Fort Lauderdale Jumps 3 Spots On List Of America's 10 Best Small Business Cities
Fort Lauderdale is certainly a great hub for small businesses, but a new study shows it might be even better than you think.
Small business funding marketplace Biz2Credit named our city (well, the Miami-Fort Lauderdale metro area, to be precise) to its list of the top 10 small business cities in America for 2016.
Biz2Credit analyzed small businesses with fewer than 250 employees or earning less than $10 million in annual revenue. The site considered annual revenue, credit score, age of business, cash flow, debt-to-income ratio and business owners' personal credit scores.
Coming in at No. 4, Fort Lauderdale jumped three spots from its No. 7 ranking last year. It appears right behind San Jose (1), New York (2) and San Francisco (3) on the 2016 list. We'd say we're in good company.
Biz2Credit CEO Rohit Arora, an expert on small business finance who oversaw the study, identified the South Florida region's growth as a tourist destination and construction boom as two major factors in its noteworthy rise to the No. 4 spot.
"Additionally, it acts as a gateway to Latin America. If relations continue to normalize with Cuba, its strategic importance will only continue to grow," Arora said in a release.
Fort Lauderdale beat out other California markets, including Los Angeles and—last year's winner—Riverside-San Bernadino. Riverside dropped five spots to No. 6 because of water shortages that have impacted agriculture and the local economy.
The top 10 list is as follows:
1. San Jose, California
2. New York
3. San Francisco-Oakland
4. Miami-Fort Lauderdale
5. Los Angeles
6. Riverside-San Bernadino, California
8. San Diego
(Photo courtesy Len Kaufman via Greater Fort Lauderdale Convention & Visitors Bureau)