Madison is one of the top metro areas to start a small business in arts, entertainment and recreation, according to a new study from the Credit Review.

Among the 100 largest metro areas across the country, Madison ranked as the 15th best place to start a small business in high-growth sectors, according to the report.

The Milwaukee metro area lagged slightly behind Madison as the 30th best metro areas to start a small business. While Milwaukee has a strong network and support system to support small business, there are some gaps in mentorship and leadership that could limit growth, according to a separate report from the Wisconsin Policy Forum.

The study examined 100 of the U.S’s largest metros and considered their unemployment rates, population growth, GDP per capita, new business creation and business tax climate.

Austin, Texas was ranked as the best metro area to start a small business in arts, entertainment, recreation and information services. Six Florida cities landed in the top 25, and Utah, Texas and North Carolina each had three cities in the top 25.

What are the top five metro areas to start a small business in the U.S.?

Here are the top five metro areas to start a small business in the U.S., according to the Credit Review:

1. Austin-Round Rock-Georgetown, Texas: Austin’s population is within peak working years between 18 and 44 years old, which is 7% higher than the national average.
2. Provo-Orem, Utah: Utah’s second-largest metro area, which is nearby Brigham Young University, provides a pipeline of small business talent.
3. Raleigh-Cary, North Carolina: A cluster of three elite research universities, North Carolina State, Duke, and the University of North Carolina at Chapel Hill, provide ground for innovation.
4. Salt Lake City, Utah: Includes a tech startup community and numerous venture capitalists, as well as a young labor force.
5. Boise City, Idaho: Metro area has a tech market and an education hub with a public college, private college and two community colleges.

Resources to start a small business in Madison:

Madison has local government programs and local groups to support small business owners. The City of Madison has an Office of Business Resources to assist businesses open in Madison.

Resources to start a small business in Milwaukee:

The city has at least 50 small business support organizations ranging from for-profit to nonprofit and government organizations. Most of the organization offer capital, grants, mentorship and networking. Here’s just a few organizations serving Milwaukee area small business owners:

More: New restaurants we expect to open in 2024 in the Milwaukee area