Here’s some advice for female entrepreneurs looking for the best place to start a business: “Go West, young woman.”
An analysis by NerdWallet focused on factors for small-business success — including financing opportunities, local economic health and business climate — and found that seven of the top 10 places for women business owners are in Colorado and California. The data from the U.S. Census Bureau and the Small Business Administration are for 174 U.S. metro areas.
See our infographic below for more details about women entrepreneurs in the U.S.
Of course, location doesn’t necessarily guarantee success. A thriving small business also requires a skilled workforce and access to financing, both of which are vital to getting started and expanding operations. To learn more about financing, take a look at NerdWallet’s comparison of small-business loans.
Key takeaways
Golden State’s golden opportunities. Four of the top 10 metro areas for women entrepreneurs are in California. All four cities have more women-owned businesses per 100 residents and higher annual incomes for women compared with the national average.
Colorado makes a strong showing. Three of the metro areas are in Colorado, including top-ranked Boulder. All three, including Denver and Fort Collins, have above-average levels of women’s entrepreneurship and small-business loan rates.
Follow the money. Women entrepreneurs in the top 10 cities on average received 24.36 SBA-guaranteed loans per 100,000 residents, which is well above the national average of 14.56.
Best metro areas for women entrepreneurs
1. Boulder, Colorado
Women-owned businesses per 100 residents: 4.42 (rank: No. 1)
SBA-guaranteed loans per 100,000 residents: 41.17 (rank: No. 1)
2. Bridgeport-Stamford-Norwalk, Connecticut
Average SBA-guaranteed loan: $1,654,405 (rank: No. 1)
Median annual income for women: $57,377 (rank: No. 2)
3. Denver-Aurora-Lakewood, Colorado
Women-owned businesses per 100 people: 3.22 (rank: No. 13)
Median annual income of women as a percentage of men’s: 87% (rank: No. 12)
4. Santa Cruz-Watsonville, California
Women-owned businesses per 100 residents: 3.95 (rank: No. 3)
Average SBA-guaranteed loan: $806,714 (rank: No. 5)
5. Santa Rosa, California
Women-owned businesses per 100 residents: 3.43 (rank: No. 6)
Median annual income of women as a percentage of men: 89% (rank: No. 7)
6. San Luis Obispo-Paso Robles-Arroyo Grande, California
SBA-guaranteed loans per 100,000 residents: 37.26 (rank: No. 2)
Women-owned businesses per 100 residents: 3.16 (rank: No. 18)
7. San Francisco-Oakland-Hayward, California
Median annual income for women: $56,381 (rank: No. 4)
Women-owned businesses per 100 residents: 3.41 (rank: No. 8)
8. Minneapolis-St. Paul-Bloomington, Minnesota and Wisconsin
Median annual income for women: $46,895 (rank: No. 17)
SBA-guaranteed loans per 100,000 residents: 26.49 (rank: No. 17)
9. Portland-South Portland, Maine
Women-owned businesses per 100 residents: 3.42 (rank: No. 7)
SBA-guaranteed loans per 100,000 residents: 21.58 (rank: No. 31)
10. Fort Collins, Colorado
Women-owned businesses per 100 residents: 3.58 (rank: No. 4)
SBA-guaranteed loans per 100,000 residents: 27.77 (rank: No. 16)
Looking for financing to start or grow your small business? Compare your options for small-business loans here:
Best metro areas for women entrepreneurs
| Rank | Metro area | Average revenue for women-owned businesses | Women-owned businesses per 100 people | Women's median annual income | Median annual income of women as a percentage of men's income | Unemployment rate | SBA-guaranteed loans per 100,000 residents | Average SBA-guaranteed loan |
|---|---|---|---|---|---|---|---|---|
| 1 | Boulder, CO | $91,050 | 4.42 | $48,223 | 77% | 5.9% | 41.17 | $217,912 |
| 2 | Bridgeport-Stamford-Norwalk, CT | $153,161 | 3.48 | $57,377 | 80% | 7.9% | 11.74 | $1,654,405 |
| 3 | Denver-Aurora-Lakewood, CO | $170,068 | 3.22 | $45,543 | 87% | 4.7% | 24.43 | $255,120 |
| 4 | Santa Cruz-Watsonville, CA | $138,676 | 3.95 | $47,412 | 87% | 6.4% | 15.82 | $806,714 |
| 5 | Santa Rosa, CA | $115,113 | 3.43 | $46,681 | 89% | 7.0% | 21.59 | $445,480 |
| 6 | San Luis Obispo-Paso Robles-Arroyo Grande, CA | $109,853 | 3.16 | $40,698 | 72% | 5.7% | 37.26 | $207,772 |
| 7 | San Francisco-Oakland-Hayward, CA | $161,374 | 3.41 | $56,381 | 83% | 6.4% | 15.72 | $538,106 |
| 8 | Minneapolis-St. Paul-Bloomington, MN-WI | $155,950 | 2.82 | $46,895 | 84% | 4.8% | 26.49 | $274,713 |
| 9 | Portland-South Portland, ME | $92,241 | 3.42 | $40,635 | 80% | 4.7% | 21.58 | $416,118 |
| 10 | Fort Collins, CO | $100,198 | 3.58 | $37,795 | 78% | 5.6% | 27.77 | $204,374 |
| 11 | Lancaster, PA | $597,554 | 2.40 | $36,272 | 73% | 4.2% | 12.00 | $215,430 |
| 12 | North Port-Sarasota-Bradenton, FL | $130,517 | 2.99 | $35,483 | 85% | 5.6% | 14.42 | $477,229 |
| 13 | San Jose-Sunnyvale-Santa Clara, CA | $212,350 | 2.63 | $57,453 | 74% | 6.4% | 12.90 | $625,318 |
| 14 | Green Bay, WI | $192,606 | 1.80 | $37,476 | 81% | 5.1% | 19.39 | $278,406 |
| 15 | Seattle-Tacoma-Bellevue, WA | $169,103 | 2.67 | $46,990 | 76% | 5.8% | 19.86 | $263,062 |
| 16 | Cedar Rapids, IA | $136,144 | 2.38 | $39,015 | 76% | 3.3% | 18.19 | $505,009 |
| 17 | Lincoln, NE | $199,560 | 2.45 | $34,667 | 80% | 4.0% | 24.67 | $164,860 |
| 18 | Salinas, CA | $240,151 | 2.53 | $36,228 | 88% | 6.4% | 9.97 | $855,151 |
| 19 | Salt Lake City, UT | $155,089 | 2.53 | $35,414 | 71% | 4.9% | 32.43 | $263,212 |
| 20 | Honolulu, HI | $146,024 | 2.62 | $41,161 | 81% | 5.2% | 30.55 | $53,908 |
| 21 | Boston-Cambridge-Newton, MA-NH | $152,151 | 2.91 | $51,784 | 78% | 6.3% | 28.04 | $190,942 |
| 22 | Austin-Round Rock, TX | $144,269 | 2.84 | $41,334 | 82% | 4.7% | 16.98 | $420,072 |
| 23 | Los Angeles-Long Beach-Anaheim, CA | $194,709 | 3.18 | $41,127 | 90% | 8.2% | 20.14 | $417,302 |
| 24 | Naples-Immokalee-Marco Island, FL | $120,446 | 3.25 | $36,334 | 84% | 6.5% | 13.19 | $112,809 |
| 25 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $153,319 | 3.31 | $57,371 | 85% | 6.4% | 6.55 | $572,369 |
| 26 | Reno, NV | $195,801 | 2.69 | $37,765 | 87% | 7.6% | 20.47 | $352,467 |
| 27 | Milwaukee-Waukesha-West Allis, WI | $166,698 | 2.10 | $41,180 | 79% | 6.4% | 29.07 | $231,851 |
| 28 | New York-Newark-Jersey City, NY-NJ-PA | $156,551 | 3.21 | $49,230 | 86% | 7.4% | 11.88 | $384,470 |
| 29 | Madison, WI | $159,893 | 2.28 | $42,838 | 83% | 5.0% | 23.19 | $193,592 |
