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Richmond named one of top 20 cities in America to start a business

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PHOTO: Joey Millan Orencia

PHOTO: Joey Millan Orencia

RICHMOND, Va. – If you want to start a small business, Richmond is the place to go to.

This is according to CNBC.com’s list of America’s best places to start a business.

In a list of 20 America cities, Richmond is ranked 11.

The site says they developed the list based on emerging small-business hot spots, educated workforce, low cost of living, a business-friendly tax climate and a great quality of life.

Richmond is widely recognized as being very small business friendly. Tons of small businesses in local communities like the Fan, Carytown and Jackson Ward are recognized as staples in the city of Richmond.

Here’s why CNBC say Richmond is especially attractive to small-business owners:

“Richmond offers entrepreneurs the best of both worlds: an educated workforce, low costs, both government agencies and private-sector companies as potential customers, as well as a thriving outdoor lifestyle, great restaurants and cost-of-living advantages.”

The site credits Richmond’s location “at the heart of the mid-Atlantic region” as a big advantage for small businesses saying, “40 percent of the U.S. population within a day’s drive.”

The city also boosts a 1.3 million population in the greater Richmond area with a growth expectation on five percent by 2020.

“The city is business friendly, with a 6 percent corporate tax rate, and tax credits and abatements for job creation and development in economically distressed areas,” the article continued.

The unique variety of the Richmond-are housing market is also considered a big plus for small-business owners. Although the average sale price is above the U.S. average at $253,449, homes are still less expensive than in nearby Washington, D.C.

The list includes Dallas, Texas, Charlotte, North Carolina, Washington D.C., and Austin, Texas on the 20 list.

Noticeably absent from the list are San Francisco and New York City, two cities known for small-business start-ups. The site touts California’s and New York’s ranking as two of the three worst business tax climates in the country as the reason for their omission.