In a ranking conducted by Biz2Credit, the San Francisco-Oakland metro area ranked third in the top cities for small businesses. The Bay Area’s tech driven economy is attracting STEM talent from across the United States and abroad as well. Asian companies are also setting up offices within the area. These activities have contributed to a 5.2% GDP growth in the area.
The annual “Best Small Business Cities in America” ranking of 25 cities is based on a weighted average of data on Biz2Credit’s customers across the country. It looks at the health of small businesses in each metro area, the rate of small-business creation and the economic ecosystem for entrepreneurs, including the cost of doing business, tax climate and local talent pool.
Biz2Credit analyzed more than 55,000 businesses with fewer than 250 employees from across the country. These firms were in operation for more than a year and had less than $10 million in annual revenues.