Small Business Industry Study Finds IT Companies Do Well in Most Financial Metrics

Information technology (IT) companies have outperformed companies in other industries in most performance metrics since the COVID pandemic hit in 2022. Biz2Credit analyzed industry trends in 2021 among 30,000 small businesses , finds that IT companies had the highest average income ($955,793), the best credit (658), and received the highest average amount of financing ($131,743) when applying for credit.

The retail industry had the highest percentage (27.7%) of all funding granted to small businesses included in the study, while most startups were in transportation and warehousing ( the shortest duration in the company on average).

Biz2Credit 2022 Top Small Business Report looked at the following metrics: annual revenues, loan approval rates, amounts financed, business owners’ credit scores, and age of the business.

Main conclusions:

  • The sector with highest average funding amount has been Technological Information (IT) ($131,743), followed by wholesale trade ($107,576), agriculture, forestry, fishing and hunting ($94,333), manufacturing ($83,700) and services administrative support, waste management and remediation ($67,801).
  • THIS business owners had the highest average credit score (658), followed by real estate and leasing (648), manufacturing (645), professional, scientific and technical services (633) and wholesale trade (629). Credit ratings have generally seen a decline as the savings rate began to decline after most government-backed stimulus programs ended in mid-2021.
  • The companies of IT sector had the highest average income ($955,793), followed by manufacturing ($947,662), wholesale ($886,834), retail ($808,598), and accommodation and food services ($725,243).
  • The Retail business had the highest percentage (27.7%) of all small business financing, followed by health care and social assistance (10.7%), services except public administration (10.4%), accommodation and catering (10.4%) and construction (7.2%).
  • Transport and storage was the industry with the the youngest companies (3.9 years), followed by public administration (4.6 years), arts, entertainment and recreation (4.8 years), services except public administration (4.8 years) and retail trade ( 5.1 years). The oldest businesses on average were information technology (7.4 years), manufacturing (7.1 years), agriculture, forestry, fishing and hunting (6.8 years), health care and social assistance (6.5 years) and professional, scientific and technical services (6.5 years).

Demand for IT services continues to rise as more companies organize remote work in the aftermath of the pandemic. IT companies recorded the highest average approval rates for funding requests. While these companies have done well overall, their customers are often larger companies that take longer to pay external vendors. Thus, they end up borrowing money to manage their available cash from month to month.


Biz2Credit, a leading provider of online financing for small businesses, analyzed the financial performance of more than 30,000 applications submitted through the company’s online financing platform from January 2021 to December 2021. All businesses included in the Biz2Credit study have less than 250 employees and less than $10 million. in annual income.

The report covers small businesses across the country, from start-ups to established businesses. In addition, this year’s report analyzed loan data based on the Small Business Administration database. The objective of the study is to identify the top industries for small businesses over the past year and to measure business performance based on their industry affiliation. To view the full report, Click here.

The report covers industries based on the NAICS classification system, including the following:

  1. Accommodation and catering: Restaurants and bars, caterers, hotels, motels, others.
  2. Agriculture, forestry, fishing and hunting: Farms, ranches, dairies, greenhouses, nurseries, orchards or hatcheries.
  3. Business and professional services: Accounting and tax preparation, bookkeeping, payroll services, as well as legal, marketing and design services.
  4. Health care: General medical services, doctors’ offices, dentists’ offices, visiting nurses’ services, residential care facilities, physiotherapists’ offices, mental health clinics.
  5. Technological Information (IT): Software developers, software consultants, high-tech recruitment firms.
  6. Manufacturing: Companies involved in the manufacture of durable and non-durable goods.
  7. Personal Services: Salons, gymnasiums, dance and yoga studios, laundry and dry cleaning, landscaping, cleaning services and others.
  8. Retail business: Physical stores, e-commerce companies, clothing and fashion, florists, grocery stores, pharmacies, home furnishings and others.
  9. The wholesale trade: Food distributors, wholesale grocers, distributors of various durable goods.

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