Small business industry study shows IT companies perform well on most financial metrics

Since the outbreak of the COVID pandemic in 2022, information technology (IT) companies have outperformed companies in other industries on most key performance indicators. Biz2Credit analyzed 2021 industry trends among 30,000 small businesses and found that IT companies had the highest average revenue ($955,793), hence the best credit score (658), and received the highest average amount of financing ($131,743) when they applied for a loan .

The retail industry had the largest percentage (27.7%) of all funds included in the study awarded to small businesses, while most startups were in the transportation and warehousing industries (on average, the lowest time in business).

Biz2Credit 2022 Top Small Business Industries Report examined the following metrics: annual sales, loan approval rates, funding amounts, business owner creditworthiness, and company age.

Main results:

  • The sector with the highest average funding amount was Information Technology (IT) ($131,743), followed by wholesale ($107,576), agriculture, forestry, fishing and hunting ($94,333), manufacturing ($83,700), and administrative support, waste management and remediation services ($67,801).
  • IT Entrepreneurs had them highest average creditworthiness (658), followed by real estate and rental leasing (648), manufacturing (645), professional, scientific and technical services (633), and wholesale (629). Credit ratings generally declined as the savings rate began to fall after most government-backed stimulus programs ended in mid-2021.
  • company in the IT area had the highest average turnover ($955,793), followed by Manufacturing ($947,662), Wholesale ($886,834), Retail ($808,598) and Lodging/Catering ($725,243).
  • That retail industry had the largest percentage (27.7%) of all funds awarded to small businesses, followed by healthcare and social assistance (10.7%), non-government services (10.4%), accommodation and catering services (10.4%) and construction (7th .2%).
  • Transportation & Storage was the industry with the recent companies (3.9 years), followed by Public Administration (4.6 years), Arts, Entertainment and Recreation (4.8 years), Non-Government Services (4.8 years) and Retail (5.1 years). The companies with the longest tenure, on average, were information technology (7.4 years), manufacturing (7.1 years), agriculture, forestry, fishing and hunting (6.8 years), health care and social welfare (6.5 years), and freelance, scientific and technical services (6.5 years).

The demand for IT services continues to boom as more companies organize teleworking in the wake of the pandemic. IT companies saw the highest average approval rates for funding requests. Although these companies performed well overall, their customers are often larger firms that take longer to pay outside vendors. This is how they borrow money to manage their available cash month-to-month.


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

The report covers small businesses across the country, from start-ups to established companies. In addition, this year’s report analyzed credit data based on the Small Business Administration database. The aim of the study is to identify the top industries for small businesses over the past year and measure the companies’ performance based on their industry affiliation. To view the entire 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, and legal, marketing and design services.
  4. healthcare: General medical services, doctor’s offices, dental offices, visiting nurse services, residential care facilities, physical therapist offices, mental health clinics.
  5. Information Technology (IT): software developers, software consultants, high-tech recruitment firms.
  6. manufacturing: Companies that manufacture both durable and consumer goods.
  7. Personal Services: Salons, gyms, dance and yoga studios, laundry and dry cleaning, landscaping, cleaning services and others.
  8. retail trade: brick-and-mortar stores, e-commerce businesses, clothing and fashion, florists, grocery stores, pharmacies, home furnishings and others.
  9. Wholesale: grocers, food wholesalers, distributors of various consumer goods.


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