| 30 | Miami-Fort Lauderdale-West Palm Beach, FL | $114,707 | 4.30 | $34,254 | 85% | 8.2% | 11.94 | $375,019 |
| 31 | Manchester-Nashua, NH | $167,662 | 2.46 | $42,903 | 70% | 5.4% | 21.72 | $116,031 |
| 32 | Atlanta-Sandy Springs-Roswell, GA | $167,330 | 3.33 | $41,118 | 82% | 7.9% | 16.11 | $487,665 |
| 33 | Columbus, OH | $151,510 | 2.66 | $41,250 | 82% | 5.6% | 32.79 | $209,134 |
| 34 | San Diego-Carlsbad, CA | $150,510 | 2.92 | $45,086 | 84% | 7.5% | 18.29 | $336,528 |
| 35 | Portland-Vancouver-Hillsboro, OR-WA | $161,730 | 2.80 | $42,090 | 80% | 7.2% | 18.66 | $261,495 |
| 36 | Colorado Springs, CO | $107,452 | 3.15 | $38,710 | 76% | 7.1% | 19.65 | $174,390 |
| 37 | Wilmington, NC | $134,213 | 3.21 | $37,160 | 83% | 7.6% | 9.54 | $579,308 |
| 38 | Albany-Schenectady-Troy, NY | $149,472 | 2.41 | $45,200 | 85% | 5.9% | 15.91 | $292,938 |
| 39 | Omaha-Council Bluffs, NE-IA | $187,811 | 2.22 | $38,988 | 82% | 4.7% | 16.03 | $147,468 |
| 40 | Boise City, ID | $104,230 | 2.53 | $32,110 | 70% | 5.2% | 33.18 | $180,137 |
| 41 | Salisbury, MD-DE | $156,255 | 2.02 | $37,081 | 81% | 7.0% | 6.41 | $605,968 |
| 42 | Grand Rapids-Wyoming, MI | $153,333 | 2.46 | $37,253 | 78% | 6.0% | 36.78 | $117,889 |
| 43 | Pittsburgh, PA | $180,717 | 2.05 | $40,231 | 78% | 6.2% | 14.01 | $347,971 |
| 44 | Tulsa, OK | $193,513 | 2.47 | $34,699 | 75% | 5.3% | 14.63 | $281,737 |
| 45 | Orlando-Kissimmee-Sanford, FL | $182,116 | 3.04 | $33,920 | 84% | 8.0% | 11.16 | $344,855 |
| 46 | Crestview-Fort Walton Beach-Destin, FL | $131,220 | 2.83 | $32,318 | 79% | 5.4% | 16.28 | $317,590 |
| 47 | Raleigh, NC | $153,872 | 2.75 | $41,888 | 80% | 5.7% | 8.69 | $376,202 |
| 48 | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | $142,089 | 2.65 | $31,356 | 83% | 7.2% | 4.79 | $520,145 |
| 49 | Cape Coral-Fort Myers, FL | $117,267 | 2.91 | $35,023 | 94% | 7.2% | 11.33 | $390,634 |
| 50 | Asheville, NC | $112,049 | 3.22 | $33,351 | 81% | 5.2% | 7.46 | $580,412 |
| 51 | Akron, OH | $156,070 | 2.10 | $35,956 | 71% | 7.1% | 30.83 | $120,070 |
| 52 | Lubbock, TX | $128,237 | 2.09 | $32,678 | 80% | 4.4% | 16.38 | $292,666 |
| 53 | Dallas-Fort Worth-Arlington, TX | $165,476 | 2.76 | $41,018 | 83% | 6.0% | 16.71 | $342,934 |
| 54 | Scranton--Wilkes-Barre--Hazleton, PA | $218,862 | 1.72 | $35,633 | 81% | 6.8% | 10.72 | $148,239 |
| 55 | Houston-The Woodlands-Sugar Land, TX | $197,179 | 2.70 | $40,575 | 80% | 5.7% | 14.87 | $396,006 |
| 56 | Jacksonville, FL | $158,769 | 2.50 | $36,670 | 79% | 8.4% | 14.80 | $295,173 |
| 57 | Charleston-North Charleston, SC | $125,692 | 2.66 | $38,047 | 81% | 6.5% | 9.62 | $451,263 |
| 58 | Cleveland-Elyria, OH | $148,143 | 2.26 | $39,823 | 78% | 8.4% | 29.51 | $120,235 |
| 59 | Kennewick-Richland, WA | $130,884 | 1.96 | $35,909 | 69% | 5.3% | 19.69 | $104,080 |
| 60 | Baltimore-Columbia-Towson, MD | $132,946 | 2.88 | $49,865 | 82% | 6.8% | 11.59 | $296,215 |
| 61 | Tampa-St. Petersburg-Clearwater, FL | $151,345 | 2.80 | $36,583 | 84% | 7.3% | 11.73 | $340,142 |
| 62 | Spokane-Spokane Valley, WA | $114,221 | 2.09 | $36,993 | 78% | 6.3% | 20.66 | $315,584 |
| 63 | Providence-Warwick, RI-MA | $136,352 | 2.33 | $42,049 | 82% | 7.4% | 24.92 | $136,768 |
| 64 | Spartanburg, SC | $489,206 | 2.00 | $31,682 | 77% | 6.9% | 4.04 | $464,423 |
| 65 | Olympia-Tumwater, WA | $88,848 | 2.51 | $45,847 | 82% | 7.8% | 13.54 | $340,472 |
| 66 | Chicago-Naperville-Elgin, IL-IN-WI | $162,675 | 2.85 | $42,717 | 79% | 8.4% | 14.94 | $355,802 |
| 67 | Lexington-Fayette, KY | $151,566 | 2.45 | $36,211 | 85% | 6.7% | 14.37 | $101,435 |
| 68 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $180,276 | 2.29 | $46,133 | 82% | 8.1% | 12.54 | $478,240 |
| 69 | Nashville-Davidson--Murfreesboro--Franklin, TN | $236,314 | 2.66 | $37,736 | 82% | 6.3% | 8.03 | $545,723 |
| 70 | Ogden-Clearfield, UT | $280,694 | 2.20 | $35,879 | 67% | 5.4% | 22.82 | $248,897 |
| 71 | Oxnard-Thousand Oaks-Ventura, CA | $178,274 | 2.89 | $42,271 | 77% | 8.0% | 13.71 | $391,080 |
| 72 | Bremerton-Silverdale, WA | $105,180 | 2.61 | $42,319 | 69% | 6.2% | 16.13 | $228,502 |
| 73 | Indianapolis-Carmel-Anderson, IN | $156,464 | 2.36 | $38,608 | 78% | 7.1% | 22.92 | $252,539 |
| 74 | Buffalo-Cheektowaga-Niagara Falls, NY | $128,946 | 1.74 | $39,133 | 80% | 6.0% | 20.33 | $127,800 |
| 75 | Eugene, OR | $111,470 | 2.91 | $36,251 | 83% | 7.5% | 12.28 | $237,302 |
| 76 | Phoenix-Mesa-Scottsdale, AZ | $178,027 | 2.14 | $38,584 | 84% | 6.9% | 15.84 | $310,677 |
| 77 | Santa Maria-Santa Barbara, CA | $143,591 | 2.79 | $40,291 | 88% | 6.8% | 9.08 | $400,060 |
| 78 | Ann Arbor, MI | $98,717 | 3.09 | $46,915 | 78% | 5.8% | 13.45 | $255,852 |
| 79 | Rochester, NY | $111,669 | 2.30 | $39,055 | 83% | 7.0% | 26.21 | $143,837 |
| 80 | Oklahoma City, OK | $169,193 | 2.75 | $35,138 | 76% | 5.6% | 10.70 | $241,016 |
| 81 | Kansas City, MO-KS | $171,235 | 2.47 | $39,482 | 77% | 5.5% | 9.47 | $294,487 |
| 82 | Savannah, GA | $126,485 | 3.01 | $34,426 | 75% | 8.7% | 16.37 | $342,656 |
| 83 | Tallahassee, FL | $123,884 | 2.55 | $36,882 | 90% | 10.2% | 5.07 | $605,147 |
| 84 | Jackson, MS | $124,973 | 2.62 | $35,013 | 81% | 7.6% | 0.35 | $1,237,000 |
| 85 | Canton-Massillon, OH | $103,830 | 2.09 | $33,029 | 76% | 6.5% | 32.68 | $91,733 |
| 86 | Cincinnati, OH-KY-IN | $181,369 | 2.19 | $40,661 | 80% | 6.8% | 21.95 | $168,080 |
| 87 | Durham-Chapel Hill, NC | $106,633 | 3.04 | $41,938 | 92% | 6.9% | 6.26 | $225,997 |
| 88 | Greeley, CO | $97,553 | 2.40 | $36,959 | 73% | 5.3% | 14.05 | $410,659 |
| 89 | Trenton, NJ | $162,583 | 2.45 | $51,091 | 84% | 8.3% | 12.11 | $210,337 |
| 90 | Corpus Christi, TX | $136,327 | 2.33 | $31,410 | 69% | 6.1% | 7.89 | $409,931 |
| 91 | Toledo, OH | $151,342 | 1.88 | $36,283 | 76% | 7.4% | 18.93 | $270,762 |
| 92 | Duluth, MN-WI | $116,444 | 2.15 | $37,791 | 75% | 5.7% | 16.77 | $145,952 |
| 93 | Provo-Orem, UT | $106,036 | 2.26 | $33,504 | 64% | 4.7% | 29.68 | $316,784 |
| 94 | Greensboro-High Point, NC | $147,080 | 2.57 | $35,157 | 86% | 7.0% | 6.16 | $445,283 |
| 95 | Des Moines-West Des Moines, IA | $115,171 | 2.49 | $42,200 | 81% | 4.5% | 14.06 | $176,911 |
| 96 | Kalamazoo-Portage, MI | $103,885 | 2.56 | $35,864 | 77% | 7.7% | 18.56 | $392,665 |
| 97 | Worcester, MA-CT | $159,542 | 2.32 | $46,101 | 82% | 7.1% | 17.52 | $117,668 |
| 98 | Detroit-Warren-Dearborn, MI | $132,436 | 2.59 | $40,680 | 74% | 9.1% | 29.74 | $138,064 |
| 99 | Norwich-New London, CT | $127,395 | 2.29 | $49,371 | 88% | 6.4% | 7.67 | $99,071 |
| 100 | Richmond, VA | $122,511 | 2.28 | $42,065 | 82% | 7.1% | 6.66 | $370,117 |
| 101 | Youngstown-Warren-Boardman, OH-PA | $173,504 | 2.09 | $32,612 | 73% | 6.9% | 22.59 | $61,265 |
| 102 | Columbia, SC | $119,312 | 2.14 | $36,269 | 85% | 7.3% | 4.25 | $698,438 |
| 103 | Sacramento--Roseville--Arden-Arcade, CA | $145,301 | 2.65 | $46,408 | 84% | 8.9% | 18.04 | $285,133 |
| 104 | Palm Bay-Melbourne-Titusville, FL | $102,867 | 2.61 | $36,671 | 80% | 9.2% | 11.85 | $297,983 |
| 105 | San Antonio-New Braunfels, TX | $148,723 | 2.43 | $35,065 | 81% | 6.3% | 11.91 | $329,915 |
| 106 | Fort Wayne, IN | $186,729 | 2.10 | $33,841 | 74% | 6.7% | 17.79 | $191,691 |
| 107 | Erie, PA | $136,848 | 1.65 | $35,651 | 77% | 6.8% | 9.70 | $149,169 |
| 108 | Waco, TX | $158,793 | 2.10 | $31,492 | 78% | 4.8% | 11.45 | $421,377 |
| 109 | Louisville/Jefferson County, KY-IN | $166,777 | 2.33 | $37,030 | 79% | 6.5% | 11.62 | $234,338 |
| 110 | New Haven-Milford, CT | $143,574 | 2.49 | $49,348 | 86% | 8.8% | 11.26 | $380,127 |
| 111 | Dayton, OH | $132,886 | 2.19 | $37,342 | 77% | 7.8% | 33.47 | $165,846 |
| 112 | St. Louis, MO-IL | $185,512 | 2.26 | $39,643 | 76% | 7.1% | 2.53 | $271,548 |
| 113 | Harrisburg-Carlisle, PA | $136,981 | 1.88 | $40,478 | 81% | 4.9% | 10.16 | $233,160 |
| 114 | Hartford-West Hartford-East Hartford, CT | $167,962 | 2.28 | $50,055 | 81% | 7.8% | 14.25 | $134,700 |
| 115 | Peoria, IL | $149,440 | 2.10 | $36,680 | 66% | 6.3% | 10.80 | $364,622 |
| 116 | Roanoke, VA | $154,196 | 2.20 | $36,826 | 78% | 6.0% | 4.16 | $147,131 |
| 117 | Gainesville, FL | $133,397 | 2.66 | $36,939 | 83% | 9.2% | 12.45 | $280,197 |
| 118 | Port St. Lucie, FL | $96,018 | 3.24 | $33,779 | 85% | 8.0% | 9.23 | $269,485 |
| 119 | Pensacola-Ferry Pass-Brent, FL | $128,932 | 2.53 | $31,782 | 72% | 7.5% | 20.67 | $129,808 |
| 120 | South Bend-Mishawaka, IN-MI | $100,787 | 2.16 | $32,166 | 76% | 7.6% | 21.61 | $272,187 |
| 121 | Gulfport-Biloxi-Pascagoula, MS | $163,751 | 2.22 | $31,776 | 74% | 8.6% | 26.16 | $210,221 |
| 122 | Las Vegas-Henderson-Paradise, NV | $209,923 | 2.42 | $35,574 | 85% | 9.4% | 12.71 | $324,022 |
| 123 | Wichita, KS | $169,674 | 2.25 | $35,831 | 73% | 5.7% | 7.80 | $369,052 |
| 124 | Lansing-East Lansing, MI | $86,686 | 2.49 | $40,921 | 84% | 6.8% | 18.92 | $191,905 |
| 125 | Huntsville, AL | $177,790 | 2.39 | $38,932 | 69% | 7.6% | 13.15 | $167,148 |
| 126 | Greenville-Anderson-Mauldin, SC | $102,976 | 2.39 | $34,916 | 79% | 7.0% | 8.23 | $378,504 |
| 127 | Laredo, TX | $151,372 | 2.35 | $26,228 | 74% | 6.5% | 10.12 | $200,633 |
| 128 | Lynchburg, VA | $137,082 | 1.94 | $34,524 | 82% | 5.0% | 0.78 | $93,500 |
| 129 | Virginia Beach-Norfolk-Newport News, VA-NC | $180,131 | 2.20 | $36,941 | 76% | 7.4% | 0.99 | $202,000 |
| 130 | Evansville, IN-KY | $220,153 | 1.95 | $32,537 | 65% | 4.9% | 8.57 | $304,522 |
| 131 | Atlantic City-Hammonton, NJ | $196,149 | 2.16 | $40,812 | 84% | 11.4% | 10.90 | $216,053 |
| 132 | Syracuse, NY | $115,598 | 2.20 | $40,688 | 83% | 7.7% | 17.99 | $90,171 |
| 133 | Bakersfield, CA | $470,416 | 2.10 | $33,375 | 77% | 11.0% | 10.75 | $392,628 |
| 134 | York-Hanover, PA | $124,332 | 2.32 | $37,747 | 75% | 5.9% | 10.44 | $169,949 |
| 135 | Charlotte-Concord-Gastonia, NC-SC | $144,093 | 2.73 | $38,089 | 79% | 8.9% | 8.40 | $442,838 |
| 136 | Tucson, AZ | $133,676 | 2.36 | $34,768 | 83% | 9.1% | 11.75 | $171,055 |
| 137 | Salem, OR | $136,118 | 2.08 | $35,285 | 86% | 9.4% | 11.63 | $191,736 |
| 138 | Albuquerque, NM | $156,220 | 2.53 | $36,218 | 86% | 8.9% | 10.05 | $188,467 |
| 139 | Reading, PA | $248,828 | 2.06 | $37,456 | 78% | 8.7% | 14.75 | $108,097 |
| 140 | Springfield, MA | $94,296 | 2.41 | $41,813 | 82% | 9.0% | 18.44 | $78,790 |
| 141 | Amarillo, TX | $98,139 | 2.57 | $32,076 | 69% | 3.7% | 9.17 | $317,283 |
| 142 | Knoxville, TN | $155,428 | 2.27 | $35,177 | 80% | 7.2% | 7.35 | $287,881 |
| 143 | Winston-Salem, NC | $147,491 | 2.15 | $34,059 | 81% | 9.0% | 5.65 | $456,634 |
| 144 | Montgomery, AL | $121,438 | 2.72 | $32,390 | 75% | 9.2% | 7.21 | $946,415 |
| 145 | Chattanooga, TN-GA | $123,096 | 2.23 | $35,288 | 84% | 7.2% | 11.97 | $427,752 |
| 146 | Ocala, FL | $98,891 | 2.50 | $31,253 | 86% | 8.6% | 3.54 | $307,925 |
| 147 | Birmingham-Hoover, AL | $157,346 | 2.49 | $35,818 | 73% | 7.9% | 10.93 | $189,850 |
| 148 | Vallejo-Fairfield, CA | $143,149 | 2.08 | $47,268 | 87% | 10.0% | 11.60 | $314,708 |
| 149 | Allentown-Bethlehem-Easton, PA-NJ | $94,871 | 2.22 | $40,061 | 78% | 7.8% | 7.59 | $196,579 |
| 150 | Fayetteville, NC | $134,417 | 2.04 | $32,003 | 80% | 9.2% | 6.61 | $394,944 |
| 151 | Davenport-Moline-Rock Island, IA-IL | $162,347 | 2.08 | $35,025 | 69% | 6.4% | 7.85 | $175,626 |
| 152 | Lakeland-Winter Haven, FL | $144,879 | 1.99 | $32,182 | 83% | 9.1% | 5.36 | $418,185 |
| 153 | Beaumont-Port Arthur, TX | $138,307 | 2.11 | $31,804 | 64% | 7.2% | 8.91 | $328,844 |
| 154 | Fresno, CA | $156,249 | 1.92 | $35,674 | 88% | 11.6% | 15.63 | $274,491 |
| 155 | Mobile, AL | $139,299 | 2.54 | $32,393 | 68% | 7.9% | 9.39 | $279,097 |
| 156 | Rockford, IL | $133,721 | 2.21 | $36,541 | 72% | 10.7% | 17.23 | $259,064 |
| 157 | Clarksville, TN-KY | $173,066 | 1.71 | $31,956 | 79% | 9.5% | 9.66 | $138,130 |
| 158 | Columbus, GA-AL | $76,399 | 2.61 | $33,290 | 91% | 9.1% | 3.84 | $538,400 |
| 159 | Utica-Rome, NY | $104,467 | 1.74 | $34,599 | 78% | 7.7% | 21.24 | $110,028 |
| 160 | El Paso, TX | $128,322 | 2.33 | $27,894 | 77% | 8.2% | 8.97 | $182,669 |
| 161 | Riverside-San Bernardino-Ontario, CA | $168,045 | 2.35 | $37,025 | 81% | 11.5% | 13.71 | $383,577 |
| 162 | Hagerstown-Martinsburg, MD-WV | $96,454 | 2.05 | $39,303 | 79% | 9.9% | 6.54 | $542,449 |
| 163 | Hickory-Lenoir-Morganton, NC | $114,022 | 2.11 | $31,159 | 87% | 9.6% | 3.86 | $208,386 |
| 164 | McAllen-Edinburg-Mission, TX | $104,858 | 2.82 | $27,768 | 86% | 9.3% | 7.58 | $260,717 |
| 165 | Kingsport-Bristol-Bristol, TN-VA | $146,893 | 2.00 | $31,487 | 75% | 7.4% | 4.21 | $175,769 |
| 166 | Memphis, TN-MS-AR | $109,799 | 2.45 | $36,317 | 86% | 9.1% | 4.02 | $397,837 |
| 167 | Stockton-Lodi, CA | $114,587 | 1.90 | $37,958 | 80% | 11.1% | 11.88 | $466,288 |
| 168 | Augusta-Richmond County, GA-SC | $104,478 | 2.50 | $33,713 | 73% | 9.8% | 7.20 | $240,648 |
| 169 | Brownsville-Harlingen, TX | $68,715 | 2.22 | $25,985 | 83% | 8.2% | 10.70 | $157,754 |
| 170 | Modesto, CA | $141,717 | 1.84 | $36,652 | 79% | 13.9% | 8.65 | $485,135 |
| 171 | Huntington-Ashland, WV-KY-OH | $127,678 | 1.69 | $32,232 | 68% | 7.5% | 4.68 | $100,471 |
