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2019年9月
Small businesses can make substantial contributions to the economic growth and dynamism of the places where they operate. 然而, small businesses are also often affected by the characteristics of the communities in which they operate. 社区 with more resources can create a favorable ecosystem for small businesses to thrive, while communities with fewer resources may have less economic activity. 在都会区内, communities vary widely in economic and social characteristics that could create different experiences for the small businesses that operate in them. Understanding the nature of this variation and its effect on small businesses is critical to the development of policies that promote small business success.
This report aims to inform differences in financial outcomes in the small business sector across communities in the largest metro areas of the United States. 这样做的时候, it provides a granular view of differences in the performance of small businesses by two key indicators: 利润率 and cash buffer days. It also analyzes the impact of socioeconomic conditions of a community on small business financial performance. The report aims to inform the specific challenges of communities within cities, as well as contribute to a wider understanding of the community characteristics behind the success of small businesses in urban America.
我们的发现有六个方面:
发现1: 在典型的社区中, 29%的小企业没有盈利, 47%的人只有两周或更少的现金流动.
发现2: Nearly 70 percent of communities where small businesses had limited cash liquidity in 2013 also had small businesses with limited cash liquidity in 2017.
发现3: Small businesses in low home value communities had seven fewer cash buffer days than those in high home value communities. 然而，他们的退出率相似.
找到4: Profit margins for small businesses in communities with few college graduates were over 10 percentage points lower than those in communities with many college graduates.
发现5: 在所有以黑人和西班牙裔为主的社区, 大多数小企业的现金缓冲日少于21天.
发现6: 社区 where small businesses had limited profits and cash liquidity rarely had large high-tech or other professional firms, 但往往有大型零售或医疗保健服务公司.
These findings suggest that the socioeconomic and industry composition of a community have a meaningful impact on the financial health of small businesses and their ability to contribute to broad-based economic growth.
数据资产
This report leverages two samples to generate insights—a panel sample of small businesses of any age active in 2013, 以及2018年运营企业的横截面样本.
面板样本由560个组成,000 firms that have 追逐 Business Banking deposit accounts located in 25 metropolitan areas in the U.S. 我们根据现金流动性来跟踪他们的业绩, 利润率, 2013年至2017年退出(见术语表). This panel sample allows us to observe the outcomes of firms with various ages across time in order to characterize the small business sector across cities and determine differences in performance. 横截面样本由760个组成,2018年在25个大都市区之一运营的1000家公司. This sample allows us observe the financial outcomes of firms of all ages in 2018 and aggregate their performance at the ZIP code level.
These samples are based on business deposit accounts and not on employment records, which allow our data to provide insights on the vast majority of small businesses that do not have paid employees. 只有2.5 percent of nonemployers become employers in their first year of operations and the rate of transition to employment declines as they mature (Farrell et al., 2018). 而我们样本中的大多数公司都是非雇主, they are nevertheless sufficiently formal to have business banking deposit accounts. We do not capture informal businesses that operate only through cash or personal deposit accounts.
最后, our sample includes firms in ZIP codes that have a sufficiently large number of firms in each of the two samples across the 25 metro areas where we have the highest number of firms in our sample. The selection of 25 metro areas is based on a prior report that characterized the growth and vitality of the overall small business sector (Farrell et al., 2018). Some large metropolitan areas where 追逐 does not operate branches are absent from our sample.
图1: 在我们的样本中大都市区
