Miami Earns Top Ranking for Small Business Growth in 2019

Published on May 07, 2019

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Miami, FL May 1, 2019) – Miami has been named by small business lender and analyst Biz2Credit as “Best Small Business City in America” for 2019 based on several factors, including local businesses’ annual revenues, credit scores and taxes. The Magic City jumped from number 3 to number 1 in this year’s list of 25 major U.S. cities, leapfrogging New York City and San Jose, California for the top spot. The move comes as the City of Miami has implemented new programs, such as ePlan, to make permitting for new buildings and businesses far more customer-friendly.

Biz2Credit ranked the cities based on a weighted average that factors in annual revenue, credit score, age of business (in months), and grade on the company’s proprietary BizAnalyzer tool. The BizAnalyzer calculation factors in cash flow, debt-to-income ratio, local cost structures and taxes. To create the 2019 rankings, Biz2Credit examined the financial data of nearly 30,000 companies that applied for small business funding in 2018. Biz2Credit defined "small businesses" as companies having fewer than 250 employees or less than $10 million in annual revenues.  

Following are the top ten cities in the Biz2Credit “Best Small Business City in America” rankings for 2019, with Miami leading the pack. Each city’s 2018 rank is shown in parenthesis:

 

1    Miami, FL (No. 3)

2    San Jose, CA (No. 2)

3    San Francisco, CA (No. 4)

4    New York, NY (No. 1)

5    San Diego, CA (No. 9)

6    Los Angeles, CA (No. 5)

7    Boston, MA (Unranked)

8    Sacramento, CA (No. 10)

9    Baltimore, MD (No. 16)

10  Washington, D.C. (No. 7)

 

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