| 172 | Visalia-Porterville, CA | $79,726 | 1.61 | $32,800 | 90% | 8.1% | 9.17 | $230,093 |
| 173 | Flint, MI | $67,552 | 2.76 | $34,883 | 73% | 11.9% | 12.11 | $249,758 |
| 174 | Merced, CA | $100,753 | 1.56 | $31,721 | 84% | 14.3% | 9.01 | $444,665 |
Methodology
NerdWallet analyzed 174 U.S. metropolitan areas, each with populations of 250,000 or more. Eleven metro areas without business or loan data were excluded.
Here’s how we calculated the overall score for each location:
Business climate, 45% of the overall score, is based on three metrics from the U.S. Census Bureau’s Survey of Business Owners.
Average revenue per business for women-owned businesses is 15% of the score. A higher average contributed to a higher score.
Percentage of women-owned businesses with paid employees is 15% of the score. A higher percentage contributed to a higher score.
Women-owned businesses per 100 residents is 15% of the score. A higher proportion contributed to a higher score.
Local economic health, 25% of the overall score, is based on three metrics from the U.S. Census Bureau’s American Community Survey.
Median annual income for women is 5% of the score. A higher median income contributed to a higher score.
Median annual income of women as a percentage of the annual income for men is 5% of the score. A higher percentage contributed to a higher score.
Unemployment rate is 15% of the score. A lower rate contributed to a higher score.
Financing opportunities, 30% of the overall score, are based on two metrics from the Small Business Administration and the American Community Survey.
SBA-guaranteed loans per 100,000 residents are 15% of the score. A higher rate contributed to a higher score.
Average size of SBA-guaranteed loans is 15% of the score. Larger average loans contributed to a higher score.
Infographic by Jazeena Pineda.
Image via iStock.
Expert voices
Paige Arnof-
Fenn
Founder and CEO
of Mavens & Moguls
Paige Arnof-Fenn
Founder and CEO of Mavens & Moguls MavensAndMoguls.com
What is the biggest challenge facing women in business today?
For me, the whole work-life-balance debate is tired and overused. And I agree with a point Anne-Marie Slaughter [president of the New America Foundation] makes that it is not a women’s problem but a workplace problem. I think it is still easier for men — but truly it is hard for everyone these days. We all work too much. Only those at the very top get paid really well. There are still not enough women in top corporate jobs, corner offices and boardrooms. I think when that gets fixed, a lot of other issues will get resolved, too. In the ’80s, when I entered the workforce, people said women had not been in the game long enough to get those top jobs. Well, now we are going to college and grad schools in droves, with more women than men graduating; we enter the workforce in equal numbers, but then something is still happening along the way, and there is truly no excuse for that anymore, in my opinion. It should not take the government to legislate a percentage of women on corporate boards (like they do in parts of Europe) for companies to do the right thing.
What is the best piece of advice you have for aspiring female entrepreneurs?
