LendingTree Study Finds San Francisco, San Jose and Washington, D.C. Are the Top Places Minority Entrepreneurs Are Succeeding
Minority entrepreneurs have a major presence in the U.S. business landscape, as there are about eight million minority-owned businesses throughout the country. However, not all of these business owners are succeeding. Several factors could be at play, such as access to capital, which has long been a hurdle for minority-owned businesses. Location could also be a determining factor in minority entrepreneurs succeeding in their ventures, according to new data from
Key findings
- Four of the top 10 cities are dominated by
California hot spots. No. 1 San Francisco has a high rate of self-employed minorities and a relatively high parity of business ownership, thoughSan Jose has the highest parity of business ownership by minorities. - Last place
St. Louis has struggled with revenues and longevity for its minority-owned businesses — only 18 percent have exceeded$500,000 in annual revenue while 27.6 percent survive past their first six years in business. AnotherMissouri metro follows on the heels ofSt. Louis : No. 49 Kansas City. - Midwestern cities have a generally poor showing, with
Milwaukee andCleveland rounding out the bottom four.
Top metros for minority business owners
The top places in the study share a high percentage of minorities who are self-employed – around 4 percent in the top three metros. The two highest-ranking places are both in
1.
Final score: 83.9
2.
Final score: 83.2
Nearby
3.
Final score: 78.8
The nation's capital is the highest-ranking
Where minority entrepreneurs are struggling
The three bottom-ranking cities in the study are in Midwestern states, with the last two in
50.
Final score: 33.2
Even though
49.
Final score: 39.1
48.
Final score: 41.6
To view the full report, visit www.lendingtree.com/business/where-minority-entrepreneurs-succeeding.
Metros Ranked by Where Minority Entrepreneurs Are Succeeding |
||||||
Rank |
Metro |
Final Score |
% of Minorities Who Are Self-Employed |
Minority Business Ownership Parity Index |
% of Minority Owned Businesses That Have $500K+ Revenues |
% of Minority Owned Businesses in Operation for 6+ Years |
1 |
San Francisco |
83.9 |
4.3% |
68 |
42.6% |
56.7% |
2 |
San Jose, Calif. |
83.2 |
3.8% |
73 |
42.6% |
56.6% |
3 |
Washington, D.C. |
78.8 |
4.0% |
68 |
39.9% |
55.8% |
4 |
Los Angeles |
78.7 |
4.2% |
61 |
42.4% |
56.7% |
5 |
Seattle |
78.5 |
4.6% |
69 |
36.3% |
53.2% |
6 |
Portland, Ore. |
75.9 |
4.4% |
61 |
38.8% |
55.5% |
7 |
Sacramento, Calif. |
74.5 |
3.0% |
65 |
41.8% |
60.0% |
8 |
Pittsburgh |
70 |
3.7% |
52 |
39.4% |
61.0% |
9 |
Atlanta |
69.8 |
4.8% |
55 |
37.4% |
49.7% |
10 |
Cincinnati |
68.8 |
3.1% |
50 |
43.3% |
62.3% |
11 |
Houston |
68.7 |
2.5% |
59 |
46.7% |
56.2% |
12 |
Oklahoma City |
68.6 |
2.8% |
57 |
44.6% |
57.8% |
13 |
Baltimore |
67.7 |
3.9% |
54 |
37.7% |
56.1% |
14 |
Riverside, Calif. |
66.8 |
2.4% |
64 |
43.3% |
53.9% |
15 |
Nashville, Tenn. |
63.8 |
3.9% |
51 |
42.0% |
48.6% |
16 |
Columbus, Ohio |
62.4 |
3.2% |
53 |
42.6% |
51.0% |
17 |
Dallas |
62.3 |
2.5% |
57 |
45.3% |
50.6% |
18 |
San Diego |
61.8 |
2.8% |
56 |
37.7% |
56.0% |
18 |
Virginia Beach, Va. |
61.8 |
2.6% |
49 |
39.1% |
62.8% |
20 |
Tampa, Fla. |
61.5 |
2.4% |
63 |
38.7% |
52.7% |
21 |
Memphis, Tenn. |
60.6 |
2.7% |
36 |
49.7% |
60.0% |
22 |
New York |
60.3 |
3.6% |
57 |
33.8% |
49.9% |
23 |
Birmingham, Ala. |
59.9 |
3.6% |
37 |
42.6% |
57.7% |
23 |
Miami |
59.9 |
2.4% |
63 |
34.9% |
54.5% |
25 |
Raleigh, N.C. |
58.6 |
2.9% |
46 |
46.7% |
49.5% |
26 |
Indianapolis |
58.5 |
2.5% |
46 |
45.0% |
55.0% |
27 |
Louisville, Ky. |
58.1 |
2.5% |
40 |
49.6% |
54.4% |
28 |
Boston |
57.6 |
2.7% |
49 |
41.9% |
53.3% |
29 |
Austin, Texas |
57.1 |
2.4% |
50 |
43.8% |
52.0% |
30 |
Minneapolis |
57 |
3.3% |
44 |
39.3% |
53.4% |
31 |
Hartford, Conn. |
56.8 |
2.9% |
50 |
36.4% |
55.3% |
32 |
Richmond, Va. |
56.7 |
2.8% |
49 |
37.6% |
55.0% |
33 |
Las Vegas |
56.2 |
2.7% |
52 |
38.6% |
52.2% |
34 |
San Antonio |
56 |
1.1% |
59 |
44.1% |
54.5% |
35 |
Charlotte, N.C. |
55.6 |
3.2% |
43 |
40.4% |
52.5% |
36 |
New Orleans |
54.3 |
3.3% |
38 |
33.3% |
62.1% |
37 |
Salt Lake City |
53 |
2.6% |
39 |
41.2% |
56.6% |
38 |
Philadelphia |
52.4 |
2.5% |
47 |
36.9% |
54.8% |
39 |
Chicago |
52.1 |
2.4% |
50 |
34.4% |
55.1% |
40 |
Phoenix |
50.5 |
1.9% |
43 |
40.7% |
56.9% |
41 |
Denver |
50.4 |
2.6% |
47 |
36.3% |
52.1% |
42 |
Orlando, Fla. |
50 |
2.6% |
55 |
32.0% |
49.0% |
43 |
Detroit |
49 |
2.6% |
39 |
35.6% |
57.1% |
43 |
Jacksonville, Fla. |
49 |
3.1% |
49 |
30.2% |
50.3% |
45 |
Buffalo, N.Y. |
48.2 |
1.9% |
42 |
35.2% |
61.1% |
46 |
Providence, R.I. |
47.5 |
2.1% |
42 |
37.6% |
55.6% |
47 |
Milwaukee |
47.3 |
1.9% |
37 |
40.2% |
58.7% |
48 |
Cleveland |
41.6 |
2.6% |
33 |
33.3% |
54.6% |
49 |
Kansas City, Mo. |
39.1 |
2.4% |
49 |
30.7% |
42.6% |
50 |
St. Louis |
33.2 |
2.5% |
71 |
18.1% |
27.3% |
Average |
59.9 |
2.9% |
52 |
39.2% |
54.3% |
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