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San Jose has been named the “best small business city” in the United States, according to a ranking by Biz2Credit, a small business lender. The ranking noted high annual revenues, credit scores, business age, balance sheet health and cash flows of the Bay Area city’s small businesses.
The booming tech sector is having spillover effects on small business success in San Jose and driving growth in the region's industries, including construction, logistics, restaurants and hospitality, says Biz2Credit CEO Rohit Arora. The city notched a GDP growth rate of 6.2%, leading the nation’s 2.4% growth.
Growing demand for small business office and retail space place upward pressure on rents. San Jose residential has grown to accommodate the influx of new workers into the city. Balancing growth with affordability continues to remain a challenge for cities in the Bay Area.
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