November 14, 2025 (press release) – The non-profit Nasdaq Entrepreneurial Center today released the Top 20 Metropolitan Statistical Areas (MSAs) as America’s Entrepreneurial Growth Engines study, conducted as part of its ongoing research supported by JPMorganChase and Nasdaq.
The report identifies the 20 metropolitan regions that lead the nation’s accredited angel investing infrastructure and the majority of SBA 504 scale-up lending. The findings evidence that the same metros driving early-stage innovation are also where established main street enterprises are expanding. The conditions that are consistent across these ecosystems are education hubs, migration, and legislative focus.