Is Portland Good for Small Business?
In previous posts, I’ve noted that Portland’s real estate market has thrived despite slower-than-national-average job growth. The city is home to fewer and fewer headquarter companies each year, and over the years has suffered from an anti-business reputation among large employers. However, Portland has had a track record of being a little friendlier to the small business community.
In a recent study by the American City Business Journals, Portland ranked 17th in a list of 50 metropolitan areas with populations of 1 million or more. Top five included Miami, Las Vegas, Orlando, Minneapolis-St. Paul, and Seattle.
The formula is weighted heavily by the ratio of small businesses to population, as well as one and three-year changes in that ratio and overall growth of small businesses. Other factors in the 12-point formula included employment growth and average wages. The data comes from 2003 Census Bureau stats.
Here are the top 25 Small Business Friendly cities, according to the American City Business Journals:
- Miami-Fort Lauderdale
- Las Vegas
- Orlando
- Minneapolis-St. Paul
- Seattle
- Denver
- Providence
- San Diego
- Jacksonville
- New York City
- Charlotte
- Washington DC
- Salt Lake City
- Richmond
- Tampa-St. Petersburg
- Atlanta
- Portland
- Los Angeles
- Baltimore
- Boston
- Sacramento
- St. Louis
- Austin
- Philadelphia
- Riverside-San Bernadino
In an unrelated story, the Portland Development Commission recently announced that it has set aside $750,000 to spur small business growth. The fund will be used for small business working capital loans, ranging from $1,000 to $50,000. It is the third such program created during Mayor Tom Potter’s term.
The loans will feature less-stringent terms than typical bank loans, and will be targeted for use in any area Portland that qualifies as low income.
From the Oregonian -
Ethan Dunham, chairman of the city’s Small Business Advisory Council, says the small-business loans are the right way to boost the economy in struggling parts of the city. “To take that program and go after small business is terrific,” he said. “Everyone knows job creation is in small business.”
The city hasn’t solved its big-business image issues (read: tax incentives), but as for encouraging the success of small business, perhaps some of these efforts will raise Portland’s overall ranking in the next survey.
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Add comment February 1st, 2006
