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According to a recent study, Denver is among the best cities in the country for female entrepreneurs. Consumer website Nerd Wallet recently released a list of the 20 best cities for female entrepreneurs and Denver took the number 7 spot.

The ranking included the 50 largest cities in the country. Here is a look at the five factors considered and how Denver faired in each category.

  1. Business-friendliness. The study looked at the number of business per 100 residents to get a sense of how business-friendly the city is. Given that it has already been recognized as one of the top places for business it is no surprise that Denver scored high in this category. Denver is home to 11.5 businesses per 100 residents, among the most of any city on the list.
  1. Presence of female entrepreneurs. The study next looked at the percentage of businesses in the city that are owned by women. 30 percent of the businesses in Denver are owned by women, exceeding the national average.
  2. Earnings. Next the study looked at median earnings for women employed full time to get a sense of the earnings of women in the city. The median earnings for women in Denver was $42,000.
  3. Education. The study also looked at education levels, by looking at the percentage of the city’s residents 25 or older with at least a bachelor’s degree. In Denver 44.7 percent of residents (25 or older) have at least a bachelor’s degree. The study also highlighted the many educational programs Denver offers for female entrepreneurs. Among those mentioned was the Leeds School of Business at the University of Colorado Boulder, which the study said offered its favorite evening MBA program for women. The study also noted the various programs and opportunities in the city designed to help women in business, including the Women’s Council, the WILD summit, and the Women in Business Club.
  4. Economy. Finally the study looked at every city’s unemployment rate to get a sense of its overall economic health. Denver’s unemployment rate came in at 5.8 percent.

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