The Triad area ranks among the 50 best places for new small businesses, according to a new study by online loan marketplace LendingTree.
LendingTree collected data from more than 80,000 queries submitted by small-business owners who sought loan offers through its small-business loan marketplace. While LendingTree refers to the 50 best cities, the study used combined statistical areas, so Greensboro refers to Greensboro, High Point and Winston-Salem.
To determine where small businesses thrive, LendingTree analyzed two factors: annual revenue and the percentage of businesses that reported profitability at the time of their queries. The data was limited to the 50 most populated metropolitan statistical areas.
The Greensboro area, where the average annual revenue of businesses was $232,115 and 83 percent of rising small businesses were profitable, ranked No. 22. Charlotte ranked No. 13, with an average annual revenue of $366,737 and 80 percent of small businesses reporting profitability. Raleigh ranked No. 34, with an average annual revenue of $163,290 and 84 percent of small businesses reporting profitability.
Here are the top five best cities for new small businesses:
- Sacramento, California
- Grand Rapids, Michigan
- Portland, Oregon
- Knoxville, Tennessee
- Denver, Colorado
Click here to view the study.