Small businesses are the backbone of the American economy, and Biz2Credit’s annual Top 25 Cities for Small Business Study provides a comprehensive view of the performance of these businesses across the United States. The study examines credit inquiries and applications from small to mid-sized businesses for the entire prior year (2022) to determine the best small business cities in the country. This year, Riverside, California, ranked 13th on the list, marking an impressive jump from its 22nd position in the previous year.
San Francisco: Best Small Business City in America for 2023
Biz2Credit identified San Francisco as the “Best Small Business City in America” for 2023 based on factors such as average annual revenues, credit scores, age of business, and Biz2Credit’s proprietary BizAnalyzer score. The BizAnalyzer Score considers the local business climate, including rents, labor costs, and local tax rates, to provide a comprehensive view of the small business ecosystem in each city. This year’s rankings also included cities like Pittsburgh that were not on the Top 25 list in the previous year, while San Jose fell to 7th place from its top position in 2022.
Diverse Mix of Leading Industries in the Top 25 Cities
The Top 25 cities represent a diverse mix of locations across the country, with leading industries being accommodation and food services, other services (except public administration), and retail trade. The average revenues of small businesses in 2022 increased to $441K from $376K in 2021, reflecting a rebound in the small business economy since the pandemic. The average credit scores of business owners also increased to 642 from 633 in 2021, showing the improved financial performance of small businesses in these cities.
Riverside, California’s Thriving Small Business Ecosystem
Riverside, California’s performance in the study is a testament to the thriving small business ecosystem in the city. With a population of over 330,000, Riverside is California’s 12th most populous city and 59th in the country. Riverside’s economy is diverse and home to several industries, including education, healthcare, and manufacturing. The town has a supportive business environment with various incentives and programs to help small businesses grow and succeed.
In the Biz2Credit study, Riverside ranked 13th overall, up from its 22nd position in the previous year. This ranking highlights the city’s strong economic performance, including average annual revenues of $327K and an average credit score of 631. Riverside’s small business ecosystem is well-supported, with various resources available to entrepreneurs, including funding, mentorship, and training programs.
The small business community in Riverside is thriving, and the city’s ranking in the Top 25 Cities for Small Business Study is a testament to the hard work and dedication of business owners in the area. With a supportive business environment and a diverse economy, Riverside is an ideal location for entrepreneurs looking to start or grow their businesses.
Conclusion: Biz2Credit’s Study Highlights Riverside’s Growth and Success
In conclusion, Biz2Credit’s annual Top 25 Cities for Small Business Study provides valuable insights into the financial performance of small businesses across the country. Riverside, California’s ranking at 13th position in the 2023 study highlights the thriving small business ecosystem in the city. With a supportive business environment and a diverse economy, Riverside is well-positioned to continue its growth and success in the years to come.
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