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Top 10 U.S. cities to start a new business

Posting in Cities

Entrepreneurs looking to set up a new business typically have the same basic needs: access to funding, people, a strong local economy and a business-friendly place that's not too expensive.

Wrap all of those factors together and Oklahoma City is considered the best city to start a new business, according to a ranking by financial services information site NerdWallet.

Oklahoma City made the top of the list because of its low cost of living and unemployment rate. The city's banks lent the highest per capita monetary amount of small business loans of the 50 largest cities in the nation. The city also has several small business incubators including i2E.

Miami takes the No. 2, followed by Omaha, Raleigh, South Carolina and Nashville. Other cities that made the top 20 include Denver and four in Texas--Austin, Fort Worth, Dallas and Houston. For a complete list see below.

Based on the data, it looks like some folks have already discovered the opportunity in these cities. Miami, Omaha, Raleigh, Austin, Minneapolis and Fort Worth all saw their population grow by more than 10 percent between 2007 and 2012.

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Thumbnail image: Flickr user Kool Cats Photography

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— By on May 8, 2014, 4:53 PM PST

Kirsten Korosec

Contributing Editor

Kirsten Korosec has written for Technology Review, Marketing News, The Hill, BNET and Bloomberg News. She holds a degree from Northwestern University's Medill School of Journalism. She is based in Tucson, Arizona. Follow her on Twitter. Disclosure