PROVIDENCE – The state’s capital was named the 20th-best city in the nation for small business, in Biz2Credit’s 2022 annual Top 25 Small Business Cities in America ranking that was released Wednesday.
Providence dropped 11 spots, after being ranked ninth in 2021. Last year’s top city, San Jose, dropped to seventh place this year, while No. 2 Baltimore fell out of the top 10. Additionally, four cities on last year’s ranking fell off last year’s list entirely: Lakeland, Fla.; Port St. Lucie, Fla.; Houston and Cleveland.
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Metro areas that were not ranked among the top 25 in 2021 but made this year’s list include Pittsburgh, Milwaukee, Kansas City and Las Vegas.
San Francisco was ranked as the 2022 top city in the nation for small businesses. Sacramento, Calif., was second, San Diego was third, New York was fourth and Boston was fifth.
“Technology hubs, such as San Francisco, San Jose, Boston, New York, and Seattle, rated highly as the tech sector thrived throughout 2022, despite layoffs from some large corporations,” said Biz2Credit CEO Rohit Arora. “The tech boom fuels other industries including real estate, construction, logistics, food and accommodation. It is a case of the rising tide floating all the boats.”
To determine its rankings, factors such as the local business climate, including rents, labor costs and local tax rates were considered. Biz2Credit analyzed more than 50,000 businesses with fewer than 250 employees and less than $10 million in annual revenue from across the country that have been in operation for more than one year.
The report found Providence had the sixth-highest credit score at 653. The city was ranked below San Francisco at 660, Seattle at 657, New York at 656 and Los Angeles at 654.
“Despite inflation, many small businesses did well in 2022, and their owners’ rising credit scores are a reflection of that,” Arora said.
Overall, the weighted average revenue for small businesses increased from $376,000 in 2021 to $441,000 during the 12 months of 2022, according to the report. Average credit scores for business owners likewise increased to 642 from 633 in 2021.
Overall, the weighted average revenue for small businesses increased from $376,000 in 2021 to $441,000 during the 12 months of 2022. Average credit scores for business owners likewise increased to 642 from 633 in 2021.
