The economy is showing signs of improvement and small and medium businesses (SMBs) that were challenged through the recession now have the opportunity to capitalize on this boom to grow their businesses.
Two years ago, we ranked the top 10 cities for SMBs. While the majority of these cities still fall within the top 10 in 2015, this year we are recognizing the fastest growing SMB markets for online business in the U.S.*, and some might catch your eye. The Midwest, in particular, is emerging as a prominent market for SMB ecommerce growth.
The Silicon Prairie is home to eight of the top 20 markets proving that, thanks to technology and improved internet speeds, the digital divide is diminishing. These small businesses are using PayPal technology to start and grow their online businesses.
- Fargo-Valley City, North Dakota – Not only popular as the setting for the hit movie and television series, Fargo tops our list of markets for SMB growth.
- Lafayette, Indiana – This hometown of Axl Rose is a paradise city for SMBs.
- Odessa-Midland, Texas – Many flocked here during the oil boom of the 1970s, now it’s a booming area for SMBs.
- Traverse City-Cadillac, Michigan – This area is the largest producer of cherries in the U.S. and small businesses are on the rise here, as well including Strings By Mail.
- Jackson, Mississippi – Bruno Mars isn’t the only one riding to this state capital, so are small businesses, like Diversified Brands.
- Watertown, New York – Known as the birthplace of the five-and-dime store and still attracting small businesses.
- Beaumont-Port Arthur, Texas – Hometown of football coaching legend Jimmie Johnson and many small businesses.
- Casper-Riverton, Wyoming – Small businesses think this second largest city in Wyoming is tops in the state.
- Charlottesville, Virginia – Home of two U.S. presidents (Thomas Jefferson and James Monroe) and now the birthplace of many small businesses.
- North Platte, Nebraska – Buffalo Bill Cody lived here for a time when it was the Wild West, now it’s a hot spot for small business growth.
Other cities in the top 20 fastest growing SMB markets include: Lafayette, Louisiana; Sioux Falls (Mitchell), South Dakota; Juneau, Alaska; Bowling Green, Kentucky; Davenport-Rock Island-Moline, Illinois; Indianapolis; Bluefield-Beckley-Oak Hill, West Virginia; Jonesboro, Arkansas; Rapid City, South Dakota; and Eugene, Oregon.
An improved economy and fast growth represent new challenges to merchants in these cities. PayPal has been committed to helping small businesses succeed for more than a decade through both good and challenging economic times. We are constantly evolving to help SMBs get paid and sell more—from payments processing and
invoicing to
PayPal Working Capital** which helps SMBs to increase their inventories, ramp up marketing efforts and more.
As the only technology-agnostic
operating system (OS) for digital payments, PayPal is not tied to any one device, platform, ecosystem or technology. As an end-to-end partner for businesses, we help merchants connect with consumers wherever, whenever and however they want, so they can capitalize on an improving economy. The diverse areas of the U.S. included on this list are a testament to how we are helping SMB businesses across the country grow and thrive.
*Fastest growing SMB markets determined according to PayPal by Year over Year (YoY) Total Payment Volume (TPV) as of May 2015.
**The lender for PayPal Working Capital in the U.S. is WebBank, a Utah-chartered Industrial Bank, member FDIC.