I had a strong work ethic before I started my company 14 years ago, but have never worked harder than I do now. When it is your business, there is just always more you can do, so it can be hard to draw a line. I was scared to go on vacation for years after starting my company for fear that all my hard work would unravel. Then my in-laws, mom and stepdad all started to get sick, and I wanted to be there for them. They all lived thousands of miles away, so I started to work less.
After years of decline, [several of those relatives] died about six months apart, and I became an executrix, which is like having another job at times. During this same period, my dad had a triple bypass and now has cancer. So I had to take very good care of myself, or I would not have been helpful to anyone else. I started working out every day. I started planning “me time” on my calendar. I became more comfortable with white space in my day and stopped overscheduling myself. And guess what? My business did not suffer; in fact, it has become stronger. We moved up the food chain and have better clients. I enjoy my work more now than ever before. I am having more fun. It has truly been a case of something good coming out of something bad.
So take time off and enjoy it. It’s OK (and good for you) to work out. Some of your best ideas may come to you when you are away from your office. I have the best boss in my career. For me, happiness is about having time to spend with my family and friends and being healthy so I can enjoy it. It is about having control of my schedule, financial freedom and work that inspires me every day. I am very lucky I have found happiness. My company provides me a platform to do work I truly enjoy, with and for people I respect. I set my priorities, have time to travel and hang out with my inner circle, and work out every day. I started my career on Wall Street in the ’80s, so I was not always this happy. It has been a journey to get here, but I am lucky to have found it. I have built a successful business that allows me to serve on boards, mentor, give talks, write articles, contribute to books, volunteer, all things I really value and enjoy.
Desiree Vargas Wrigley
Founder of GiveForward GiveForward.com
What is the biggest challenge facing women in business today?
One of the biggest challenges … is our own desire to be accepted and to feel like we belong. So many women entrepreneurs talk about the “boys club” and how difficult it is for male investors to really understand their customers and market opportunity. Although those realities exist, I think part of the problem is that we’re approaching it the wrong way. If we doubt ourselves with questions like “Do they take me seriously?” “Will they invest in me even though I don’t match the pattern of young male founders they’ve invested in before?” then we undermine our power before we’ve even opened our mouths. I think each one of us should practice self pep talks before meetings, telling ourselves, “You earned the right to be in this room. They took the meeting because they think you’re onto something great. … So wow them!”
What is the best piece of advice you have for aspiring female entrepreneurs?
If I could talk to an earlier-stage version of myself, I would say, “Stop doubting yourself and get over your insecurities about what you don’t know!” It wasn’t until I worked with a CEO coach a few years ago who taught me the difference in approaching conversations as a “learner” versus a “knower.” Once I started approaching business problems, meetings, HR issues from a position of wanting to learn, it’s amazing how much easier it was to make a decision. When I faced challenges as a knower, I had to get past what I thought I knew, trust others to be honest with me, weigh my perception of them, then make a decision. When you come in trying to learn, you get to listen, absorb, then make a decision. It’s so much easier that way!
Stacey Ferreira
CEO and co-founder of Forrge and Thiel fellowForrge.com
What is the biggest challenge facing women in business today?
On a global scale, one of the biggest challenges facing women is still access to quality education about running, starting and growing businesses. There are still so many countries in this world that are exclusionary that don’t give women the ability to learn or even start their own business.
In the U.S., one of the biggest issues is workplace equality — for both women and men. Practices like paying women the same as men and giving men the ability to take paternity leave are just two micro-examples of how workplaces could be better suited for equality.
What is the best piece of advice you have for aspiring female entrepreneurs?
It’s a bit cliche, but it’s true: Just do it. Don’t let anyone or anything stop you.
Kristina Varshavskaya
Product designer at Facebook
What is the biggest challenge facing women in business today?
The biggest challenge anyone faces is themselves. I don’t have a lot of confidence in my own ability, and my biggest regrets in my career have just been not doing things much sooner. I think a lot of those times I hesitated to jump into things because I thought I wasn’t ready or thought I wasn’t good enough. But I’ve only gotten better by doing things, not by preparing or practicing. I’ve learned that nobody knows what they’re doing, and the people who are better than me or you at something have just been making mistakes and learning for longer; they aren’t capable of anything that you aren’t capable of.
What is the best piece of advice you have for aspiring female entrepreneurs?
I have a hard time listening to advice. I learn almost everything the hard way, but when I do learn this way it really sticks. So I would say decide for yourself what you think is best, but always correct your course when you find out that your approach isn’t right. There’s no shame in realizing and admitting you were wrong, but I don’t think it’s good to follow other people’s advice without thinking for yourself.
