Local Voices

What's the Best City for Small Business?

One ranking says Minneapolis while another says San Jose. It depends on how you look at it.

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Is your metro area a good place for small businesses? That depends on the factors you use, of course.

Two reports released this week, which is National Small Business Week, used several factors to rank cities. Minneapolis led the rankings in one list, while the San Jose-Santa Clara area led another. 

Biz2Credit, a credit resource for startups and small business loans, used a weighted average that included annual revenue, credit score, age of business, cash flow, debt-to-income ratio, incorporation and business owners' personal credit scores. 

Biz2Credit Top 5

  1. San Jose-Sunnyvale-Santa Clara, CA
  2. Detroit-Dearborn, MI
  3. Denver, CO
  4. Los Angeles-Long Beach-Anaheim, CA
  5. San Francisco-Oakland, CA
"Small businesses in areas where technology is booming, such as San Jose, Denver, Las Vegas, Los Angeles, San Francisco, and New York, tend to have higher credit scores," Biz2Credit CEO Rohit Arora said. "They are also areas with a long history of innovation and thus have well-established companies with higher credit scores."

See where your city ranks among the 25 cities listed by Biz2Credit.

WalletHub, a personal finance resource, factored in the number of business with fewer than 250 employees per 1,000 residents, cost of living, the unemployment rate, job growth, industry variety and more. 

WalletHub Top 5

1. Minneapolis, MN
2. Salt Lake City, UT
3. Miami, FL
4. Madison, WI
5. Oklahoma City, OK

See where you city ranks among the 100 cities listed by WalletHub.

Tell us: What struggles do you face as a small business owner in your metro area? How does the area make it easier? 

This article is sponsored by Wells Fargo Works. Watch the video series, then enter the contest where you could win a similar experience, including $25,000 for your business. Watch the videos and enter the contest here.

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