Where in the Metro is Nation's 4th-Best Place to Start a Business?

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A new study by the personal finance website NerdWallet and Entrepreneur.com has found that Troy is the fourth-best small city in the United States to start a business.

In determining the rankings, analysts crunched U.S. Census data on the following factors:

• Business climate: average revenue of businesses, percentage of businesses with paid employees and businesses per 100 people
• Local economic health: median annual income, median monthly housing costs and unemployment rate

According to the analysis, Troy businesses have average annual revenues of about $2.9 million, and almost 40 percent of them have paid employees. There are 13.07 businesses per 100 people in Troy, according to the report.

The Top 10 small cities were:

1. Alpharella, GA
2. Redmond, WA
3. Wilmington, DE
4. Troy, MI
5. Minnetonka, MN
6. Waukesha, WI
7. Newport Beach, CA
8. Bethesda, MD
9. Greenville, SC
10. La Crosse, WI