NerdWallet ranks MSP the #8 metro area for women to start a business
A NerdWallet report released in October pegs the Minneapolis-St. Paul metro area as one of the nation’s friendliest locales for women entrepreneurs. The Twin Cities region is the third-best major metro on the list, behind only Denver and San Francisco, and the best in the Midwest.
NerdWallet used data from the U.S. Census Bureau and Small Business Administration to conduct a comparative analysis of 174 U.S. metro areas (population 250,000 or more) on such key measures of business-friendliness as:
- Number of women-owned businesses per 100 people
- Average income for women-owned businesses
- Women’s median income overall (and as a percentage of men’s median income)
- SBA-guaranteed loans per 100,000 people
- Average SBA-guaranteed loan size
According to the report, Minneapolis-St. Paul’s median annual income for women is just shy of $47,000, good enough for 17th place in the nation. The region has 26.49 SBA loans per 100,000 people, also good for 17th place (and well ahead of the national average of 14.56 per 100,000).
And MSP’s average SBA loan size is right around $275,000, placing the region ahead of better-ranked locales like Denver and Boulder. NerdWallet didn’t say how Minneapolis-St. Paul’s SBA loan size ranked nationally, though.
If you’re looking for a region that’s even more attractive for women entrepreneurs, you likely need to head west. The spots ahead of Minneapolis-St. Paul are almost all in California or Colorado. See the sidebar for the full report and top 10 list >>