The OnDeck Main Street Pulse Report offers valuable insights about U.S. small businesses based on our own loan application data. Earlier this year, we compiled information from small businesses in all 50 states and over 725 industries to identify Main Street trends.
What Small Business Markets are Thriving?
San Francisco and Los Angeles were thriving on the West Coast; Chicago ruled the Midwest; and Dallas, Houston, Miami, and Atlanta stood out in the South. Small businesses on the East Coast aren’t falling behind either, with New York City, Philadelphia, and Washington, D.C. experiencing excellent growth.
What Industries are Surging Forward?
Our top three applicant categories in 2013 were: (1) contractors and residential construction, (2) restaurants, and (3) auto repair shops.
Population Spike Influences Small Business Growth
– Nationwide, restaurants are typically our largest industry. However, in Texas the top industry in 2013 shifted from restaurants to contractors and residential construction industries.
– The housing market is picking up in Texas, which experienced the nation’s largest population growth this year.
Doctors & Healthcare Providers Gearing Up for New Regulation
– Loan applications from home care providers in California grew by 167%, while loan applications from doctors grew 88% overall.
– As doctors and healthcare providers gear up for the new regulation, many are seeking financing to accommodate the increase in patients due to greater insurance coverage.
Preparation for Q4 Holiday Gifting Evident in Capital Demand
– Loan applications from electronic shopping and mail order houses increased by 128%, general freight trucking by 87%, and retail stores by 41%.
– Seasonal factors have a major influence on small businesses’ financing needs.
OnDeck is a Google Ventures-backed company with an A+ Rating with the Better Business Bureau. The company offers small business loans nationwide to over 725 different industries.