Business

Report: Providence ninth greatest metropolis in U.S. for small companies


PROVIDENCE – The state’s capital was named the ninth greatest metropolis within the nation for small enterprise, in Biz2Credit’s 2021 annual Top 25 Small Business Cities in America rating that was launched Tuesday.

Providence was amongst seven cites that had been unranked in 2020 that made the most recent high 25 record. The different ranked cities that had been unranked in 2020 had been Lakeland-Winter Haven, Fla.; Austin, Texas; Port St. Lucie, Fla.; Houston; Nashville and Cleveland.

“The pandemic showed many entrepreneurs – especially those who own technology companies and other firms that can operate virtually – that they did not need to be in large cities,” mentioned Biz2Credit CEO Rohit Arora. “That’s why cities [such as] Providence, Lakeland-Winter Haven, and Port St. Lucie made the list.”

To decide its rankings, elements such because the native enterprise local weather, together with rents, labor prices and native tax charges had been thought of. Biz2Credit examined the financials of over 82,000 corporations that utilized for small-business loans in 2021, together with corporations that utilized for PPP loans.

The report discovered Providence had the best credit score rating at 618. The metropolis was ranked above San Jose and New York, which each posted scores of 617, and Boston which had a rating of 614. San Francisco was ranked fifth with a credit score rating of 610.

“Average Credit Scores were down significantly in 2021. For instance, in last year’s study, top-ranked San Jose came out on top with an average score of 650, and No.10 Tampa-St. Pete was at 629,” Arora defined. “This year, the city with the highest average credit score was Providence at 618, a figure that would not have cracked the top 10 in 2020.”

San Jose was ranked the highest metropolis within the nation for small companies. Baltimore was second, New York was third, Boston was fourth and San Francisco-Oakland was fifth.

“With Silicon Valley thriving, it is no surprise that San Jose has repeated as No. 1 among the Top 25 Best Small Business Cities for 2021. Other tech centers, including New York, Boston and San Francisco also fared well,” Arora mentioned. “Baltimore and Washington, DC, moved up the list dramatically, which is likely the result of an increase in the number of businesses that serve the growing federal workforce.”

Providence additionally ranked ninth for highest variety of small-business mortgage purposes. San Jose, Baltimore, New York, Boston and San Francisco had been the highest 5 cities in that class.

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