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Survey IDs best cities for small businesses
Small businesses are thriving across the United States, but some are seeing bigger growth than others, and some of that difference could be because of the location. New data out from WalletHub identifies the most SMB-friendly cities around the US.
In the top 5 are Holland, MI, Carbondale, IL, Springville, UT, East Chicago, IN, and Jefferson City, MO.
As to what makes a city small business friendly, WalletHub looked at considerations like office space costs, how many residents have college degrees, and even the number of startups that come from specific cities each year.
"We analyzed over 1,000 small cities to determine which ones offer the most business-friendly environment for entrepreneurs launching a small business. We compared the cities across three categories: Business Environment, Access to Resources and Business Costs," said WalletHub Analyst, Jill Gonzalez. "The best cities manage to offer the right resources and environments for developing a business while keeping overall costs low. Low ranking cities tend to put a strain on new business owners, as they have high labor costs and lower access to capital, which are typically the two things that keep a small business from reaching the 5-year mark."
Among the more interesting findings:
• Bend, OR and Redmond, OR see about 280 startups per year per 100,000 people, that is the highest in this survey
• Salisbury, MD, meanwhile, sees 30 startups per year per 100,000 people, that is the lowest in the survey
• Kentwood, MI sees the lowest office space costs at $9.06 per square foot
• Mountain View, CA sees the highest at $61.85 per square foot
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