Written by The Business Journal Staff
There is hopeful news for the people of Fresno trying to start a small business.
LendingTree, an online lending exchange company, released a study listing the best and worst cities for a new small business, and Fresno ranked ninth for best cities to start a new small business.
Ranking at first is Sacramento.
To conduct the study, LendingTree used data from over 80,000 queries submitted by new small-business owners seeking loan offers through their small business loan marketplace to find out where businesses tend to perform the best.
Annual revenue was the first factor LendingTree considered when ranking cities and they analyzed the percentage of business that reported they were profitable at the time of their queries.
The study was limited to businesses that submitted their query forms between six and 60 months after the founding of the business, earn an annual revenue of less than $7,500,000 and submitted a loan query to LendingTree between Jan. 1, 2016, and Jan. 23, 2018.
Here are the lists for the best and worst cities to start a new small business in:
10 Best Cities for New Small Businesses:
- Sacramento, California
- Grand Rapids, Michigan
- Portland, Oregon
- Knoxville, Tennessee
- Tulsa, Oklahoma
- Albuquerque, New Mexico
- Fresno, California
- Los Angeles
- Oklahoma City
10 Worst Cities for New Small Businesses:
- Rochester, New York
- Louisville, Kentucky
- Birmingham, Alabama
- Harrisburg, Pennsylvania
- New Orleans
- Virginia Beach, Virginia