacts cash flow significantly. There is also some fallout still from Hurricane Sandy and its impact on small businesses. This, too, hurt New Yorks ranking. - Biz2Credit CEO Rohit Arora, 9
  • 11. Biz2Credit Study: 2014s Top Cities for Minority Owned Small Businesses 10
  • 12. Results: 2014s Top Cities for Minority Owned SB 11After Analyzing over 100 cities, the results for the top cities for Small Businesses: Rank Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Credit Score Average of Age in Months Average BizAnalyzer Score 1 San Jose-Sunnyvale-Santa Clara, CA $ 446,395 665 69.6 56.8 2 Denver-Aurora-Lakewood, CO $ 734,761 640 56.8 54.3 3 San Diego-Carlsbad, CA $ 971,025 647 62.3 53.9 4 Riverside-San Bernardino-Ontario, CA $ 1,380,613 608 41.8 53.8 5 San Francisco-Oakland-Hayward, CA $ 390,510 627 68.1 52.7 6 Indianapolis-Carmel-Anderson, IN $ 610,646 620 50.7 52.6 7 Los Angeles-Long Beach-Anaheim, CA $ 827,148 638 47.1 52.4 8 New York-Newark-Jersey City, NY-NJ-PA $ 486,141 635 44.7 51.9 9 Atlanta-Sandy Springs-Roswell, GA $ 427,100 614 46.0 51.8 10 Miami-Fort Lauderdale-West Palm Beach, FL $ 417,819 620 43.7 51.6
  • 13. "Centers of technological innovation are booming. Cities like Portland and Jacksonville are taking advantage of their slower pace, lower costs and good standard of living offered to residents While New York City is an appealing location for entrepreneurs to start a business, the reality is that high fixed and marginal costs negatively impact the bottom line of small business owners According to statistics from the U.S. Census Bureau, African Americans (just over 25%) Hispanics (28.6%) and Asians (12.7%) combine to comprise the majority of New York Citys population. "San Jose is a hub for small business, but people might not immediately expect it to be a booming place for minority-owned companies" 12Results: 2014s Top Cities for Minority Owned SB
  • 14. "San Jose is a hub for small business, but people might not immediately expect it to be a booming place for minority-owned companies," According to U.S. Census Bureau statistics, Hispanics represent nearly a third of the population in San Jose, while Asians (non-Hispanic) represent just over 30 percent of the population. Surprisingly, Denver scored very well in the study, largely because of the booming fresh produce and organic food industry, which is popular amongst minorities. - Biz2Credit CEO Rohit Arora, While New York City is an appealing location for entrepreneurs to start a business, the reality is that high fixed and marginal costs negatively impact the bottom line of small business owners, Arora explained. According to statistics from the U.S. Census Bureau, African Americans (just over 25%) Hispanics (28.6%) and Asians (12.7%) combine to comprise the majority of New York Citys population. - Biz2Credit CEO Rohit Arora, 13
  • 15. Biz2Credit Study: 2014s Top Cities for Women Owned Small Businesses 14
  • 16. Results: 2014s Top Cities for Women Owned SB 15After Analyzing over 100 cities, the results for the top cities for Small Businesses: Rank Top 25 Metro areas with the highest applications in 2013 Average Annual Revenue Average Cred