When analyzing all the factors that impact small business growth, Houston is the top city, according to our calculations. Many people were surprised when New York City was not rated as the top city for fastest small business growth.
New York, NY (PRWEB) June 04, 2013
Biz2Credit has ranked America's Fastest Growing Small Business Cities based on average annual revenue, average number of employees, average age of business (in months), highest average credit score, and local sales tax rates.
Chicago and Los Angeles tied for highest local sales tax rate (9.75%). San Francisco-Oakland Bay Area, Seattle, St. Louis and Phoenix also had total sales tax rates of over 9%.
"When analyzing all the factors that impact small business growth, Houston is the top city, according to our calculations. Many people were surprised when New York City was not rated as the top city for fastest small business growth," said Biz2Credit CEO, Rohit Arora, one of the nation's leading experts in small business loans, who oversaw the research. "One of the important factors hindering New York City is its relatively high tax rates. Thus, we decided to look at the tax rates of the other top cities."
Drivers of small business growth include the arrival of large numbers of immigrants, who are starting companies in urban areas all across the country. Meanwhile, high costs of living and local tax burdens negatively impacted some cities in their overall rankings. Based on these factors, America's 25 Fastest Growing Small Business Cities ranked in order are:
3. Los Angeles
4. New York City metro
5. Miami-Fort Lauderdale
9. San Francisco-Oakland
10. Riverside-San Bernardino, CA
14. Dallas-Fort Worth
20. Tampa-St. Pete
21. Jacksonville, FL
23. St. Louis
25. San Diego
(For the complete Top 25 ranking, including tax rates, click http://bit.ly/17dqN17)
Chicago and Los Angeles ranked among the highest taxed cities, followed by the San Francisco-Oakland Bay Area, Seattle, St. Louis, Phoenix, and New York City.
For this analysis, Biz2Credit defined "small businesses" as companies having fewer than 250 employees or less than $10 million in annual revenues. Biz2Credit has incorporated the tax data into its examination of the top 25 Fastest Growing Small Business Cities.
About the Biz2Credit Fastest Growing Small Business Cities Study
Biz2Credit analyzed 15,000 businesses with less than 250 employees and less than $10 million in annual revenues from across the country that have been in operation for more than 1 year.
Founded in 2007, Biz2Credit Business Loans is a leading credit marketplace connecting small- and medium-sized businesses with lenders, service providers, and complementary business tools. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each business’s unique profile -- completed in less than four minutes -- in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,100+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers.
Having arranged $850+ million in funding throughout the U.S., Biz2Credit is widely recognized as the #1 online credit resource for small business loans, lines of credit, equipment loans, working capital and other funding options.