2024 Top
Small Business
Industries Report
December 05, 2024
About the Biz2Credit Top Small Business Industries Study
Biz2Credit, a leading online funding provider for small businesses, analyzed the financial performance of over 90,000 applications submitted through its online funding platform between January 2023 to June 2024. The analysis also incorporated data from January to June 2024, highlighting emerging trends and providing a more current understanding of the directions taking shape.
The report covers small businesses across the country, from start-ups to established companies. The objective of the study is to identify the top industries for small businesses during the preceding year and to measure the performance of businesses based on their industry affiliation.
Executive Summary
According to the Biz2Credit 2024 Top Small Business Industries Report,
Key Findings: Summary
Top Industries by Average Revenue
The industry with the highest average revenue* was Manufacturing at $1,211,760, followed by Administrative and Support and Waste Management and Remediation Services, and Wholesale Trade.
Top Industries Based On Approval Rates
Healthcare & Social Assistance had the highest approval rate* for all financing applications at 46%, followed by Accommodation and Food Services (43%), Retail Trade (35%), and Wholesale Trade (34%).
Top Industries Based on Volume of Funding
The industry with the highest volume of funding* was Retail Trade (20%) followed by Accommodation and Food Services (16.6%), Healthcare and Social Assistance (14.8%), and Construction (8.4%)
Top Industries Based on Average Funding
The industry that received the highest average funded amount* was Information Technology at $98,311, followed by Administrative and Support and Waste Management and Remediation Services, and Wholesale Trade.
Industry Highlights by Credit Score
The industry with the highest average credit score* was Manufacturing at 676, followed by Information Technology, Real Estate, and Rental and Leasing
Top Industries Based on Age of Business
Manufacturing was the most established industry with the highest average age of 8.8 years. Transportation and Warehousing was the industry with the highest rate of startups with the lowest average age of 3.8 years.
Top States by Funded Amount for Small
Businesses by Industry (2023)
| Industry | Funded Amount (by Industry) | Top 3 States by Funded Amount |
Average Funded Amount (by State) |
|---|---|---|---|
| Retail Trade |
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| Health Care and Social Assistance |
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| Information Technology |
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| Wholesale Trade |
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| Administrative and Support and Waste Management and Remediation Services |
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| Agriculture, Forestry, Fishing and Hunting |
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A combination of a steady economy and government incentives have helped boost domestic manufacturing, which led three categories our study analyzed,...Laws such as the CHIPS Act and the Infrastructure Act have provided financial incentives to boost domestic manufacturing, particularly in technology, which has helped small manufacturers. 
INSIGHT FROM BIZ2CREDIT CEO, ROHIT ARORA
Year-over-Year (YoY) Industry Trends
YoY Trends Among Top Industries For Average Revenue
The top-ranked industries for average revenue in the 2024 study increased year over year, with Administrative Support and Waste Management and Remediation Services experiencing the highest growth at 63.9%. This was followed by Healthcare and Social Assistance at 42.4% and Manufacturing at 40.1%.
YoY Trends Among Top Industries For Approval Rate
In the 2024 study, Healthcare and Social Assistance retained its top rank as the industry with the highest approval rate at 46%, an increase from 37% in the 2023 study. Following closely was the Accommodation and Food Services sector, which maintained the secondhighest approval rate at 43%.
YoY Trends Among Top Industries For Volume of Funding
Retail Trade dropped from 24.8% in 2022 to 20% in 2023. In contrast, both Accommodation and Food Services and Healthcare and Social Assistance experienced an increase in funding volume in 2023.
YoY Trends Among Top Industries For Average Funded Amount
Administrative Support and Waste Management and Remediation Services showed significant growth at 49.4% from last year. Healthcare and Social Assistance also saw an increase to 43.3%. In contrast, Wholesale saw a decline of 17.7%.
YoY Trends Among Top Industries For Average Credit Score
Credit scores* increased across all top industries year over year, with Administrative Support and Waste Management and Remediation Services experiencing the greatest rise of 20 points, followed closely by Healthcare and Social Assistance, which saw an increase of 19 points.
Emerging Trends from January-June 2024
By looking at new data from January to June of 2024, new trends are emerging to indicate how
top industries are continuing to perform:
Comparative Findings of Average Revenue
The top three industries for average revenue remained unchanged: Manufacturing, Administrative Support, Waste Management and Remediation Services, and Wholesale Trade.
In the first half of 2024, Wholesale Trade secured the top position with an average revenue of $1,345,157, marking a 28.3% increase from 2023 ($1,051,512).
Comparative Findings of Approval Rate
Healthcare & Social Assistance and Accommodation & Food Services continued to lead in approval rates, with slight decreases from 46% and 43% in 2023 to 43% and 41% in the first half of 2024, respectively.
Manufacturing took the third spot from Retail Trade during that period, with an approval rate of 37%.
Comparative Findings of Volume of Funding
The top three industries for average funded amounts remained unchanged, consisting of Retail Trade, Accommodation and Food Services, and Healthcare and Social Assistance.
Notably, Accommodation and Food Services showed the most growth, increasing from 16.6% to 17.7%.
Comparative Findings of Average Funded Amount
Information Technology retained the lead in average funding for H1 2024, with an amount of $131,480, reflecting a 33.7% increase from 2023.
Administrative Support, Waste Management and Remediation Services, and Wholesale Trade continued to rank as the top two industries for average funding.
Comparative Findings of Average Credit Score
Information Technology dropped out of the Top 3 in 1H 2024 as Wholesale Trade ascended to the top rank. Wholesale Trade and Manufacturing led in average credit scores*, achieving scores of 669 and 668, respectively.
Although Manufacturing fell to second place in the first half of 2024, it still showed growth with a 12-point increase.
About Biz2Credit
Founded in 2007, Biz2Credit has arranged more than $8 billion in small business financing. Through its online platform, Biz2Credit directly offers business funding products. Biz2Credit believes small business funding should be easy to understand, easy to access, easy to use and always available when needed most. That is why Biz2Credit's goal has always been to create the best and fastest small business funding platform. To learn more and apply for business financing, visit
www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn
