It’s tough to start a successful business. The challenges can be even greater for minorities.
In a recent study, financial planning platform Nerdwallet investigated which cities around the country provide the best conditions for minority founders to launch small businesses. While 29 percent of all businesses in the U.S. are minority owned, California, Florida, Georgia, New York and Texas are the states where 59 percent of those companies are based.
Though the top 10 cities in the ranking are found in states from California to Utah to Wisconsin, they all share a promising commonality. Nerdwallet’s study found that within the last three years, the employment rates all rebounded at a higher level than the rest of the country. From 2013 to 2015, the unemployment rate in these areas was an average of 4.7 percent compared to the national average of 6.2 percent.
Nerdwallet examined 178 U.S. metro areas that had populations of 250,000 or more, accounting for factors such as business climate, the health of the local economy and the available financing opportunities. For the top 10 places, and stats about representation among Fortune 500 CEOS, venture capital and minority founders, check out the infographic below.